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The nursery has clear times that it is "open". I must drop off my child between A and B O'clock in the morning, and I must collect them between X and Y O'clock in the afternoon. Like a shop - they are allowed to have opening hours.

The issue is that they can't just close when they want if there's a child still there. So they have to have some way of enforcing these rules on parents. A "per minute" fine seems appropriate, so that it's more the later you are. And you need the fine to be enough that it is punitive enough, when considered against the income of your parents. Otherwise it provides no incentive. Ours is not $300 (more like $30), but it seems fair.

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