laytime.Maritime law. Time allowed by a voyage charterparty for the charterer to load or unload cargo. • If more time is used, the vessel’s owner is entitled to compensation for the delay, usu. in the form of demurrage. If less time is used, the owner may pay dispatch. See DEMURRAGE; DISPATCH; LAYDAY. [Cases: Shipping  47, 181. C.J.S. Shipping §§ 113–114, 450.]

[Blacks Law 8th]