Guarantee from the shipper or consignee to indemnify carrier for costs and/or loss, if any, in order to obtain favorable action by carrier, e.g. sometimes, it is used to allow consignee to take delivery of goods without surrendering B/L which has been delayed or become lost (for straight consignment case).
Written statement in which one party undertakes to compensate another for the costs and consequences of carrying out a certain act. The issue of a letter of indemnity is sometimes used for cases when a shipper likes receiving a clean Bill of Lading while a carrier is not allowed to do so. Within Trans Misr the issue of letters of indemnity is contrary to the company's instructions.
A document which the writer issues to another party agreeing to protect them from liability for the performance of certain acts. 1. In the case of international transportation when a negotiable bill of lading has been issued but is not available for surrender to the carrier when it is desired to take delivery of the shipment, a bank may issue a letter of indemnity to the carrier to persuade them to release the cargo. (A Letter of Guarantee may also be used ). The bank will usually obtain a similar letter from its client to protect itself against the liability it assumes on behalf of the client. 2. On export shipments, some carriers may permit shippers to issue letters of indemnity to the carriers in order to secure from them clean bills of lading in place of foul, or to replace lost original bills of lading.
In a case where the original share certificate has been lost, you will need to complete a letter of indemnity. This is basically a request to the registrar to issue new stock or share certificates to replace an original which has been lost, destroyed or stolen. There may be a charge for this.
In submitting an LOI to correct a transaction, the dealer is assuming all responsibility for the correction of an error in the client's account. This includes any loss to the mutual fund (or investor's account) that may result from the correction. An LOI must contain words to the following effect: "We, XYZ Financial, hereby indemnify AGF from any and all losses, costs, or consequences that may arise as a result of this request". An LOI must come from a dealer's head office and be authorized by one of the firm's signing officers.
A document which serves to protect the carrier/owner financially against possibe repercussions in connection with the release of goods withoout presentation of an original bill of lading.
1. A letter guaranteeing that contractual provisions will be met, otherwise financial reparations will be made. 2. A letter requesting replacements for lost shares from a company's treasury.
A written undertaking to indemnify the person to whom it is addressed against the consequences of some action or liability on his part.
In order to obtain the clean bill of lading, the carriers may accept that the shipper signs a letter of indemnity to the carrier on the basis of which may be obtained the clean bill of lading, although the dock or mate's receipt showed that the shipment was damaged or in bad condition.
Written confirmation of holding a specified party harmless. E.g.: When a bank refuses to accept a foul Bill of Lading, the shipper may obtain a clean Bill of Lading. To acquire this, the shipper signs a letter of indemnity, which is an inducement to obtain the clean Bill of Lading through the dock or mate's receipt, given on delivery of the goods to dock or ship, showing that the shipment was damaged or in bad condition. This acts as a form of guarantee whereby the shipper accords a claim settlement against a steamship by a Bill of Lading holder resulting from a clean bill being issued.
Guarantee from the shipper or consignee to indemnify carriers or forwarders for costs and/or loss, if any, in order to obtain favourable action by carriers or forwarders. It is customary practice for carries and forwarders to demand letters of indemnity from consignees for taking delivery of cargoes without surrendering bill of lading which has been delayed or is lost.