average bond

average bond

Marine insurance. A bond given to the captain of a ship by consignees of cargo subject to general average, guaranteeing payment of their contribution once it is ascertained, on condition that their goods be promptly delivered. [Cases: Shipping 198. C.J.S. Shipping ¡ì 470.]
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Carl, Chinese legal translator, specializes in translating legal documents pertaining to complex business disputes.