10.1Except insofar as otherwise provided by law and regulation or other clauses of these Conditions, the Company’s liability, whether arising from negligence, fault or other causes, shall not exceed the following, whichever is the least of (ı) the value of the Goods lost, damaged, misdirected, misdelivered or in respect of which a claim arises, or (ı) 2 SDR per gross kilogram of the Goods lost, damaged, misdirected, misdelivered or in respect of which a claim arises.

(Note: SDR refers to a Special Drawing Right. The SDR shall be as defined by International Monetary Fund and the value of a SDR shall be calculated as at the date when settlement is agreed or judgment.)

10.2 In the case of claims for delay in respect of the transportation or delivery, the Company ’s liability shall not exceed the amount of the Company’s freight for the Goods the delivery of which has been delayed.

10.3 The actual value of the Goods means the value of the Goods at the time the Company takes over the Goods plus insurance (if paid) and freight. Deduction shall be made, at the time of compensation, of the expenses that had been reduced or avoided as a result of the loss of damage occurred.

10.4 Further and without prejudice to the generality of the preceding provisions of this Clause 10,if the Customer declare the value of the Goods at the time the Company takes over the Goods or by mutual arrangement agreed in writing, the Customer may claim in excess of the limits set out above, but the Company’s liability shall in no event exceed the declared value or agreed value.