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Particular average

An insurance loss that affects specific interest only. There are two kind or particular average losses: the total losses of a part of goods, and the arrival of goods at destination in damaged condition. Total loss: in this situation, it…

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Partnership

An unincorporated business owned and operated by two or more persons (partners) who may have general or limited liability in accordance with the partnership agreement. The definition of status of partnerships varies from country to country, and is not recognized…

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Party at risk

Between the seller and the buyer, that party who has the most to lose in the event of damage or loss to a shipment, such as: Unpaid sellers, especially if the problem occurs before the point where their responsibility for…

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Patent

A grant by law to an inventor of a device of the right to exclude other persons from making, using, or selling the device. The patent holder has the right to license to another person or company the right to…

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