Arizon and Semark offer guidance on the circumstances with which the common types of letters of indemnity can be legitimately used, the pitfalls and risks associated with their use, and the legal and insurance issues that arise. Among the topics are letters of indemnity and the carriage of goods by sea, letters of indemnity and bills of lading, the international position, the English position on "clean bills," policy considerations, enforcing "discharge" letters of indemnity, change of destination letters of indemnity, and implied indemnities. Annotation ©2014 Ringgold, Inc., Portland, OR (protoview.com)
This unique new title provides expert, hands-on advice as to the law and practice of the maritime letter of indemnity. Detailing the variety of implications that can arise from each type of letter, the authors bring this important and litigious subject to the fore with a view to reducing the commercial and legal risks involved in this core area of shipping and international trade.
Key features of this title include detailed legal analysis of:
- The history of indemnity contracts and letters of indemnity
- Shipping and international trade contexts where letters of indemnity are used
- GAFTA sale contract forms and standard letter of indemnity P&I Clubs forms
- The enforceability of maritime letters of indemnity
- The rights and liabilities for sellers, buyers, banks and ship owners which arise from the use of letters of indemnity
- The impact on the system based on the use of bills of lading and on electronic bills of lading
- Policy issues arising from the use of letters of indemnity in practice and of the practicalities of litigation involving letters of indemnity.
As the only text currently on the market covering maritime letters of indemnity in such detail, this book will be an indispensable guide for maritime lawyers, professionals and academics alike, as well as shipowners, charterers, commodity traders and trade finance professionals
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