Demurrage Rate Sample Clauses
The Demurrage Rate clause defines the fee payable when cargo loading or unloading exceeds the agreed-upon laytime at a port. In practice, this clause specifies the daily rate charged to the charterer for each day (or part thereof) that the vessel is detained beyond the allowed time, often calculated per ton or per day. Its core function is to compensate the shipowner for delays and incentivize timely operations, thereby allocating the risk and cost of delays to the party responsible.
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Demurrage Rate. The Demurrage Rate shall be: [] per Day.
Demurrage Rate. The rate of demurrage is USD [ ] per day pro rata.
Demurrage Rate. The demurrage rate shall be that which is stipulated in the charter party entered into between the Buyer and the owner or operator of the Vessel or in any other contract of affreightment entered into by the Buyer, and should not exceed the prevailing market rate on the date of loading for similar vessels.
Demurrage Rate. 20.1. The Demurrage Rate to be declared by the Seller for each vessel / shipment at the time of nomination of the vessel shall be on a par with the market levels.
Demurrage Rate. On the effective date of this COA the demurrage rate for the Vessel is $650/hour. This rate will escalate or de-escalate based on changes as the CPI using the same method as provided in Article 4b, above.
Demurrage Rate. The rate of Demurrage for the purposes of Clause 12.5 of the Master Agreement shall be [⚫] per day and pro rata for any begun day.
Demurrage Rate. The demurrage rate is:
(i) the demurrage rate agreed upon under the Special Provisions; or
(ii) if no rate is stated under Special Provisions:
(a) the demurrage rate specified in the Charter Agreement for the Vessel; or
(b) in the instance in which the Vessel is term chartered, but not bareboat chartered, a rate equal to the daily hire rate plus in-port fuel cost; or
(c) in instances in which the Vessel is owned or bareboat chartered, a rate based on Worldscale Rate or American Tanker Rate for the size of Cargo times the market rate stated in percent of Worldscale or ATRS in “▇▇▇▇▇’▇ Oilgram Price Report” for similar size Cargoes, in similar service on a similar trade route for the nearest date before the bill of lading date for the Cargo.