By Clarissa Reyes · May 19, 2026 · 9 min read
Cruise has the longest future-delivery window in travel. A flat 10% reserve on a 15-month booking-to-sailing window ties up working capital across the whole period. Calendar-modeled reserves, long-window vault primitives, ARC/IATA/BSP/CLIA documentation, and the supplier-failure dispute defense pattern.