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List of Commercial practice

Documents, liabilities, and roles used in shipping business.

3 entries

1. Bill of lading

   A document that acts as receipt for cargo, evidence of the contract of carriage, and document of title.

2. Letter of indemnity (LOI)

   An undertaking to hold the carrier harmless for acting outside the bill of lading — most often delivering cargo without the original document.

3. Shipbroker

   An intermediary who negotiates charters, sale and purchase deals, or newbuilding contracts between owners and their counterparties.