The Average Settlement Compromise Agreement is utilized when parties involved in a general average incident agree to settle their respective contributions and claims. This document, primarily used in U.S. maritime jurisdictions, becomes necessary following the completion of general average adjustment calculations by a qualified average adjuster. It details the agreed settlement terms, contribution amounts, payment schedules, and mutual releases between all involved parties. The agreement ensures compliance with maritime law requirements while providing a clear framework for resolving complex multi-party claims arising from general average situations.
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1. Parties: Identification of all parties involved in the average settlement
2. Background: Details of the maritime incident and circumstances leading to general average
3. Definitions: Key terms used in the agreement including 'general average', 'contribution', 'adjustment'
4. Settlement Terms: Specific terms of the average settlement including amounts and payment terms
5. Release Provisions: Mutual release of claims related to the general average incident
1. Dispute Resolution: Specific arbitration or mediation procedures for resolving any disputes arising from the agreement
2. Confidentiality: Terms regarding confidentiality of settlement details and related information
3. Insurance Provisions: Specific provisions related to insurance coverage and claims handling
1. Schedule A - Calculation of Average: Detailed calculations of the general average contributions
2. Schedule B - Vessel Details: Specifications and details of the vessel involved
3. Schedule C - Cargo Details: List of affected cargo and their values
4. Appendix 1 - Average Adjuster's Report: Copy of the official average adjuster's findings and calculations
5. Appendix 2 - Supporting Documents: Relevant bills of lading, insurance certificates, and other supporting documentation
Relevant legal definitions
General Average
Average Adjuster
Adjustment
Contributing Interests
Contributing Values
York-Antwerp Rules
General Average Sacrifice
General Average Expenditure
Average Bond
General Average Security
Contributory Values
Adjustment Date
Settlement Amount
Release Date
Contributing Parties
Vessel
Cargo Interest
Marine Insurance Underwriter
Bill of Lading
Charter Party
Salvage
Common Maritime Adventure
Particular Average
Average Statement
Notice of Abandonment
Average Deposit
Contribution Ratio
Settlement Date
Effective Date
Payment Terms
Governing Law
Jurisdiction
Force Majeure
Material Adverse Change
Confidential Information
Average Adjuster
Adjustment
Contributing Interests
Contributing Values
York-Antwerp Rules
General Average Sacrifice
General Average Expenditure
Average Bond
General Average Security
Contributory Values
Adjustment Date
Settlement Amount
Release Date
Contributing Parties
Vessel
Cargo Interest
Marine Insurance Underwriter
Bill of Lading
Charter Party
Salvage
Common Maritime Adventure
Particular Average
Average Statement
Notice of Abandonment
Average Deposit
Contribution Ratio
Settlement Date
Effective Date
Payment Terms
Governing Law
Jurisdiction
Force Majeure
Material Adverse Change
Confidential Information
Clauses
General Average Contribution
Settlement Amount
Payment Terms
Release and Discharge
Representations and Warranties
Contribution Calculations
Security Requirements
Insurance Coverage
Salvage Contributions
Force Majeure
Governing Law
Jurisdiction
Dispute Resolution
Confidentiality
Notices
Assignment
Severability
Entire Agreement
Amendment
Waiver
Third Party Rights
Counterparts
Further Assurance
Time of the Essence
Costs and Expenses
Interest on Late Payment
Documentation Requirements
Indemnification
Survival
Settlement Amount
Payment Terms
Release and Discharge
Representations and Warranties
Contribution Calculations
Security Requirements
Insurance Coverage
Salvage Contributions
Force Majeure
Governing Law
Jurisdiction
Dispute Resolution
Confidentiality
Notices
Assignment
Severability
Entire Agreement
Amendment
Waiver
Third Party Rights
Counterparts
Further Assurance
Time of the Essence
Costs and Expenses
Interest on Late Payment
Documentation Requirements
Indemnification
Survival
Relevant Industries
Relevant Teams
Relevant Roles
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