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Bottomries Meaning In Bengali
Bottomries শব্দের বাংলা অর্থ কি: নৌ
Bottomries
Definition
1) A bottomry is a legal term referring to a maritime contract in which the owner of a ship borrows money and pledges the ship itself as security. If the ship is lost in a specified manner, the lender is entitled to receive the repayment of the loan from the value of the ship or the proceeds of any insurance policy.
2) Bottomry can also refer to the legal document that formalizes this agreement between the shipowner and the lender, detailing the terms and conditions of the loan and the rights and obligations of both parties.
3) Also, bottomry can be used more broadly to describe any type of financial arrangement where a valuable asset, such as a ship or cargo, is pledged as security for a loan.
Examples
Bottomries Example in a sentence
1) In maritime law, bottomries allow ship owners to secure loans using their vessels as collateral.
2) Bottomries can be risky for lenders, as the repayment depends on the safe return of the ship.
3) Bottomries provide financial assistance to ship owners during challenging times.
4) The terms and conditions of bottomries vary depending on the lender and the circumstances.
5) Bottomries are commonly used in the shipping industry to fund voyages and repairs.
6) Ship captains may resort to bottomries to obtain urgent funds for unexpected expenses.
7) Bottomries are a form of specialized lending that dates back to ancient maritime trade.
8) The legal framework surrounding bottomries is complex and requires expert knowledge.
9) Ship owners must carefully weigh the benefits and risks of bottomries before entering into an agreement.
10) Successful navigation of the bottomries market can lead to significant financial benefits for maritime stakeholders.
Synonyms
Encyclopedia
A bottomry is a legal term referring to a maritime contract in which the owner of a ship borrows money and pledges the ship itself as security. If the ship is lost in a specified manner, the lender is entitled to receive the repayment of the loan from the value of the ship or the proceeds of any insurance policy.
Bottomry can also refer to the legal document that formalizes this agreement between the shipowner and the lender, detailing the terms and conditions of the loan and the rights and obligations of both parties.
Also, bottomry can be used more broadly to describe any type of financial arrangement where a valuable asset, such as a ship or cargo, is pledged as security for a loan.
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