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Jettison

C1. Commercial shipping, chartering, economics and finance

Definition

Throwing cargo overboard to lighten the ship, may give rise to general average.

Jettison is the deliberate throwing of cargo, stores, or equipment overboard to lighten or right a ship in peril, a recognized general average act. When the sacrifice is made for the common safety of ship and cargo, the loss is shared among all parties to the adventure in proportion to their saved values under the York-Antwerp Rules. Rule I of the York-Antwerp Rules admits jettison in general average only if the goods were carried in accordance with recognized custom of the trade, which historically barred deck cargo jettison. The cargo owner whose goods went over claims a general average contribution from the others.

Source: York-Antwerp Rules, Rule I (jettison of cargo)