SAMPLE LETTER OF UNDERTAKING(Date)
c/o Their Attorneys
IN CONSIDERATION of your having refrained from causing the arrest of the M/V __________ and not attaching any other property of her owner in order to secure a claim against the M/V ______________ for alleged cargo damage, the undersigned hereby agrees:
1. TO CAUSE TO BE FILED, upon your demand, an appearance on behalf of the owners of the M/V _____________ in a suit to be filed in the (Name of Court); and also agrees to file or cause to be filed a claim of owner of the M/V __________ in said action, irrespective of her not being in the jurisdiction of the court at the time, and without raising any question as to her absence from said jurisdiction.
2. IN THE EVENT A FINAL DECREE (after appeal, if any) be entered in favor of the plaintiff against the M/V ______________, the undersigned agrees to pay and satisfy (up to and not exceeding the sum of $_______________ plus interest and costs) the final decree, or any lesser amoung decreed by the Court or settled between the parties, where said settlement has been made with the approval of the undersigned, without any final decree being rendered.
3. UPON DEMAND, to cause to be filed a bond in form and sufficiency of surety satisfactory to the Court in the above amount, securing your claims against said vessel and said action mentioned in Paragraph 2.
4. IN THE EVENT the bond referred to in Paragraph 3, supra, is filed, the undersigned shall have no further obligation under Paragraph 2, supra.
This letter is written entirely without prejudice to any rights or defenses which the said vesel or owners may have under the covering bills of lading and/or charter parties and/or statutues in effect, none of which is to be regarded as waived.
IT IS UNDERSTOOD AND AGREED that the signing of this letter by (Signatory Name & Title) of (Name of Company), shall not be construed as binding upon him personally, nor biding on (Name of Company), but is to be binding only on the undersigned Association.