If a ship overstays its stipulated time at a port, it pays a charge known as

Assessment: WAEC SSCE - Commerce - 2008 (Objective) Subject: Commerce

Question 1 Report

If a ship overstays its stipulated time at a port, it pays a charge known as
Answer Details
The charge that a ship pays for overstaying its stipulated time at a port is known as "demurrage." This charge is imposed to compensate the port authorities for the loss of revenue that they would have earned if the ship had left on time. The demurrage charges increase with the amount of time the ship stays beyond the stipulated time. It is a penalty charge levied on the ship owner or charterer and is intended to incentivize them to comply with the terms of the agreement and avoid delaying other ships from using the port.
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