Legal dictionary
Demurrage
The sum which is fixed by a contract of carriage, or which is allowed, as remuneration to the owner of a ship (or other freight vehicle), for the detention of his vessel beyond the number of days allowed by the contract (or charter-party) for loading or unloading or for sailing the ship. It is also the period in which a chartered ship remains in the charterer’s possession beyond the agreed transportation time.
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