Despatch
In maritime context, despatch refers to the process of loading or unloading a vessel in less time than stipulated in the charter party. The charter party is a legal agreement between the shipowner and the charterer specifying the terms and conditions for the transportation of goods or passengers. The time allowed for loading or unloading is known as laytime. If the operation is completed before the laytime expires, the charterer is entitled to a money reward from the shipowner. This reward is known as despatch money. The rate of despatch is usually the same as the rate of demurrage, which is a penalty for exceeding the laytime. However, the actual rates can vary depending on the negotiation between the shipowner and the charterer. Despatch is a crucial concept in maritime commerce as it encourages efficiency in cargo operations and helps to optimize the use of vessels.
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