Section 607: To bear compensation

The carrier shall, for such loss, damage or harm as caused to the goods declared at the time of the conclusion of contract or at the time of handing over the goods to the carrier for carriage under this Chapter or the goods not requiring declaration, in the course of their carriage, be liable to pay to the owner the compensation, if any, specified in the contract, to reimburse for the goods carried with the consent of the owner if no such compensation is specified in the contract or failing such consent, the prevailing price of such goods, and failing the determination of the price, a reasonable price and also a reasonable compensation for the loss and damage caused to the owner of the goods, subject to Chapter-5 of this Part.