Declaration of Value Form Sample Clauses

A Declaration of Value Form clause requires a party, typically the shipper or consignor, to state the declared value of goods being transported or insured. This clause operates by mandating the completion of a specific form where the value of the items is listed, which then determines the maximum liability of the carrier or insurer in the event of loss or damage. By formalizing the value of goods upfront, this clause ensures that all parties have a clear understanding of potential compensation limits, thereby reducing disputes and clarifying risk allocation.