Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
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.
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).