Laycan

Short for laydays and cancelling, the window of dates within which the owner must tender the ship and a valid notice of readiness to the charterer. The earliest layday is when the charterer is first obliged to accept the ship; the cancelling date is the latest, after which the charterer may cancel the fixture if the ship has not arrived ready. Laycan narrowing is a routine point of negotiation because it allocates schedule risk between the parties.