Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Average
n. 1. A single value that represents a broad sample of subjects; esp., in mathematics, the mean, median, or mode of a series. 2. The ordinary or typical level; the norm. 3. Maritime law. Liability for partial loss or damage to an insured ship or its cargo during a voyage; the apportionment of such liability. - average, vb. & adj.
Average bond
see bond (2)
Average cost
see cost (1).
Average daily balance
see daily balance.
Average gross sales
see sale.
Average tax rate
see tax rate.
Average variable cost
the average cost per unit of output, arrived at by dividing the total cost (fixed cost and variable cost) by output. Cf. Long-run incremental cost.
Dow Jones Industrial Average.
A stock-market-performance indicator that consists of the price movements in the stocks of 30 leading industrial companies in the United States. -Abbr. DJIA. - Often shortened to Dow. -Also termed Dow Jones Average.
Extraordinary average
a contribution by all the parties concerned in a commercial voyage - whether for vessel or cargo -toward a loss sustained by some of the parties in interest for the benefit of all.
General average
average resulting from an intentional partial sacrifice of ship or cargo to avoid total loss. ( the liability is shared by all parties who had an interest in the voyage. -abbr. Ga. - also termed gross average; general-average contribution.
Particular average
average resulting from an accidental partial loss or damage. ( the liability is borne solely by the person who suffered the loss. - also termed simple average; partial average.
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.
average cost
The sum of the costs of beginning inventory costs and the costs of later additions divided by the total number of available units.
average gross sales
The amount of total sales divided by the number of sales transactions in a specific period.
average tax rate
A taxpayer's tax liability divided by the amount of taxable income.
doctrine of general average
A rule allowing a carrier to require cargo owners and the shipowner to contribute pro rata to the cost of protecting the ship and its cargo.
extraordinary average
See AVERAGE.
free of all average
Maritime law. Insurance that covers a total loss only. - Abbr. FAA.
general average
See AVERAGE.
general average loss
Marine underwriting. A loss at sea usu. incurred when cargo is thrown overboard to save the ship; a loss due to the voluntary and intentional sacrifice of part of a venture (usu. cargo) to save the rest of the venture from imminent peril. 0 Such a loss is borne equally by all the interests concerned in the venture. See AVERAGE (3).
general-average bond
See BOND (2).
general-average bond.
Maritime law. A cargo owner's bond exacted by a carrier to ensure that the owner will pay the general average contribution. 0 When the contribution amounts are disputed, the carrier requires this bond before agreeing to unload the ship. - Also termed average bond. See general average under AVERAGE (3).
general-average contribution
See general average under AVERAGE.
general-average statement
Maritime law. A statement containing an exact calculation of the general average and each party's contributory share. See AVERAGE . general benefit. See BENEFIT
gross average.
See general average under AVERAGE.
market average
A price level for a specific group of stocks. market-comparison approach. fee %1.\PKE'r APPROACH. market correction. See DOWN RE %-EE.SAL. market-data approachSee MARKET APPROACH
partial average
See particular average under AVERAGE.
particular average
See AVERAGE.
particular average loss
See LOSS.
simple average
See particular average under AVERAGE.