09 Nov 2017

New Laytime Proration Clause Now Available

November 2017- Leadership for Energy Automated Processing (“LEAP”) is pleased to announce the publication of the LEAP Laytime Proration Clause.

These terms were discussed and created by a cross-company LEAP Committee in order to address a recurring matter of confusion and disagreement in the market: the scenario in which a single vessel or barge loads (or unloads) a cargo at a shared berth for two or more companies in the same operation. This increasingly-common situation frequently leads to unresolved demurrage claims among market participants, so the Committee agreed to discuss ways to clarify the calculation and allocation of demurrage liability among the parties in the voyage.

The LEAP Laytime Proration Clause can be viewed on our website http://www.energyleap.org/proration-clause/ and is provided by LEAP for the free and voluntary use of market participants.

Interested parties can also learn about other initiatives, including other demurrage efforts like the Public Dock List, by visiting our website.

 

LEAP’s mission is to promote efficient and reliable transaction processing within the energy trading industry. More information about LEAP and how to join, including our Limited Project Participation option, is available at http://www.energyleap.org/about-us/how-to-join/.

Membership in LEAP is open to energy trading, service and association entities on a nondiscriminatory basis. All members must be legal entities, not natural persons.