The term 'General Average' is a maritime law concept that requires all parties involved in a sea voyage to share the losses that may occur due to an unforeseen event. The term 'NORM' is an acronym for 'New Ocean Rate of Mortality', which is a measure of the number of ships lost at sea during a given period of time. This rate is used to calculate the General Average, which is the amount of money that must be paid by all parties involved in the voyage.