York-Antwerp Rules
A group of directives relating to uniform bills of lading and governing the settlement of maritime losses among the several interests, including ship and cargo owners.
Maritime law includes international agreements, national laws on shipping, and private agreements voluntarily adhered to by the parties involved in shipping contracts. The York-Antwerp Rules of General Average are the best known example of such private agreements, as they establish the rights and obligations of the parties when cargo must be jettisoned from a ship.
Under the law of general average, if cargo is jettisoned in a successful effort to refloat a grounded vessel, the owners of the vessel and the cargo saved are required to absorb a proportionate share of the loss, in order to compensate the owner of the cargo that has been singled out for sacrifice. All participants in the maritime venture contribute to offset the losses incurred. The law of general...
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