7.1 In the CMC 1992, the carrier has obligations of seaworthiness, management of goods and reasonable despatch. The carrier is liable for the damage to or loss of goods during its responsibility period and for the economic loss caused by delay in delivery of goods. The carrier is entitled to legal exemptions and limitation of liability. Both the carrier and the shipper are responsible for delivery and taking delivery of goods. The shipper has obligations of payment of freight. The shipper is liable for the shipment of dangerous goods and other faults. In contrast, the shipper has no limitation of liability.