The Court of Chancery decided that: 1) Section 1.3 clearly and. unambiguously requires inclusion of IBNR in the reserves; 2) the arbitrator knew. what Section 1.3 required, because the arbitrator was given the contract; and 3) the. arbitrator refused to apply it âfor whatever reason.â.
Wiktionary (0.00 / 0 votes) Rate this definition: spry (Adjective). Having great power of leaping or running; nimble; active. Origin: From British dialectal sprey, from spraekr, sprÃ¦kr from, sprÄkiz (from)s-. Pereg cognate with dialectal. sprygg
Bottomry(noun) a contract in the nature of a mortgage, by which the owner of a ship, or the master as his agent, hypothecates and binds the ship (and sometimes the accruing freight) as security for the repayment of money advanced or lent for the use of the ship, if she terminates her voyage successfully.