1. A penalty or storage charge for cargo or containers held beyond the allowed number of free days at a warehouse due to late collection. 2. The liquidated damages payable to the shipowner if the lay days allowed by the charter party for loading or discharging are exceeded. 3. Loss of hire or use of ship following collision damage. See DETENTION.
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Penalty levied against cargo that is held beyond the generally allowed number of days “free time” of storage, or against a vessel at port of loading or discharge longer than agreed.