Tag: Contract Law
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Warranty
In marine insurance contracts, either an exemption from or limitation to the policy, or a promissory warranty whereby the insured agrees to do, or not to do, some particular act. Failure to adhere strictly to a promissory warranty may invalidate a contract of insurance, whether or not the […]
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Longshoreman
A person employed in the loading and unloading of a vessel and the handling of cargo in and about the harbor area. The term longshoreman is often confused with stevedore; the latter is a firm contracted by the vessel to provide loading and unloading services, and employing longshoremen. …
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Longshoreman
A person employed in the loading and unloading of a vessel and the handling of cargo in and about the harbor area. The term longshoreman is often confused with stevedore; the latter is a firm contracted by the vessel to provide loading and unloading services, and employing longshoremen. …
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Forfeiture
Introduction to Forfeiture Forfeiture, loss of a right or privilege as a penalty for breaking a law or contract. Forfeiture can be a penalty for committing a crime, such as forfeiture of a car used to smuggle drugs, or a remedy for breaking a legal obligation, such as foreclosure on a house …
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Forfeiture
Introduction to Forfeiture Forfeiture, loss of a right or privilege as a penalty for breaking a law or contract. Forfeiture can be a penalty for committing a crime, such as forfeiture of a car used to smuggle drugs, or a remedy for breaking a legal obligation, such as foreclosure on a house …
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Forward Exchange Contract
An agreement to exchange, at a specified future date, a fixed number of units of one currency for a fixed number of units of another currency. Such contracts are often procured by merchants when they must settle future accounts in a foreign currency and wish to protect against possible losses […]
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Forward Exchange Contract
An agreement to exchange, at a specified future date, a fixed number of units of one currency for a fixed number of units of another currency. Such contracts are often procured by merchants when they must settle future accounts in a foreign currency and wish to protect against possible losses […]
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Warehouse Receipt
A document issued by a public warehouseman, acknowledging receipt of and title to specific merchandise held in the warehouse. Such receipts are issued in accordance with the provisions of the U.S. Uniform Commercial Code, where applicable, or the U.S. Uniform Warehouse Receipt Act. Warehouse […]
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Warehouse Receipt
A document issued by a public warehouseman, acknowledging receipt of and title to specific merchandise held in the warehouse. Such receipts are issued in accordance with the provisions of the U.S. Uniform Commercial Code, where applicable, or the U.S. Uniform Warehouse Receipt Act. Warehouse […]
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Stevedore
One who engages in the loading and unloading of vessels. The term is usually applied to the firm contracted by the shipowner to perform the loading and unloading function, rather than the individuals who perform the physical work. See Longshoreman….
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Standby Letter of Credit
A guarantee issued by a bank to a firm as security for the actions of a third party; in the event the third party does not perform specified acts (usually the payment of obligations) within a prescribed period, the beneficiary of the credit may unilaterally draw upon the letter of credit in […]
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Standby Letter of Credit
A guarantee issued by a bank to a firm as security for the actions of a third party; in the event the third party does not perform specified acts (usually the payment of obligations) within a prescribed period, the beneficiary of the credit may unilaterally draw upon the letter of credit in […]
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Charter Party
A maritime contract for the lease of all or part of a ship for a period of time or for a voyage or voyages. The expression is derived from the Latin carta partida, meaning "divided document," because the charter agreement was written twice on one sheet of paper, which was then cut or […]
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Demurrage
Charges payable by a shipper or consignee to a carrier for failing to unload, release, or otherwise return to service the carrier's equipment within a prescribed period of time. The amount of free time allowed to load, unload, or return the equipment and the rate of charges are specified in […]
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Franchise
A provision in a marine cargo policy that partial losses will be adjusted if the loss exceeds a certain percentage of the total value of the shipment. A clause providing "with average if amounting to 3 percent," for example, would oblige the underwriter to settle a partial-loss claim […]