Indemnity Agreement regarding Lost or Missing Bill of Lading
Definition and meaning
An Indemnity Agreement regarding Lost or Missing Bill of Lading is a legal document that outlines the responsibilities and liabilities of the Claimant and Carrier when a bill of lading, which serves as a receipt of cargo and a contract for transportation, is lost or cannot be produced. This agreement protects the Carrier from potential claims related to the shipment, ensuring that they can recover any losses incurred due to the missing documentation.
Who should use this form
This form is primarily intended for individuals or businesses that are consignees of goods transported by freight carriers. If you find yourself unable to present the original bill of lading when claiming your shipment, this agreement allows you to indemnify the carrier, ensuring they are protected from financial liability. It is especially useful for shippers, freight forwarders, and logistics managers.
Key components of the form
The Indemnity Agreement regarding Lost or Missing Bill of Lading typically includes several key components:
- Date: The date when the agreement is made.
- Claimant Information: Name and address of the claimant.
- Carrier Information: Name and address of the carrier.
- Reason for Inability: A clear statement explaining why the original bill of lading cannot be produced.
- Shipment Details: A description of the shipment, including items, consignor, consignee, route, and freight bill information.
- Signatures: Signature of the claimant to validate the agreement.
How to complete a form
To properly complete the Indemnity Agreement regarding Lost or Missing Bill of Lading, follow these steps:
- Fill in the date at the top of the document.
- Provide the claimant's name and complete address.
- Fill in the carrier's name and full address.
- State the reason why the original bill of lading cannot be produced.
- Detail the description of the shipment, including articles, consignor, consignee, and route.
- Include the freight bill number and issuing carrier information.
- Sign and date the document to finalize the agreement.
Common mistakes to avoid when using this form
Users should be aware of potential pitfalls when completing the Indemnity Agreement regarding Lost or Missing Bill of Lading. Common mistakes include:
- Failing to provide the reason for not producing the bill of lading.
- Not including all necessary shipment details.
- Leaving out signatures or dates, which may invalidate the agreement.
- Using unclear language, which can lead to misunderstandings.
What to expect during notarization or witnessing
If the Indemnity Agreement regarding Lost or Missing Bill of Lading requires notarization, expect the following steps:
- Present the completed document to a notary public.
- Provide identification to verify your identity as the claimant.
- Sign the document in the notary's presence.
- The notary will then sign and stamp the document, indicating it has been duly witnessed.
Form popularity
FAQ
If the receiving agent asks for authority to release the cargo to a consignee who cannot present an original bill of lading, it is recommended that you consult your legal or insurance advisors in order to obtain the correct indemnity before entertaining any such request.
Every document that is required serves an important purpose, including the original bill of lading.In order to the consignee to gain release of the shipment upon reaching the destination, at least one original bill must be signed on the back by the importer or their agent and surrendered back to the steamship line.
Bill of Lading and Telex Release: Definition, Meaning, Pro & Cons. An original Bill of Lading is a paper bill of lading issued to a customer whereas a Telex Release is an electronic release issued in return for the surrender of an original Bill of Lading.
A letter of indemnity is a document exempting one party from liability to any claim that may arise from the other party. In shipping, when goods are being transported through a dangerous route, the carrier may issue a letter of indemnity against possible damage to the shipper's goods.
A letter of indemnity (LOI) is a document which the shipper indemnifies the shipping company against the implications of claims that may arise from the issue of a clean Bill of Lading when the goods were not loaded in accordance with the description in the Bill of Lading.
Introduction to Letter of Indemnity In simple words, the primary objective of a letter of indemnity is to make sure that both parties involved in a contract meet all the requirements so as to avoid losses to both the parties involved in a transaction.
Key Takeaways. If an original bill of lading is lost, destroyed, or stolen, a new bill generally cannot be obtained unless the original has been found.A bank guarantee financially protects the transporter for costs and liability of shipping without a bill of lading.
A buyer/shipper who holds the original BoL can claim the goods from the carrier at destination as long as the holder submits at least one original copy of the BoL. Clean: These documents are used to simply indicate the cargo was in good condition when loaded onto a vessel, much like a carrier's official sign-off.
A lost bill of lading requires several steps by the shipper, importer, or exporter. A letter from the shipper should be prepared detailing that the bill of lading was lost. The transporter will need a letter of indemnity from the shipper, which releases the transporter from liability.