demurrage

Definitions

Accounting

  • noun money paid to a customer when a shipment is delayed at a port or by customs

Construction

  • A late charge for detaining a cargo-carrying vehicle beyond the agreed-upon time for its return.
  • A late charge for oxygen and acetylene cylinder rentals and electrical cable reels.

Economics

  • A cost associated with delay. It takes different forms in different contexts, such as when a ship is delayed in loading or unloading, or when currency or gold are held over time.

Law

  • noun money paid to the owner of a cargo when a ship is delayed in a port
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