Lloyd's Open Form (LOF)

Lloyd's Open Form (LOF) is a standard contract used in the maritime industry for salvage operations. It allows a shipowner in distress to engage a salvor (a professional rescue team) to assist in saving a vessel or its cargo. The key feature of LOF is its "no cure, no pay" principle, meaning the salvor is only paid if they successfully recover the ship or cargo. This agreement outlines the terms for payment based on the salvor's efforts, which can be negotiated after the salvage operation. LOF promotes prompt assistance while protecting the interests of both parties.