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Simple English definitions for legal terms
GA
Read a random definition: Investor Protection Guide: Affinity Fraud
A quick definition of GA:
GA: An abbreviation for "general average" which is a term used in maritime law. It refers to a situation where a ship or its cargo suffers accidental damage during a voyage. If the damage is intentional and partial, it is called general average. All parties involved in the voyage share the liability for the loss. This is an exception to the principle of "particular average" where the person who suffers the loss bears the liability. The doctrine of general average is an ancient principle of maritime law that ensures that all parties involved in a voyage share the risk and cost of any loss or damage that occurs during the voyage.
A more thorough explanation:
Definition: GA is an abbreviation for "general average" in maritime law. It refers to a situation where there is an accidental partial loss or damage to an insured ship or its cargo during a voyage. The liability for this loss is shared by all parties who had an interest in the voyage.
Example: If a ship is in danger of sinking and the captain decides to throw some cargo overboard to lighten the load and save the ship, this is considered a general average. All parties involved in the voyage, including the owners of the ship and cargo, must contribute to cover the cost of the lost cargo.
This concept of general average is an ancient principle in maritime law that is still used today. It is designed to ensure that all parties involved in a voyage share the risk of loss or damage, rather than placing the burden solely on one party.