Byline Salvage Agreement Template Made Easy

Lloyds lsw 983 form

the International shipping business is vital to world trade the vessels involved carry in excess of nine billion tons of cargo annually completing more than four and a half million journeys but what happens if one of these vessels which may be transporting goods with a value of 100 million u.s. dollars or more runs into difficulty if you're the ship's captain your life may be at risk along with the lives of your crew members if you're the ship's owner there's your property to think of and that of any clients using your ship to transport their goods as well as the risk of damage to the environment both of you have one priority to affect a salvage operation as quickly and efficiently as possible there's no time to negotiate contracts and settle terms you just need a professional solver to assist before the situation deteriorates further and your ship and its cargo are potentially lost now imagine you're a solver you have the specialist equipment available you want to help but you also want to know that you have an agreement in place that will reward you for your efforts for all parties there's one simple solution that brings clarity security and a timely resolution to the situation the Lloyds standard form of salvage agreement better known as Lloyds open form for more than 100 years this simple contract has acted as a standard framework that enables salvage services to be provided without delay managed and administered by Lloyds the Lloyds open form carries authority that is respected around the world when Salvage services are agreed under the Lloyds open form the solver notifies the salvage arbitration branch of Lloyds which in turn ensures that all interested parties are kept informed of developments to protect the interests of the solver and in order to allow the voyage to be completed the salvage arbitration branch collects security from the owners of the ship and cargo or their insurers who may be located all around the world the level of security is determined by the solver in 75% of cases the property owners and solvers will agree on an appropriate level of reward if however no agreement can be reached the salvage arbitration branch will appoint an arbitrator a legal expert in maritime matters to determine the level of reward which is fair to all parties and encourages salvage operations the parties retain solicitors to gather evidence in support of their respective cases and barristers to present them to the arbitrator at a hearing in making a decision the arbitrator considers factors such as the amount of time taken to carry out the salvage operation the risks presented to the solver and the value of the property solved the salvage arbitration branch then publishes the arbitrator's award and ensures that funds are collected and forwarded to the solver prior to releasing the security all parties have benefited losses to property interests have been reduced any delay to the voyage has been kept to a minimum potential environmental damage has been averted and the solver has received a fair and appropriate reward simple trusted and efficient Lloyds open forum continues to support all parties involved in global maritime adventures