An Introduction To Lloyd'S Open Form Of Salvage Arbitration

Published on March 5, 2015
Category: Education
Source: Youtube

Lloyd’s Form of Salvage Agreement (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 of its kind. However, outside of the maritime shipping and salvage communities it is little known. This short video provides a brief introduction to the processes and benefits of this important document.