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.

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IMAGE PROCESSING SYSTEMS scan documents into electronic images for storage. Reference and source documents should not be retained after conversion.

CONTRACT RATE OF INTEREST is the interest rate specified in a contract.

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