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Definition: Limit of liability
Category: Transport
The maximum sum of money payable by a carrier to a shipper for any damage or loss to the cargo for which the carrier is liable under the contract of carriage. The amount of the limitation is determined by agreement or by law.
Source:
Terminology on combined transport, UNECE/ECMT/EC, UNITED NATIONS, New York and Geneva, 2001
Terminology on combined transport, UNECE/ECMT/EC, UNITED NATIONS, New York and Geneva, 2001
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