Container Penalty Sample Clauses
The Container Penalty clause establishes financial penalties for the late return, damage, or misuse of shipping containers. Typically, this clause applies to parties involved in the transportation or leasing of containers, specifying the amount to be paid per day or per incident if containers are not returned on time or are returned in poor condition. Its core function is to incentivize timely and proper handling of containers, thereby reducing delays and costs associated with container shortages or repairs.
Container Penalty. Containers of cargo owned or leased by vessel operating carriers which are loaded aboard or discharged from vessels will be assessed a penalty of $1,000 per container, except as provided below in CFS Section 1.541. The payment of such penalty shall be the responsibility of the carrier operating the vessel. Such penalty payments shall be collected by PMA and shall be used to reduce the unfunded past service liability of the ILWU-PMA Pension Plan.