The memorandum clause in marine-insurance policies was introduced in the 18th century to protect underwriters from liability for damages to easily perishable goods or minor damages. It specifies that certain items and other perishable goods will not be covered unless there is a general average or the ship is stranded. This means that small losses will only be covered if they occur in a situation appropriate for a general average.
The memorandum clause in marine-insurance policies was introduced around 1749 in England to protect underwriters from liability for injury to perishable goods or minor damages. This clause exempts certain items from coverage unless there is a general average or the ship is stranded, meaning that small partial losses are to be borne by a general average. For example, if fresh fruit spoils during transport, the insurer may not be liable for the loss, and if a small dent or scratch occurs on insured cargo, the insurer may not be liable for the damage.
A memorandum clause is a provision in a legal document, such as a contract or agreement, that states that any future amendments or modifications to the document must be in writing and signed by all parties involved.
A memorandum clause is important because it helps ensure that the terms and conditions of a legal document cannot be changed or altered without the consent of all parties involved. It provides clarity and prevents misunderstandings or disputes that may arise from oral agreements or informal changes.
Yes, a memorandum clause can be waived if all parties involved agree to waive the requirement for written amendments. However, it is advisable to have any waivers or modifications in writing to avoid potential disputes in the future.
If a memorandum clause is violated, any oral or informal amendments or modifications to the legal document may not be enforceable. The original terms and conditions of the document would remain in effect unless all parties agree to the changes in writing.
Yes, a memorandum clause can be included in various types of legal documents, including contracts, agreements, leases, and other written arrangements. It is particularly common in complex or important documents where clarity and certainty are crucial.
Yes, a memorandum clause is legally binding if it is included in a valid and enforceable legal document. It serves as a contractual provision that outlines the requirements for any future amendments or modifications.
In certain circumstances, a memorandum clause can be challenged in court if one party alleges that the clause was waived, violated, or is otherwise unenforceable. The court will consider the specific facts and circumstances of the case to determine the validity of the clause.
Yes, a memorandum clause can be added to an existing legal document through a written amendment or addendum. All parties involved must agree to the addition of the clause and sign the amended document for it to be valid.
In some jurisdictions, certain types of contracts or agreements may have specific legal requirements for amendments or modifications, which may override the need for a memorandum clause. It is important to consult with a legal professional to understand the specific laws and regulations applicable to your situation.
Yes, a memorandum clause can be modified or removed if all parties involved agree to the changes in writing. It is important to ensure that any modifications or removals are properly documented to avoid potential disputes in the future.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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