This is the abbreviation used for the "Laydays and cancelling clause" in a charterparty. The clause provides for the eartiest time when the charterer expects the master of the vessel to give a Notice of Readiness and for laytime to commence and also gives the charterer an option to cancel the charterer if this event does not occur before a certain date. The phrase, "laycan", is very commonly used in negotiations and discussions and in communications before a future It can also be found in reports of market fixtures.