contract of salvage

A contract of salvage is an agreement between a salvor (someone rescuing property at sea) and the owner of that property. It outlines the terms under which the salvor will attempt to recover ships, cargo, or other maritime property in danger, and how they will be compensated if successful. The contract ensures that salvors are rewarded for their efforts, especially since their work involves risk and skill, and encourages them to assist ships in distress without seeking unfair reward. Payment is typically based on the value of the property saved and the degree of success achieved.