TSAVLIRIS SALVAGE GROUP - News & Announcements
THE IMPORTANT ROLE OF LOF - USEFUL VIDEO - 2021 Jan 31
A new short video is now available on Lloyd's website, which aims to give viewers a better understanding of the workings of the Lloyd's Open Form contract (LOF) as well as highlight the important role it continues to play in the maritime world.
The Lloyd's Open Form, formally "Lloyd's Standard Form of Salvage Agreement" is a standard form contract for a proposed marine salvage operation.
LOF has been in use for over a hundred years, providing a framework for determining the amount of remuneration to be awarded to salvors for their services in saving property at sea and minimizing or preventing damage to the environment. Originating in the late 1800s, it is today the most widely used international salvage agreement.