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Abbreviation for laydays canceling period.This period is typically expressed as a number of days to be fixed within a set begin and end date of a commodity delivery contract. When parties agree on a laycan of three set days, loading should start between those days; when more time is need demurrage cost is due. If loading has not started before end of the laycan, seller may cancel the delivery.
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What does laycan mean?
"Laycan" stands for "laydays cancelling." This term is used in shipping contracts to refer to the period of time allowed for the vessel to arrive at the loading or discharging port without incurring any penalty. It also refers to the earliest and latest dates within which loading or unloading operations can take place.
What is laycan in shipping terms?
Laycan, short for "laydays and cancelling," refers to the specific time frame during which a vessel must arrive at the loading port to load cargo. It consists of two components: "laydays," which is the period during which the ship must be ready to load, and "cancelling," which indicates the latest date by which the vessel must arrive, after which the charterer can cancel the contract. This term is crucial in shipping agreements as it defines the timeline and obligations for both the shipowner and the charterer.
