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LAW OF GENERAL AVERAGE

If the common adventure consisting of the ship and the cargo is exposed to a peril at sea, the losses and expenses which are intentionally incurred to save the common adventure from the peril shall be shared by the saved interests in proportion to their values.

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York-Antwerp Rules, 2004 as a International Shipping Documents (pdf)

The York-Antwerp Rules are by far the most widely accepted international document
in the shipping industry. Its first version adopted goes back to the 1954
Comité Maritime International (CMI) International Conference, and new amendments
were made in Hamburg 1974, Sidney 1994, and Vancouver 2004.

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