Common use of Demurrage and Despatch Clause in Contracts

Demurrage and Despatch. If each cargo is not discharged from the vessel within the allowed laytime, demurrage shall be payable by Buyer to Seller calculated per running day of 24 hours (fractions pro rata) as per Charter Party agreement or at the rate of USD 7000 per day, whichever is lower. Seller shall pay Buyer despatch money for time saved at the port of discharge calculated per running day of 24 hours (fractions pro rata) at half of the demurrage rate. Any payments in respect of Demurrage or Despatch Money owed to Seller or Buyer, as the case may be shall be made promptly after presentation of calculations and supporting documents including Time Sheet, Statement of Facts, copy of charter party agreement. The demurrage/ despatch costs along with other related costs such as diversion costs, shall be settled on presentation of separate invoices along with the necessary supporting documents. A copy of the Charter Party Agreement shall be made available to the Buyer within fifteen(15) days from the date of Bill of Lading.

Demurrage and Despatch. If each cargo is not discharged from the vessel within the allowed laytime, demurrage shall be payable by Buyer to Seller calculated per running day of 24 hours (fractions pro rata) as per Charter Party agreement or at the rate of USD 7000 per day, whichever is lower. Seller shall pay Buyer despatch money for time saved at the port of discharge calculated per running day of 24 hours (fractions pro rata) at half of the demurrage rate. Any payments in respect of Demurrage or Despatch Money owed to Seller or Buyer, as the case may be shall be made promptly after presentation of calculations and supporting documents including Time Sheet, Statement of Facts, copy of charter party agreement. The demurrage/ despatch costs along with other related costs such as diversion costs, shall be settled on presentation of separate invoices along with the necessary supporting documents. A copy of the Charter Party Agreement shall be made available to the Buyer within fifteen(15) days from the date of Bill bill of Ladinglading.