dispatch money

dispatch money. Maritime law. An amount paid by a shipowner to a vessel’s charterer if the vessel’s cargo is unloaded at the port sooner than provided for in the agreement between the charterer and the shipowner.

— Also termed dispatch. Cf. contract demurrage under DEMURRAGE. [Cases: Shipping 49(6). C.J.S. Shipping § 108.]

“Some charters contain a provision for ‘dispatch money,’ which is in the nature of a reward to the charterer for loading or unloading more rapidly than provided for — i.e., in less time than the stipulated ‘lay days.’ Dispatch, where payable, is usually stated, just as is demurrage, in terms of a rate per day and pro rata part thereof.” Grant Gilmore & Charles L. Black Jr., The Law of Admiralty § 4–8, at 212 (2d ed. 1975).

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