accidental stranding
Stranding as a result of natural forces, such as wind and waves. See general average, particular average under AVERAGE. — Also termed involuntary stranding.
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Search Results for: particular average
fpa
FPA.abbr. Free from particular average. “F.P.A. means Free from Particular Average; that is to say, the insured can recover only where the loss is total or is due to a general average sacrifice. The claims under the Sue and Labour clause are not affected by this stipulation.” 2 E.W. Chance, Principles of Mercantile Law 128
stranding
stranding, n. Maritime law. A ship’s drifting, driving, or running aground on a strand. • The type of stranding that occurs determines the method of apportioning the liability for any resulting losses. [Cases: Salvage 9, 30. C.J.S. Salvage §§ 12, 81.] accidental stranding. Stranding as a result of natural forces, such as wind and waves.
memorandum clause
memorandum clause. A marine-insurance clause protecting underwriters from liability for injury to goods that are particularly perishable, or for minor damages. [Cases: Insurance 2235, 2241. C.J.S. Insurance §§ 1195–1196, 1199–1203, 1208, 1211–1214, 1216–1217.] “This clause was first introduced into the English [marine-insurance] policies about the year 1749. Before that time the insurer was liable for
long run incremental cost
long-run incremental cost. Antitrust. A cost threshold for determining whether predatory pricing has occurred, consisting of all costs that, over a several-year period, would not be incurred if the product in question were not offered. • It differs from average variable cost because it includes some costs that do not vary in the short run
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fair averaging
fair averaging. The process of assessing taxes by using the average of the amount and price of goods acquired over a 12-month period rather than the amount and price at a particular time of the year.
presumptive sentence
An average sentence for a particular crime (esp. provided under sentencing guidelines) that can be raised or lowered based on the presence of mitigating or aggravating circumstances. [Cases: Sentencing and Punishment 34, 654. C.J.S. Criminal Law §§ 1459, 1461, 1463, 1472, 1479.]
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