General Average Security
Summary of General Average Security
A cash deposit, surety, or other guarantee posted by or on behalf of a consignee for an obligation arising under General Average (read this legal term for further details). The steamship operator has the right to withhold release of cargo to a consignee pending the posting of such security, and is under obligation to do so when cargo interests are entitled to recover general average allowances.
(Main Author: William J. Miller)
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