332. Demurrage days and payment of dispatch money.

At the expiry of laytime, the charterer was often in the past allowed, in consideration of the payment called 'demurrage'1, a further limited number of days, known as 'demurrage days'. The practice today, however, is simply to provide that the charterer is to pay demurrage at an hourly or daily rate for every day that the ship is detained beyond the lay days2. Conversely, it is often provided that the charterer is to be paid 'dispatch money' for days saved in loading or discharging3. It is, therefore, important, for the purpose both of ascertaining when the lay days expire