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federal arbitration act

Federal Arbitration Act. A federal statute providing for the enforcement of private agreements to arbitrate disputes related to interstate commercial and maritime matters. • Under the Act, arbitration agreements are enforced in accordance with their terms, just as other contracts are. The Act supersedes substantive state laws that frustrate enforcement of arbitration agreements, but it […]

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consortship

consortship (kon-sort-ship).Maritime law. An agreement by which salvors agree to work together to salvage wrecks, the recovery being apportioned among the salvors. • Consortships reduce interference among competing salvors and help prevent collisions at sea between operators attempting to salvage the same wreck.

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