noun Commerce.
the detention in port of a vessel by the shipowner, as in loading or unloading, beyond the time allowed or agreed upon.
the similar undue detention of a railroad car, truck, etc.
a charge for such undue detention.

1635–45; demur + -age Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
demurrage (dɪˈmʌrɪdʒ)
1.  the delaying of a ship, railway wagon, etc, caused by the charterer's failure to load, unload, etc, before the time of scheduled departure
2.  the extra charge required as compensation for such delay
3.  a fee charged by the Bank of England for changing bullion into notes
[C17: from Old French demorage, demourage; see demur]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Word Origin & History

1640s, from O.Fr. demourage, from demourer (see demur).
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
Demurrage cases are rare because carriers and shippers are typically able to
  work out these matters.
But demurrage is a charge imposed for the undue detention of rail cars.
Offers shall also specify the demurrage and despatch rates at discharge.
It is also a penalty charge in some ocean shipping contracts of carriage that
  take effect after the demurrage time ends.
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