Business, Legal & Accounting Glossary
A charge required as compensation for the delay of a ship or freight car or other cargo beyond its scheduled time of departure.
A charge payable to the owner of a chartered ship in respect of failure to load or discharge the ship within the time agreed.
The House of Lords upheld that the company was not liable as principal to pay demurrage.
The Owners claimed demurrage pursuant to clause 5 of the charter party.
The shipowner could earn more with less risk by making sure there were demurrage clauses in the charter party.
We have delayed your departure for over a day, so if you will put in a bill for demurrage, I will approve it.
A ship unjustly detained, is typically entitled to demurrage.
In his new position, Paul is responsible for tank truck and rail carrier selection, carrier performance and demurrage analysis for petrochemical products.
All businesses face the risk that, if customs clearance procedures are delayed, demurrage fees may become due to the port authority or operator.
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This glossary post was last updated: 15th February, 2020 | 1 Views.