demurrage etymology

Etymology:

• Latin: "demorari," which means "to delay, linger, detain"

Meaning and Origin:

Demurrage is a charge assessed to the charterer or consignee of a ship or vehicle for holding the vessel beyond the agreed-upon time for loading or unloading. It is a form of compensation for the owner of the vessel or vehicle for the lost revenue and inconvenience caused by the delay.

The term "demurrage" has its origins in maritime law and shipping practices. In the days of sailing ships, vessels were often delayed in port due to factors such as unfavorable weather, lack of cargo, or other unforeseen events. To compensate ship owners for these delays, a charge known as "demurrage" was introduced.

Over time, the concept of demurrage expanded to include delays in loading and unloading of vehicles, such as trains and trucks. Today, demurrage charges are common in various industries, including logistics, transportation, and construction.

Examples of Use:

• The shipping company imposed a demurrage charge of $1,000 per day for holding the container in port beyond the agreed-upon unloading time.
• The contractor was responsible for any demurrage charges incurred due to delays in loading the materials onto the trucks.
• The logistics company waived the demurrage fees for the customer who experienced unexpected delays caused by a natural disaster.

demurrage relate terms

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