Common use of SETTLEMENT OF DEMURRAGE Clause in Contracts

SETTLEMENT OF DEMURRAGE. DESPATCH MONEY IN RESPECT OF EACH SHIPMENT: Based on the Statement of Facts, the computation of laytime allowed and laytime used shall be based on provisions contained in clause 5 and its sub clauses herein above. Despatch money, if any, calculated on the basis of "Working time Saved" shall be arranged to be remitted by the BUYER to the SELLER within sixty days from the date of receipt of the claim of the SELLER with lay time statements. EMD shall be released after receiving remittance in full towards pending despatch amounts due, if any. In case of demurrage, the agreed amount shall be adjusted by the SELLER against the despatch money pending from the BUYER if any. If not, the SELLER shall endeavour to remit the agreed amount of demurrage within sixty days from the date of receipt of claim from BUYER with supporting documents.

SETTLEMENT OF DEMURRAGE. DESPATCH MONEY IN RESPECT OF EACH SHIPMENT: Based on the Statement of Facts, the computation of laytime allowed and laytime used shall be based on provisions contained in clause 5 and its sub clauses herein above. Despatch money, if any, calculated on the basis of "Working time Saved" shall be arranged to be remitted by the BUYER to the SELLER within sixty days from the date of receipt of the claim of the SELLER with lay time statements. EMD shall be released after receiving remittance in full towards pending despatch amounts due, due if any. In case Incase of demurrage, the agreed amount shall be adjusted by the SELLER against the despatch money pending from the BUYER if any. If not, the SELLER shall endeavour to remit the agreed amount of demurrage within sixty days from the date of receipt of claim from BUYER with supporting documents.