Lloyd's Open Form

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Lloyd's Open Form (LOF) , actually Lloyd's standard form of salvage agreement, is a standardized contract to rescue a distressed vessel in distress. The contract makes no explicit statement about the amount of remuneration of the rescuing contract partner, since the remuneration is determined by an arbitration tribunal . The background to this is that the rescue will not be delayed by negotiations.

This internationally used contract contains the provision “no cure no pay” (no success, no payment).

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