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General Average
Definition of general average and it's attributes.
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.
General average is the partial expense that is incurred as a result of the actions taking for saving the whole maritime venture. It is therefore the damage resulting from the voluntary surrender of part of vessel or cargo and security expenses.
In case all taken measures are successful, all expenses are covered proportionally by all parties of maritime venture including parties whose interests were affected the most. The general average is distributed between the vessel, freight and cargo based on the cost thereof.
General average may only be declared if all the below attributes are present:
The common cases of general average:
General Information: