Definition of Demurrage:
Fees paid to the chartered owner if the ship is not loaded or unloaded within the contract period.
Delay is a term that refers to a payment made by a charter to a chartered ship owner for a delay in loading or unloading cargo or for other forms of breach of the original charter agreement.
Penalties for delays in loading and unloading transporters for ships, recipients or other parties, or improper storage of modes of transport (usually more than 48 hours). This is also called the cost of arrest.
Delays can also be discussed in terms of forex trading and the cost of owning and maintaining the currency. It is seen as the cost of transferring money and stimulating money circulation and economic growth.
Penalty of more than free time (usually 72 hours) for shipping from carrier warehouse
How to use Demurrage in a sentence?
- Following the incident, another dispute arose over whether the owner was entitled to claim a pre-settlement delay.
- In our last meeting with the council, the delay in the delivery of our goods was a contentious issue.
- You must make sure to submit your package as soon as possible upon your arrival so that you are not charged for your stay.
- How long does the ship last and what rights does the owner have if the tenant maintains it for a long time?
Meaning of Demurrage & Demurrage Definition