average bond


average bond
A promise to pay general average contributions, if required. If a general-average loss occurs during a marine voyage the carrier has a right to take part of the cargo as payment of the cargo owners' contribution to the loss. As an alternative to the possibility of losing part of the cargo, the cargo owner may take out an average bond with insurers, who agree to pay any losses arising in this way.

Big dictionary of business and management. 2014.

Look at other dictionaries:

  • average bond — See general average bond …   Ballentine's law dictionary

  • average bond — noun marine insurance : a bond required to procure delivery of goods and given by a consignee to the master of a ship for prompt payment of any chargeable general average when its amount is ascertained …   Useful english dictionary

  • general average bond — A kind of bond, also called an average bond, which it is customary and lawful for the master of a ship to exact as a condition precedent to the delivery of the cargo in case a dispute has arisen as to liability for general average, or where… …   Ballentine's law dictionary

  • general average bond — Type of bond required by master of ship as security for general average contribution before master delivers the cargo …   Black's law dictionary

  • general average bond — Type of bond required by master of ship as security for general average contribution before master delivers the cargo …   Black's law dictionary

  • bond — A certificate or evidence of a debt on which the issuing company or governmental body promises to pay the bondholders a specified amount of interest for a specified length of time, and to repay the loan on the expiration date. A long term debt… …   Black's law dictionary

  • bond — A certificate or evidence of a debt on which the issuing company or governmental body promises to pay the bondholders a specified amount of interest for a specified length of time, and to repay the loan on the expiration date. A long term debt… …   Black's law dictionary

  • average — 1) A single number used to represent a set of numbers; mean. See arithmetic mean; geometric mean; median; weighted average 2) A partial loss in marine insurance (from French: avarie, damage). In general average (GA), a loss resulting from a… …   Big dictionary of business and management

  • Bond duration — Financial markets Public market Exchange Securities Bond market Fixed income Corporate bond Government bond Municipal bond …   Wikipedia

  • Bond-dissociation energy — In chemistry, bond dissociation energy (BDE) or D0, is one measure of the bond strength in a chemical bond. It is defined as the standard enthalpy change when a bond is cleaved by homolysis,[1] with reactants and products of the homolysis… …   Wikipedia