Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

general average loss

Read a random definition: manifestation theory

A quick definition of general average loss:

General average loss is a type of loss that happens at sea when part of a ship's cargo is thrown overboard to save the rest of the cargo and the ship from danger. This loss is shared equally by all the people involved in the venture. It is different from other types of losses, like direct loss, which happens immediately after an event, or consequential loss, which happens as a result of damage.

A more thorough explanation:

Definition: A loss incurred at sea usually when cargo is thrown overboard to save the ship. It is a loss due to the voluntary and intentional sacrifice of part of a venture (usually cargo) to save the rest of the venture from imminent peril. Such a loss is borne equally by all the interests concerned in the venture.

Example: A ship carrying cargo encounters a storm and starts taking on water. To prevent the ship from sinking, the captain decides to throw some of the cargo overboard. The cargo that was thrown overboard is considered a general average loss, and the cost of the loss is shared equally among all parties involved in the venture.

Explanation: The example illustrates how a general average loss occurs when part of a venture is intentionally sacrificed to save the rest of the venture from imminent peril. In this case, the cargo was thrown overboard to prevent the ship from sinking, and the cost of the loss is shared equally among all parties involved in the venture.

general-average contribution | general-average statement

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.