A charterparty often contains a cancelling or 'laycan' clause under which the charterer is given the option of cancelling the charterparty if the ship is not at the charterer's disposal1 by a specified time2. Where the charterparty gives the charterer an option both to nominate a port for the delivery of the vessel and to cancel the charterparty unless the vessel is delivered by a certain date, then the charterer cannot cancel the charterparty before he has exercised his option to nominate the delivery port: in effect the charterer's 'option' to choose a delivery port is regarded as a
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