Lay Time
In accordance with article 130 of the Merchant Shipping Code of the Russian Federation lay time or lay days is understood as the time during which the carrier presents the vessel for loading of cargo and keeps it under loading of cargo without payments additional to freight, and which is determined by agreement of the parties, in the absence of such agreement by dates usually accepted in the port of loading. This determination correctly reflects the essence of lay time but not fully reflects its content and importance. Actually, a condition on lay time imposes obligations both upon the shipowner and the charterer as well as guarantee their interests.