What is an Average Bond?

A signed undertaking given by cargo receivers stating that, in return for delivery to them or to their order of the goods noted in the bond, they agree to pay the proper proportion of any general average charges (and salvage or special charges) which may thereafter be ascertained to be due from the goods. Lloyd’s Average Bond form (LAB 77) is normally used.


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Written by Ship Inspection

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Special charges are mentioned on a Lloyd’s Average Bond form. What are they?

Who arranges general average security?