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Glossary

Letter of Indemnity (LOI)

The guarantee from the shipper or consignee to indemnify a carrier for costs and/or loss, if any, in order to obtain favourable action by the carrier, e.g. sometimes, it is used to allow the consignee to take delivery of goods without surrendering the B/L which has been delayed or become lost.

On export shipments, some carriers may permit shippers to issue Letters of Indemnity to the carriers in order to secure from them clean bills of lading in place of foul, however the risk is then high that the Letter of Indemnity is found unenforceable by a court.

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