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General Average

A loss due to a successful voluntary sacrifice of any part of a vessel or cargo to avoid loss of the whole vessel or cargo. The value of such a loss is apportioned among all customers and the vessel itself. Until the assessment is paid, a lien lies against the whole cargo aboard the vessel.

General Commodities

Common freight, except for Class A and B explosives, bulk commodities and household goods.

General Commodity Rate

Rates assessed regardless of the goods being transported, normally applied to air carriage, and only used when no specific commodity rate is available.

Goods and Services Differential

An allowance to compensate a transferring employee for differences in the cost of goods and services between the old location and the new location. Also called Cost-of-Living Allowance or Allowance.

Graduated-Payment Mortgage

A loan in which the monthly payments gradually increase as a person's income increases until the loan is paid.

Grant Deed

A warranted title to assure that the estate has not been previously conveyed to another, that the property has not been encumbered and that the grant will convey any title later acquired.

Grantee

The purchaser of property. The person receiving a transfer of title.

Grantor

The seller of property. The person transferring a title.

Gross Chargeable Weight

Gross chargeable is equal to one pound chargeable for 166 cubic inches of consumed space by the shipment in the air freight industry. This converts to a density factor of 10.42 pounds per cubic foot on the net weight.

Gross Income

A person's total income before taxes and expenses.

Gross Income Multiplier

A number to express the relationship of gross income to sales price. The figure is calculated by multiplying the price by the gross annual income.

Gross Lease

A lease whereby the landlord pays for all regular charges like repairs, taxes, insurance and operating expenses that normally come with ownership, and the tenant pays a fixed rent.

Gross Weight

The weight of the truck after a shipment has been loaded.

Ground Lease

A long-term lease for land only, requiring the lessee to build his or her own building as stated in the lease.

Group Move

Planning, organizing and executing every aspect of both the facility and employee relocation.

Growth Equity Mortgage

A loan, similar to the graduated-payment mortgage, where the monthly payment on a fixed-rate mortgage increases as the person's income increases.