Please report any issues with this site to Lexicon Webmaster.
| Letter Of Indemnity A letter agreeing to reimburse a party or hold it harmless for loss or damage. It is sometimes used as a fraudulent practice in which a cargo owner gives a vessel owner a guarantee of "no claim" if the vessel owner issues a clean bill of lading to the cargo owner to satisfy a letter of credit requirement, when the cargo laden aboard is actually damaged. |