demurrage definition

demurrage

Penalty for exceeding free time (usually 72 hours) allowed for taking delivery of a shipment from the shipping or transporting company's warehouse.

Penalty assessed against a consignor, consignee, or other such party responsible for delay in loading or unloading of a shipping vessel or for undue detention (usually over 48 hours) of the transportation equipment. Also called detention charge.

demurrage is in the Accounting & Auditing and Shipping, Transport, & Travel subjects.

demurrage appears in the definitions of the following terms: landing account, abatement, detention charge, collection letter and lay days

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