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Letter Of Indemnity (LOI) [Last Updated by: admin on 2012-01-01]
A document commonly used in international trade to allow a carrier to release goods to a receiver who is not yet in possession of the bill of lading (exceedingly common in the oil trade, for example). The letter of indemnity is, in essence, a guarantee which the receiver provides to the carrier assuring the carrier that he will not suffer any financial loss by having released the goods in the absence of a bill of lading. Also referred to as a steamer guarantee.


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