Average (redirected from Market Average)

average, number used to represent or characterize a group of numbers. The most common type of average is the arithmetic mean. See median; mode.

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average

1. the result obtained by adding the numbers or quantities in a set and dividing the total by the number of members in the set

2. (of a continuously variable ratio, such as speed) the quotient of the differences between the initial and final values of the two quantities that make up the ratio

3. Maritime law

a. a loss incurred or damage suffered by a ship or its cargo at sea

b. the equitable apportionment of such loss among the interested parties

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average [′av·rij]

(mathematics)

arithmetic mean

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Average 

in maritime law. (1) General average—property damage caused intentionally to a ship or its cargo to avoid danger to both or to forestall losses (for instance, the jettison of cargo or of ship provisions to lighten the ship in trying to get off a sandbank). The USSR Trade Navigation Code defines general average as losses suffered as a consequence of intentional and reasonable emergency expenditures and sacrifices to save a ship or its cargo from danger. The losses incurred in the case of general average are distributed proportionally according to the value of the ship, freight, and heavy loads.

(2) Particular average—unintentional damage caused to a ship or its cargo or in connection with their movement; the losses in the case of particular average are borne by those who suffered them or by those who are responsible for having caused them.

In Soviet legislation questions relating to general and particular average are regulated by the USSR Trade Navigation Code. In international trade, relations arising out of general average are regulated by the York-Antwerp Rules (the 1950 edition). These rules are applied only according to an agreement between the parties included in their contract of affreightment.