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General average Definition from Language, Idioms & Slang Dictionaries & Glossaries
general average
general average, a contribution made, by all parties concerned in a sea adventure, toward a loss occasioned by the voluntary sacrifice of the property of some of the parties in interest for the benefit of all. it is called general average, because it falls upon the gross amount of ship, cargo, and freight at risk and saved by the sacrifice...
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General average Definition from Business & Finance Dictionaries & Glossaries
A general loss voluntarily incurred to save all interest involved in a common maritime adventure from an impending peril including hull, cargo, and freight at risk. (TNDOT1)
By the Bureau of Transportation Statistics.
General average is an unwritten, non-statutory, international maritime law which is universally recognized and applied. It is founded on the principle that vessel and goods are parties to the same venture and share exposure to the same perils, which may require sacrifice or the incurring of extraordinary expense on the part of one for the benefit of the whole venture.
General average is an unwritten, non-statutory, international maritime law which is universally recognized and applied. It is founded on the principle that vessel and goods are parties to the same venture and share exposure to the same perils, which may require sacrifice or the incurring of extraordinary expense on the part of one for the benefit of the whole venture.
General average Definition from Encyclopedia Dictionaries & Glossaries
The law of general average is a legal principle of maritime law according to which all parties in a sea venture proportionally share any losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency. In the exigencies of hazards faced a sea, crew members often have precious little time in which to determine precisely whose cargo they are jettisoning. Thus, to avoid quarrelling that could waste valuable time, there arose the equitable practice whereby all the merchants whose cargo landed safely would be called on to contribute a portion, based upon a share or percentage, to the merchant or merchants whose goods had been tossed overboard to avert imminent peril. While general average traces its origins in ancient maritime law, still it remains part of the admiralty law of most countries.
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General average Definition from Law Dictionaries & Glossaries
Ancient principle of equity in which all parties in a sea adventure (ship, cargo, and freight) proportionately share losses resulting from a voluntary and successful sacrifice of part of the ship or cargo to save the whole adventure from an impending peril, or extraordinary expenses necessarily incurred for the joint benefit of ship and cargo.
Courtesy of the 'Lectric Law Library.General average Definition from Sports Dictionaries & Glossaries
A maritime insurance term. All shippers help pay for damages or loss if any part of the ship or cargo is voluntarily sacrificed (thrown overboard) to save the ship and/or the rest of the cargo.
Ancient principle of equity in which all parties in a sea adventure (ship, cargo, and freight) proportionately share losses resulting from a voluntary and successful sacrifice of part of the ship or cargo to save the whole adventure from an impending peril, or extraordinary expenses necessarily incurred for the joint benefit of ship and cargo.
