York-Antwerp Rules 1994
The 1994 CMI general average edition, its Rule Paramount, 2% commission and 7% interest, and its continued use in older contracts.
The York-Antwerp Rules 1994 are the Comite Maritime International’s 1994 edition of the general average code, running to Rule XXII. They allowed a commission of 2% on general average disbursements (Rule XX) and interest at 7% a year (Rule XXI), and they still apply where a contract of carriage incorporates them.
The full article will cover the Rule Paramount, the lettered and numbered Rules, and the differences from the 2004 and 2016 editions. The cargo insured value article covers how this topic affects the sum insured on a cargo policy.