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

DR, in accounting, is an acronym for Debit Record. See DEBIT RECORD.

BIRR is a currency in Ethiopia.

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