general average definition

  • noun:
    • a contribution made, by all events worried in a-sea adventure, toward a loss occasioned by the voluntary give up of this property of some of the functions in interest for the good thing about all. It's known as basic average, since it drops upon the gross quantity of ship, cargo, and freight vulnerable and conserved by the sacrifice.
    • a contribution made, by all parties worried in a-sea adventure, toward a loss occasioned because of the voluntary sacrifice for the residential property of a number of the events in interest the good thing about all. It really is known as general average, since it drops upon the gross amount of ship, cargo, and cargo at an increased risk and saved by the give up.
    • a contribution made, by all functions concerned in a-sea adventure, toward a loss occasioned because of the voluntary give up of the residential property of a number of the parties in interest for the benefit of all. It is called general average, as it drops upon the gross level of ship, cargo, and freight at risk and saved by the sacrifice.
  • adjective:
    • See under Average, Legal.
    • view under Average, legal.
    • See under Typical, Court.

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  • Quotes for "general average"
    • "The higher the general average of…"
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