letter of indemnity

English - Turkish

Definition of letter of indemnity in English Turkish dictionary

tazminat mektubu

teminât mektubu

(Ticaret) tazminat ödeme mektubu

(Ticaret) sevkiyat garanti mektubu

English - English

Definition of letter of indemnity in English English dictionary

loi

When a bank refuses to accept a foul bill of lading, the shipper (so that there shall be nothing to prevent the questionable draft from being discounted, among other reasons) 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

A legally binding contract whereby one party agrees to reimburse another for loss resulting upon the occurrence of a stated event

European bank facility similar to U S steamship guaranty, used to indemnify carrier against loss from delivery of goods without surrender of negotiable bill of lading

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)

Hyphenation

let·ter of in·dem·ni·ty

Turkish pronunciation

letır ıv îndemnıti

Pronunciation

/ˈletər əv ənˈdemnətē/ /ˈlɛtɜr əv ɪnˈdɛmnətiː/