See Also: PARTICULAR AVERAGE(law)
average(1)(dictionary)
Average(medicine)
Average(finance)
Average up(finance)
Average down(finance)
With Average (W.A.)(money)
Average down(money)
With Particular Average (WPA)(money)
Average(money)

average(3) (iou)



average noun2. L15.
[from French avarie damage to ship or cargo, (earlier) customs duty, from Italian avaria from Arab. awar damage to goods: -age after damage etc.]
I. Maritime use.
A minor charge over and above the freight incurred in the shipment of goods, and payable by their owner or consignee. Also petty average. L15.
A duty charged upon goods; a customs duty etc. E16-M18.
(The equitable apportionment of) liability resulting from loss of or damage to an insured ship or its cargo. L16.
general average: arising from the deliberate partial sacrifice of a ship or its cargo in order to avoid total loss. particular average: arising from accidental partial damage or loss.
II. transf.
The determination of a medial estimate or arithmetic mean. Chiefly in on average, on the average, on an average, as a mean value or general rule, usually, (formerly also with at). M18.
The generally prevailing rate, degree, or amount; the ordinary standard; the arithmetic mean. M18.
law of averages the proposition that the occurrence of one extreme will be matched by that of the other extreme so as to maintain the average. weighted average: see WEIGHT verb 3c.
I. Compton-Burnett I never can make out whether Father's hearing is below the average or above it. R. Hoggart Those whose husbands earned just a few shillings above the average for the street. R. Davies We played an average of five days a week.
b. spec. In Cricket, the mean number of runs per completed innings scored by a batsman, or the mean cost in runs per wicket achieved by a bowler, during a season, tour, etc.; in Baseball (more fully batting average), the mean number of safe hits made by a batter per time at bat. M19.
Comb.: average adjustment the apportionment of liability due to average.