Lloyd's Open Form
Contract for marine salvage / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Lloyd's Open Form?
Summarize this article for a 10 year old
SHOW ALL QUESTIONS
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.[lower-alpha 1] Innovations in the LOF 1980 have engendered a major change in environmental salvage.