Demurrage - Encyclopedia




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DEMURRAGE (from "demur," Fr. demeurer, to delay, derived from Lat. mora), in the law of merchant shipping, the sum payable by the freighter to the shipowner for detention of the vessel in port beyond the number of days allowed for the purpose of loading or unloading (see Affreightment: under Charter-parties). The word is also used in railway law for the charge on detention of trucks; and in banking for the charge per ounce made by the Bank of England in exchanging coin or notes for bullion.

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