salvage contracts

Salvage contracts are agreements where a person or company is hired to recover or salvage valuable items from a damaged or sunk vessel, cargo, or property. In this context, the salvage operator is compensated for their efforts in rescuing the property, which can include financial rewards based on the value of what is successfully recovered. These contracts are often governed by maritime law, recognizing the risk and skill involved in salvage operations, and they aim to incentivize individuals to assist in recovering property instead of abandoning it.