DISPATCH MONEYdispatch 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.
¡ª Also termed dispatch. Cf. contract demurrage under DEMURRAGE. [Cases: Shipping 49(6). C.J.S. Shipping ¡ì 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 ¡ª 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 ¡ì 4¨C8, at 212 (2d ed. 1975).
What is the preferred translation of the term DISPATCH MONEY by Chinese lawyers?