Plain-language definitions of 133 terms used in raw material trade: Incoterms, payment, shipping, customs, quality documents, plastics, metals, chemicals, agriculture and energy.
The sharing of deliberate sacrifices and expenses made to save the ship and cargo from a common peril – jettison, salvage fees, firefighting – among the ship and all cargo owners in proportion to their values. It is calculated under the York-Antwerp Rules. When a shipowner declares general average, every receiver must provide security before taking delivery of its cargo; uninsured buyers may have to put up large cash deposits.
Popular