The International Salvage Union (ISU) is optimistic that shipping’s traditional salvage contract — the Lloyd’s Open Form (LOF) — can be rescued as an 18-month review comes to an end.
An attempt to revive the no-cure, no-pay salvage contract was initiated following a decision to keep the Lloyd’s of London’s Salvage Arbitration Branch (SAB) going in 2001.
The future of the SAB was put in question by the long-term decline of LOF contracts, which have become regarded as too expensive.
