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The time sheet enables laytime and therefore demurrage or despatch to be calculated. [5] The demurrage fee is often a daily amount agreed between charterers and ship owners. Ideally, the demurrage fee (per day in US dollars) covers the daily time charter rate, daily voyage costs, and the ship owner’s risk premium. [6]
If no demurrage is provided for by the charter-party, and the vessel is not loading or discharging beyond the lay days, the shipowner can claim damages for the loss suffered by the detention of the ship. [4] In other cases, if the vessel is detained beyond the fixed number of demurrage days, the ship owner can recover damages for detention.
A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...
Four shipper associations want the Surface Transportation Board to allow demurrage charges to be assessed on privately owned railcars as an incentive for freight railroads to move those railcars ...
Once in the port, after a short "free time" period, roll trailers are subject to demurrage charges, [4] to cover storage and detention fees [5] and to ensure consignees swiftly unload their cargo, temporary positioned on the shipping line's trailers during the sea passage.
A clerk of works or clerk of the works (CoW) is employed by an architect or a client on a construction site.The role is primarily to represent the interests of the client in regard to ensuring that the quality of both materials and workmanship are in accordance with the design information such as specification and engineering drawings, in addition to recognized quality standards.
If the charterer's delay means that laytime is exceeded, a predetermined penalty (i.e. liquidated damages) called "demurrage" is incurred. [5] [6] If the whole period of laytime is not needed, a refund called "despatch" may be payable by the shipowner to the charterer.
The difference between this type of contract which is a cost-based contract with lump-sum contract is that in guaranteed maximum price (GMP), if there is any savings resulted from cost under runs, then that would be stipulated price contract, and the contractors will keep the savings obtained from the cost under runs for themselves and there is ...