🔍 Key Concepts

• Charter party terms related to time for cargo operations • Difference between time allowed vs penalties or rewards for exceeding or saving time • Meanings of demurrage, lay days, and dispatch in cargo handling contracts

💭 Think About

• Which term refers specifically to the basic period agreed for loading/unloading, before any extra charges or bonuses apply? • Which term is associated with a penalty for exceeding the agreed time, and which is associated with a bonus for saving time? • Look at each option and ask: is this the standard allowed time itself, the payment for the ship, or a charge/bonus related to time used?

✅ Before You Answer

• Identify which option means the agreed number of days/hours allocated for cargo work in the contract • Separate the term for extra time penalties from the one for the basic allowed time • Confirm that charter hire is about payment for use of the vessel, not the time allowed for loading/discharging