Reversible Time Law and Legal Definition
Reversible time is an option provided for charterers to add together time allowed for loading & discharging with respect to the terms of a particular charter party. It is the laytime which provides the charterer the option of adding together the loading and discharging times. It is to be noted that in the case of reversible time, demurrage does not commence until the combined times exceed the total time specified for both operations. On the other hand, the term non-reversible laytime implies that loading and discharging times are calculated separately, and demurrage and despatch are also calculated separately for loading and discharging ports.
Legal Definition list
Related Legal Terms
- Admiralty and Maritime
- Admiralty Court/Maritime Court
- Aggregate Lifetime Limit
- Ample Time to Vacate Apartment
- Atlantic Standard Time Zone
- Automated Export System Downtime Filing Citation
- Basic Workweek for Full Time Employees
- Bill Quia Timet
- Cargo Associated Wastes [Maritime Law]
- Certified Real-Time Reporter
