Nautical Term: DEM
Definition of DEM
Demurrage refers to the extra rent or charges paid by a charterer or shipowner for the use of a vessel beyond the agreed laydays or free days in port, without the vessel being worked or ready for loading or discharging cargo.
For instance, in a shipping contract, the demurrage clause specifies that if the vessel is not discharged and made ready for loading within the agreed free days, then the shipper or charterer will be liable to pay demurrage charges for each day of delay.
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