Common use of Rate Determination Clause in Contracts

Rate Determination. (1) For spot chartered equipment, the rate shall be based on the rate specified in the Vessel’s transportation contract. For demurrage purposes, all barges or tows operating as a unit shall be considered one barge or tow. (2) For owned or time chartered Vessels, the rate shall be equal to the daily hire rate plus import fuel costs. (3) Demurrage incurred in the port at the Terminal by reasons of fire, explosion, adverse weather or by strike, lockout, stoppage or restraint of labor or breakdown of machinery, including vapor recovery systems, in or about the Terminal shall be paid for at one-half (1/2) the rate otherwise provided for demurrage.