What is the maximum limited liability for ocean Freight?

Notwithstanding anything herein, unless otherwise mandated by compulsorily applicable law, Carrier’s liability for compensation for loss of or damage to Goods shall in no case exceed the amount of US $500 per package or per customary freight unit, unless Merchant, with the consent of Carrier, has declared a higher value for the Goods in the space provided on the front of this Bill of Lading and paid extra freight per Carrier’s tariff, in which case such higher value shall be the limit of Carrier’s liability. Any partial loss or damage shall be adjusted pro rata on the basis of such declared value. Where a container is stuffed by Shipper or on its behalf, and the container is sealed when received by Carrier for shipment, Carrier’s liability will be limited to US $500 with respect to the contents of each such container, except when the Shipper declares the value on the face hereof and pays additional charges on such declared value as stated in Carrier’s tariff. The freight charged on sealed containers when no higher valuation is declared by the Shipper is based on a value of US $500 per container. However, Carrier shall not, in any case, be liable for an amount greater than the actual loss to the person entitled to make the claim. Carrier shall have the option of replacing lost Goods or repairing damaged Goods.7.2 In any case where Carrier’s liability for compensation may exceed the amounts set forth in Section 7.1 above, compensation shall be calculated by reference to the value of the Goods, according to their current market price, at the time and place they are delivered, or should have been delivered, in accordance with this contract.7.3 If the value of the Goods is less than US $500 per package or per customary freight unit, their value for compensation purposes shall be deemed to be the invoice value, plus freight and insurance, if paid.7.4 On shipments involving carriage by land in the United States, and for liabilities determined pursuant to Section 6.4(c) of this Bill of Lading, loss of or damage to Goods shall be limited to US $.50 per pound of Goods lost or damaged, unless a higher value is declared by Shipper and a supplementary charge paid.7.5 Carrier shall not be liable to any extent for any loss of or damage to or in connection with precious metals, stones, or chemicals, jewelry, currency, negotiable instruments, securities, writings, documents, works of art, curios, heirlooms, or any other valuable goods, including Goods having particular value only for Merchant, unless the true nature and value of the Goods have been declared in writing by Merchant before receipt of the Goods by the Carrier or Inland Carrier, the same is inserted on the face of this Bill of Lading and additional freight has been paid as required.7.6 Carrier will not arrange for insurance on the Goods except upon express instructions from the Shipper- Consignor and then only at Shipper’s-Consignor’s expense and presentation of a declaration of value for insurance purposes prior to shipment.