Intentional act or sacrifice that is carried out during voyage to preserve the venture from a real peril. The party who has suffered a loss as a result is reimbursed by all the other parties to the marine adventure, each paying a proportion of the amount of the loss according to the value of their interest.
Widely used general purpose voyage Charter-Party published by BIMCO.
Clause in a Bill of Lading or Charter-Party that stipulates in what country or place and by what rules. often the York-Antwerp Rules, general average is to be adjusted.
Ship which is not equipped with her own crane(s) or derrick(s). When chartering or scheduling such a ship for a particular voyage, it is necessary to ensure that the loading and discharging ports have shore cranes capable of lifting up to the heaviest piece weight of the ship’s cargo.
Total cubic capacity of a ship’s holds available for the carriage of grain or any other free-flowing bulk cargo which is capable of filling the space between the ship’s frames It is expressed in cubic feet or cubic meters. See corresponding term bale I bale capacity.
General Rate Increase – Periodic increase to all the base freight rates in the tariff of a liner conference or shipping line.
Type of voyage charter in which the shipowner pays for loading and discharging.
Bill of Lading, issued by a carrier to a forwarding agent, sometimes known as a groupage agent or consolidator, which covers consignments from various shippers for the same destination which have been consolidated into one consignment by the forwarding agent. Each shipper receives a house Bill of Lading from the forwarding agent covering his consignment.
The total of all the enclosed spaces within a ship expressed in tons each of which is equivalent to one hundred cubic feet. This term was previously referred to as GRT.