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demurrage


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1. Liquidated damages payable under a charterparty (see chartering), at a specified daily rate for any days (demurrage days) required for completing the loading or discharging of cargo after the lay days have expired.

2. Unliquidated damages to which a shipowner is entitled if, when no lay days are specified, the ship is detained for loading or unloading beyond a reasonable time.

3. Liquidated damages included in any contract to compensate one party if the other is late in fulfilling his obligations. This occurs frequently in building contracts. Even if the loss caused by the delay is less than the demurrage, the demurrage must be paid in full.

Subjects: Business and Management.


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