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.]

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词条贡献者

法律翻译Peter，毕业于一所旨在培养高级翻译专业人才的翻译院校，专注翻译各类与能源与矿业有关的法律文件。