An agreed period of specified days (e. g. “Jan 8/15”) during which the shipowners must present the vessel to charterers at the agreed place for loading.
Failure to tender notice of readiness within the laycan period will give charterers the option to cancel the charter and sue the owners for damages. Laydays should not be confused with laytime (see below) although lawyers and law text books often use the name laydays for both purposes.)
