GAC Sample Clauses
The GAC (General Average Clause) is a provision in maritime contracts that governs the sharing of losses resulting from voluntary sacrifices made to save a vessel and its cargo from a common peril. Under this clause, if cargo or property is intentionally damaged or jettisoned to protect the voyage, all parties with a financial interest in the voyage—such as shipowners and cargo owners—are required to proportionally contribute to covering the loss. This clause ensures that the financial burden of such sacrifices is distributed fairly among all stakeholders, thereby promoting cooperation and risk-sharing in maritime ventures.
GAC. The Greater Alarm Company, Inc., a California corporation.
GAC. (a) is corporation, duly and validly organized and currently in good standing under Delaware law; and (b) is a party to the Assigned Agreement and has not assigned or transferred any of its rights or obligations thereunder, or any of the Assets, as defined therein, and GAC owns the Assets free and clear of all liens and encumbrances. T▇▇▇▇▇ ▇▇▇▇▇▇ is the sole shareholder, sole director and President of the Gulfstream Charter Party. This Consent is a valid, binding and enforceable obligation of GAC.