Meaning of Demurrage

Demurrage

Language - English

Tamil Word - கணக்குக் கட்டணம்

A charge payable to the owner of a chartered ship on failure to load or discharge the ship within the time agreed. (e.g., The importer had to pay demurrage charges for the delayed clearance of goods at the port.) While not directly related to land transactions, 'Demurrage' could appear in historical Tamil Nadu documents, especially in coastal regions, as it was a common practice in maritime trade. It highlights the importance of timely cargo handling and its potential financial implications.