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The Lloyd's Open Form, formally "Lloyd's Standard Form of Salvage Agreement", and commonly referred to as the LOF, is a standard form contract for a proposed marine salvage operation. Originating in the late 19th century, the form is published by Lloyd's of London and is the most commonly used form for international salvage.
Under the LOF contracts, the parties submit to the jurisdiction of a Lloyd's arbitrator to determine the amount of award. But salvage is also a remedy that arises independently of a contract. A salvage claim, outside the LOF arbitration agreement, can be brought in the Admiralty Court and is defined under CPR r 61.1 (2) (f) to mean:
The sale and purchase of ship is an important aspect of the shipping industry.It may involve large amounts of money and requires brokers to possess knowledge of types of vessels and their function, knowledge of maritime law, as well experience in bargaining.
USS Regulus hard aground in 1971 due to a typhoon: after three weeks of effort, Naval salvors deemed it unsalvageable.. Marine salvage takes many forms, and may involve anything from refloating a ship that has gone aground or sunk as well as necessary work to prevent loss of the vessel, such as pumping water out of a ship—thereby keeping the ship afloat—extinguishing fires on board, to ...
Shipbuilding contract, which is the contract for the complete construction of a ship, concerns the sales of future goods, so the property could not pass title at the time when the contract is concluded. The aim of shipbuilding contract is to regulate a substantial and complex project which the builders and buyers assume long-term obligations to ...
Lloyd's List Intelligence (formerly Lloyd's MIU LLC) is an information service dedicated to the global maritime community. It is a sister company of Lloyd's List. [1]Lloyd's List Intelligence is an interactive online service offering detailed vessel movements, real-time AIS positioning, information on ships, companies, ports and casualties as well as credit reports, industry data and analysis ...
The Naval Stores Department [1] also known as the Department of the Director of Naval Stores was initially a subsidiary department of the British Department of Admiralty, then later the Navy Department responsible for managing and maintaining naval stores and the issuing of materials at naval dockyards and establishments for the building, fitting and repairing of Royal Navy warships from 1869 ...
Lloyd's Register is known best for the classification and certification of ships and inspects and approves important components and accessories, including life-saving appliances, marine pollution prevention, fire protection, navigation, radio communication equipment, deck gear, cables, ropes, and anchors.