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LOL in Contract Meaning

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

LOL 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 LOL stand for Contract?

    LOL 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 LOL for Contract.

Citation

LOL in Contract. Acronym24.com. (2021, October 27). Retrieved May 2, 2024 from https://acronym24.com/lol-meaning-in-contract/

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