The declared value for carriage refers to the monetary value assigned to goods by the shipper when they are sent via a carrier. This value is important for calculating shipping charges and may also serve as a basis for determining the carrier's liability in case of loss, damage, or delay of the goods during transit.
This term is commonly used in transportation and shipping law. It is relevant in contracts between shippers and carriers, particularly when discussing liability and insurance coverage. Users can manage their shipping agreements and related forms through resources like US Legal Forms, which provide templates drafted by experienced attorneys.
Here are a couple of examples of abatement:
For instance, if a shipper sends electronics valued at $1,000, they may declare this amount to the carrier. If the shipment is lost, the carrier's liability may be limited to this declared value (hypothetical example).
| Term | Definition | Difference |
|---|---|---|
| Declared Value for Carriage | The value assigned to goods for shipping purposes. | Specifically relates to liability and charges in shipping contracts. |
| Insurance Value | The amount covered by an insurance policy. | May differ from the declared value and is related to risk management. |
If you are shipping goods, ensure you accurately declare their value to avoid complications in case of loss or damage. Consider using US Legal Forms to find templates that can help you draft shipping agreements. If you have complex shipping needs, consulting a legal professional may be beneficial.
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| Attribute | Details |
|---|---|
| Purpose | Determines shipping charges and carrier liability |
| Importance | Essential for legal shipping agreements |
| Impact on Costs | Higher declared value may increase shipping fees |
If you do not declare a value, the carrier may limit their liability to a lower amount, which might not cover your goods' full worth.