GENERAL AVERAGE Definition

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GENERAL AVERAGE is the provision in maritime law where all shippers on a given voyage would reimburse the ship line in the event of vessel sinking or catastrophic damage. It also provides for the reimbursement to those shippers whose cargo was thrown overboard in order to save the vessel.

Learn new Accounting Terms

INCOME is the amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as profit from financial investments.

BUSINESS COMBINATION is the merger of separate entities or operations of entities into one reporting entity.

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