LOF Flashcards
Salvage bitches
1
Q
What is LOF
A
Internationally recognised standard salvage agreement. Save time on time consuming contract negotiations while vessel in jeopardy.
No cure no pay
2
Q
Advantages of LOF
A
The owner of salvaged property benefits from no cure no pay Principe
The agreement conforms to the convention
Agreement can be negotiated in minutes
Independent arbitrator appointed by Lloyds, saves on legal costs
3
Q
Define arbitration
A
The settling of disputes between two parties by an impartial third party.
