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CHAPTER 33 Rule XXI: Interest on Losses Made Good in General Average

York Antwerp Rules

Page 227 CHAPTER 33 Rule XXI: Interest on Losses Made Good in General Average Rule XXI: Interest on Losses Made Good in General Average (a) Interest shall be allowed on expenditure, sacrifices and allowances in general average until three months after the date of issue of the general average adjustment, due allowance being made for any payment on account by the contributory interests or from the general average deposit fund. (b) The rate for calculating interest accruing during each calendar year shall be the 12-month ICE LIBOR for the currency in which the adjustment is prepared, as announced on the first banking day of that calendar year, increased by four percentage points. If the adjustment is prepared in a currency for which no ICE LIBOR is announced, the rate shall be the 12-month US Dollar ICE LIBOR, increased by four percentage points. Evolution 33.01 From the time of its inception in 1924, the Rule regarding interest allowed in general average has been attended with difficulties and plagued by controversy.

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