average bond

noun

Definition of average bond

marine insurance
: a bond required to procure delivery of goods and given by a consignee to the master of a ship for prompt payment of any chargeable general average when its amount is ascertained

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Cite this Entry

“Average bond.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/average%20bond. Accessed 8 Aug. 2020.

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