If the charterer delayed the ship beyond the lay days, he is asked to pay

Assessment: WAEC SSCE - Commerce - 2007 (Objective) Subject: Commerce

Question 1 Report

If the charterer delayed the ship beyond the lay days, he is asked to pay
Answer Details
If the charterer delayed the ship beyond the lay days, he is asked to pay demurrage. Demurrage is a fee charged by the shipowner to the charterer for the delay in unloading the cargo and vacating the vessel beyond the agreed time period known as the "lay days." It compensates the shipowner for the additional time and expenses incurred due to the delay in unloading and moving the vessel. Demurrage is usually calculated per day and is included in the charter party agreement between the shipowner and charterer.
Read lesson note on Purchase And Sale Of Goods (JAMB)
Read lesson note on Commerce (JAMB)
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