a charge required as compensation for the delay of a ship or freight car or other cargo beyond its scheduled time of departure
detention of a ship or freight car or other cargo beyond its scheduled time of departure
the detention of a ship or other freight vehicle, during delayed loading or unloading
compensation paid for such detention
a charge made for exchanging currency for bullion
The term demurrage originated in vessel chartering and refers to the period when the charterer remains in possession of the vessel after the period normally allowed to load and unload cargo. By extension, demurrage refers to the charges that the charterer pays to the shipowner for its extra use of the vessel. Officially, demurrage is a form of liquidated damages for breaching the laytime as it is stated in the governing contract. The demurrage sometimes causes a loss to the seller as it increases cost of the total freight. The reverse of demurrage is despatch. If the charterer requires the use of the vessel for less time than the laytime allowed, the charter party may require the shipowner to pay despatch for the time saved. After the laytime has expired and the vessel is on demurrage, no exceptions or interruptions to laytime are relevant, even during force majeure events such as strikes, etc. This is based on the principle that if the charterer had completed loading or discharging within the agreed laytime, the vessel would have left the port before the force-majure event could intervene; hence, the thumb rule once on demurrage, always on demurrage.
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"demurrage." Kamus.net. STANDS4 LLC, 2024. Web. 29 Feb. 2024. <https://www.kamus.net/english/demurrage>.