A latch and fail-safe mechanism suitable for use with an industrial cart, dolly, trailer or other types mobile platforms or carriers. According to an embodiment, the latch comprises a housing or enclosure, a latch mechanism, a hitch hook and a fail-safe mechanism. The housing includes a back-plate configured to attach the latch to amounting bracket or frame plate on the cart. The latch mechanism is operatively coupled to the hitch hook and configured to bias the hitch hook in a closed or engaging position. The fail-safe mechanism is operatively coupled to the hitch hook and configured to bias and maintain the hitch hook in the closed position in the event of failure of the latch mechanism.