Detention of a ship, freight car, or other cargo conveyance during loading or unloading beyond the scheduled time of departure. (noun)
Compensation paid for such detention. (noun)
Examples of word demurrage
To discourage people from hoarding it, they should impose a fee (called demurrage), which had the same effect as negative interest.
In addition to all this, the company providing its carriages or waggons is entitled to "demurrage" for every day beyond a certain time that these are detained by the companies to which they do not belong.
There are a number of such regional currency schemes in place, quite many of them being based on ideas of the Austrian Silvio Gesell; a key one being that of "demurrage:" holding on to money rather than getting it back into circulation fast is punished in some form.
He explained further that after being refined in Spain, the refined products are then taken by marketers and imported into the country and demurrage which is the cost incurred by reason of transaction delays in the ports of a country, are normally charged by the importer for the duration in excess of the number of days agreed for evacuating the product.
The idea of the Wörgl was that it was money that went off, it lost value over time, a process known as 'demurrage'.