General Average. “Average” means “partial loss” in this context. “General Average” is closely connected to marine insurance today but actually originated many years before the idea of marine insurance was born.
Guaranteed space per ton. In the grain trade from the River Plate charterers have a decided preference for vessels disposing of a good cubic capacity in relation to their deadweight capacity. Sometimes the cubic capacity is guaranteed by the owners, in which case the following clause would be included in the CENTROCON charter:
GRI (General Rate Increase).This is the percentage increase of a liner conference tariff of freight rates when it becomes necessary to cover costs and make a sufficient profit for an acceptable return on the carrier’s investment. It is imposed after publication and a discussion period, usually of about three months.
General Average clauses. There are generally two protective clauses in a charterparty dealing specifically with G/A. One states that if there is to be adjustment after a G/A act or sacrifice or expenditure, the adjustment is to be carried out according to the York-Antwerp Rules in some specified place, the law and practice of which will apply to the adjustment.