Salvage Under Contract
Salvage may not necessarily arise from an actual contract. However, there are vessels standing by, crewed by professional salvors under a salvage agreement in Lloyd's Open Form (LOF).
Contracts are usually entered into on the LOF (1980, 1990, 1995 and now 2000 LOF). Under these contracts, rewards are based on no cure, no pay principle, in which the salvor receives no reward if no property is saved. Special compensation is paid, however, as a reward for efforts to prevent or minimize damage to the environment even if no property is saved under the convention.
Read more about this topic: Law Of Salvage
Famous quotes containing the word contract:
“The way in which men cling to old institutions after the life has departed out of them, and out of themselves, reminds me of those monkeys which cling by their tails—aye, whose tails contract about the limbs, even the dead limbs, of the forest, and they hang suspended beyond the hunter’s reach long after they are dead. It is of no use to argue with such men. They have not an apprehensive intellect, but merely, as it were a prehensile tail.”
—Henry David Thoreau (1817–1862)