marine salvage contracts

Marine salvage contracts are agreements made between salvage operators and shipowners to recover vessels or cargo that have been damaged or sunk at sea. When a ship is in distress, salvage professionals use specialized skills and equipment to save it, often under challenging conditions. In return, they are entitled to a reward, typically a percentage of the ship or cargo's value. These contracts ensure that both parties understand their rights, responsibilities, and compensation terms, promoting fair and efficient recovery operations while minimizing losses from maritime incidents.