This paper is divided into five parts; the first part introduces the subject of misdescription in bills of lading, followed by the second part where briefly the role of the bill of lading in the contract of carriage, its functions by law as well as the necessity of an International uniform system are presented. The third part of the system analysis concerns the legal framework on misdescription and in particular the gradual development of carriage of goods by sea over time, the International Conventions on bills of lading and certain implemented national provisions; here, the English, Greek and Norwegian legal systems are discussed as all three have implemented the Hague-Visby Rules and, being included in the top 10 largest merchant shipping fleets , they have a serious impact on the international maritime business. Part IV explores a question of considerable importance to maritime law and practice; the exchange of letters of indemnity against clean bills of lading, as a relatively common practice in the maritime business. Even though the letter of indemnity is foreseen in the international instruments, in case of intention to mislead the endorsee, the national provisions apply and, as will be concluded, the indemnity will be of no effect. Finally, part V will include the major findings of the paper in a summarized form so as to ascertain the current issues and present possible regulatory solutions for a healthy well-being and development of the international maritime business.