GENERAL AVERAGE Definition

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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WHOLESALE is the selling of goods to retail merchants; usually in large quantities for resale to consumers.

LISTED COMPANY is a public company listed or quoted on a stock exchange.

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