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LOL in Clause Meaning

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

LOL on Clause 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 LOL stand for Clause?

    LOL stands for Limitation of Liability in Clause terms.

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

    The short form of "Limitation of Liability" is LOL for Clause.

Citation

LOL in Clause. Acronym24.com. (2021, October 27). Retrieved April 27, 2024 from https://acronym24.com/lol-meaning-in-clause/

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