Demurrage in United Kingdom

Definition of Demurrage

In accordance with the work A Dictionary of Law, this is a description of Demurrage :

Liquidated *damages payable under a charterparty at a specified daily rate for any days (demurrage days) required for completing the loading or discharging of cargo after the *lay days have expired. The word is also commonly used to denote the unliquidated damages to which the shipowner is entitled if, when no lay days are specified, the ship is detained for loading or unloading beyond a reasonable time.