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LIL in Contract Meaning

The LIL meaning in Contract terms is "Limitation of Liability". There are 1 related meanings of the LIL Contract abbreviation.

LIL on Contract Full Forms

  1. Limitation of Liability The limiting of the amount that can be claimed from a shipowner for loss of goods and/or life when due to a casualty to ship that was not due to fault or privity of shipowner Amount is limited to 15 per ton for loss of life and goods, 8 per ton if no loss of life Tonnage is based on registered tonnage plus engine–room space. Liability of a British pilotage authority for damage done through fault or default of a licensed pilot is limited to 100 multiplied by the number of pilots holding licences from the authority

Frequently Asked Questions (FAQ)

  1. What does LIL stand for Contract?

    LIL stands for Limitation of Liability in Contract terms.

  2. What is the shortened form of Limitation of Liability in Contract?

    The short form of "Limitation of Liability" is LIL for Contract.

Citation

LIL in Contract. Acronym24.com. (2020, May 24). Retrieved April 29, 2024 from https://acronym24.com/lil-meaning-in-contract/

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