General Average
/ˈdʒɛnərəl ˈævərɪdʒ/
Definitions
- (n.) A maritime law principle whereby all parties in a sea venture proportionally share the loss resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency.
The shipowner claimed general average to recover costs from the cargo owners after jettisoning some cargo to lighten the ship.
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Commentary
General average requires strict compliance with formal notice and adjustment procedures, making accurate documentation essential in claims and settlements.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.