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What does laytime mean?

Looking for the meaning or definition of the word laytime? Here's what it means.

Noun
  1. In commercial shipping, the amount of time specified in a charter party for a vessel's loading and unloading.
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Notice of readiness is to be tendered and accepted after vessel arrives at the Chittagong outer anchorage and laytime to commence 24 hours after NOR tendered during office hours, whether the vessel is in berth or not.
Shipping companies avoid calling at container terminals with low productivity in order to reduce their port laytime as the vessels become larger.
The key parameter of motor vehicle efficiency is a ratio of operation time to laytime.
Ridley Terminals Inc. earns despatch revenue when the time taken to load a ship is less than the laytime allowed.
When discharge cannot be completed within the contractual laydays ascertainment of the weights shall be effected within the 10 days of expiry of the laytime, failing which bill of lading weight shall become final.
Time from 12 noon on Thursday or 5 p.m. on a day preceding a holiday until 9 a.m. on Saturday or next working day not to count as laytime even if used.

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