🔍 Key Concepts

• Lay days (laytime) in a charter party and what happens when they expire • The specific term in chartering for money paid when a ship is delayed beyond agreed loading/unloading time due to the charterer’s fault • Distinguish this specialized maritime term from generic finance terms or unrelated scientific words

💭 Think About

• Ask yourself: In voyage chartering, what is the standard word shipowners and charterers use for compensation when cargo operations take longer than the allowed laytime? • Which of these choices is commonly found in charter party contracts and bills of lading when discussing loading/unloading time and delays? • Eliminate any options that are clearly not shipping‑industry terms related to time lost in port because of the charterer.

✅ Before You Answer

• Confirm which option is a recognized maritime/chartering term found in standard charter party clauses. • Make sure the term you pick is specifically about payment for delay beyond lay days, not just a generic late payment or unrelated property. • Rule out any options that are clearly chemical or physical property terms that have nothing to do with shipping contracts.