Lloyd's Open Form

Lloyd’s Open Form is a standardized, pre-agreed contract used in maritime salvage operations, allowing salvors to provide assistance to distressed ships without negotiating terms beforehand. It operates on a "no cure, no pay" basis—meaning salvors only receive payment if they successfully save the vessel or its cargo. This open-form arrangement promotes swift action during emergencies, with compensation determined later based on the complexity of the rescue. Administered by Lloyd’s of London, it ensures transparency, efficiency, and fair compensation for salvors while encouraging prompt assistance in maritime crises.