general average bond

general average bond
A kind of bond, also called an "average bond," which it is customary and lawful for the master of a ship to exact as a condition precedent to the delivery of the cargo in case a dispute has arisen as to liability for general average, or where investigation is necessary before claims can be adjusted; which bond is conditioned upon the payment of such average, if any, as may be found due upon proper adjustment conformably to law and the usage of the port. The legal operation and effect of such a bond is to fix the measure of the obligor's liability, and to secure the payment of the amount, unless it shall afterward appear that it was not a case of general average. 48 Am J1st Ship § 645.

Ballentine's law dictionary. . 1998.

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