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Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an ...
Counterclaim. In a court of law, a party's claim is a counterclaim if one party asserts claims in response to the claims of another. In other words, if a plaintiff initiates a lawsuit and a defendant responds to the lawsuit with claims of their own against the plaintiff, the defendant's claims are "counterclaims."
Maiden call. In shipping, a maiden call is the first time a particular ship arrives at a port. A ceremony may be held where port officials present a plaque to the vessel in commemoration of the call date. [1] [2] Other types of ports also track maiden calls. [3] [4] [5] [6]
Non-free audio sample. This is a sound sample from a song, movie, sound effect, or other audio recording that is currently copyrighted. The copyright for it may be owned by the company who made it or the author. For a song, it may also be owned by the person (s) who performed it. It is believed that the use of this work qualifies as fair use ...
A freight claim or cargo claim is a legal demand by a shipper or consignee against a carrier in respect of damage to a shipment, or loss thereof. [1] [2] [3] Typically, the claimant will seek damages (financial compensation for loss), but other remedies include "specific performance", where the cargo-owner seeks delivery of the goods as agreed.
A memorandum of understanding ( MoU) is a type of agreement between two ( bilateral) or more ( multilateral) parties. It expresses a convergence of will between the parties, indicating an intended common line of action. [1] It is often used either in cases where parties do not imply a legal commitment or in situations where the parties cannot ...