Contract Salvage

Contract salvage refers to a situation where a party seeks to recover some value or benefit from a contract that has become unworkable or broken. Under salvage laws, if one party is unable to fulfill their obligations, the other party can take steps to minimize losses and salvage any remaining value from the arrangement. This may involve finding alternative solutions, reallocating resources, or negotiating new terms. The aim is to optimize the outcome despite the contract not being completed as originally intended, ultimately seeking some form of compensation or benefit from the situation.