Laytime and demurrage is a highly litigious area giving rise to a myriad of costly claims. Laytime and Demurrage in the Oil Industry is a practical book providing specific solutions to the problems facing all parties by using actual examples of disputes and specimen claims.
It should help those involved with the transport of oil and associated products to achieve more accurate calculation and presentation of claims, leading to fewer disputes and speedier settlements.
The authors address major issues affecting laytime and demurrage claims handling, including notice of readiness, commencement of laytime, interruptions to laytime and demurrage, the pumping clause, the COW clause, ice clauses and demurrage time bars. They provide a comparative analysis of the relevant clauses of the most commonly used charterparties and of the specific problems facing claims handlers in the oil industry.
A practical complement to the major legal texts on laytime and demurrage, Laytime and Demurrage in the Oil Industry throws light on an area that has been fraught with misconceptions. It looks at specific difficulties that arise from the specialized nature of tanker charters, the important differences that exist between the various tanker charterparties, and how these affect the calculation of laytime and demurrage.
It highlights where problems tend to occur and provides guidance on how to prevent or solve them, using specimen claims and examples of disputes to show where calculations can go wrong.
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