letter of undertaking

An agreement by which a shipowner — to avoid having creditors seize the ship and release it on bond — agrees to post security on the ship, and to enter an appearance, acknowledge ownership, and pay any final decree entered against the vessel whether it is lost or not.

• A letter of undertaking is often issued by the shipowner’s liability insurer. [Cases: Admiralty 57. C.J.S. Admiralty §§ 162–168.]

---

词条贡献者

译员Joanne，亚洲顶尖法学院国际贸易专业，擅长翻译涉及媒体、体育和娱乐领域的法律文件。