The Salvor's Contract

The Salvor's Contract refers to the legal agreement governing the compensation for a person or company (the salvor) that assists in saving ships, cargo, or property in distress at sea. When a vessel faces danger, and assistance is provided successfully, the salvor is entitled to a reward based on the value of what was saved. This arrangement incentivizes prompt action to rescue assets, ensuring that salvors can recover their costs and profit reasonably from their efforts. The contract outlines the terms, rights, and obligations of both the salvor and the owner of the salvaged property.