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.