(2) Ad Valorem Liability
The Merchant agrees and acknowledges that the Carrier has no knowledge of the value of the Goods,
and that compensation higher than that provided for in this Bill of Lading may not be claimed unless,
with the consent of the Carrier, the value of such Goods is declared by the Shipper prior to the
commencement of the Carriage and is stated in writing on this Bill of Lading and extra Freight is paid.
In such a case, the amount of the declared value shall be substituted for the limits laid down in this
Bill of Lading. Any partial loss or damage shall be adjusted pro rata on the basis of such declared
value. In any event, the compensation shall not exceed the actual commercial value of the Goods as
defined in Clause 8 (1).