Juridical bases of general average and its legal regulation in modern maritime law.

Abstract

The purpose of this article is to discuss legal bases of general average and based on the methods of its regulation, evaluate the function of the institution in modern maritime law. 
In addition, the article reviews the arguments for preserving or abolishing the principle of general average and presents an alternative for regulating maritime incidents. 
Several centuries of legal practice have shown that the system of general average no longer needs an update, and compensation for the loss should be regulated by negotiations between the underwriter and insured parties accordingly. All of the above will simplify the process and bring more benefits for the stakeholders in shipping.