INTRODUCTION
Shipping and seafaring are interdependent but as a combined phenomenon has, since time immemorial, been considered a dangerous and risky occupation. If shipping is a risky venture as it doubtless is, then salvage, famously described as an ‘endeavour so heroic that it is unrivalled in fiction’, is fraught with even greater risk. This chapter concerns the law and practice of salvage as perceived from the vantage point of risks encountered by the salvor on the one side and those from the opposite side, that of the shipowner who needs the salvor’s services. In more specific terms, the chapter examines the legal status of the standard form salvage agreement exemplified by the Lloyds Open Form of Salvage Agreement, popularly referred to as the lof and whether and how that is different from what in some circles is called ‘contract salvage’. Incidental to this examination is consideration of the difference between contract and agreement and what that difference implies in the context of salvage services; in other words, what exactly is the legal nature of such services as perceived in maritime law? The focal point of this inquiry is the key question of what is salvage agreement in juxtaposition to contract salvage …
Proshanto K Mukherjee, Salvage Agreement and Contract Salvage: Risk Dynamics in Salvage Law, 551–572, in Regulation of Risk – Transport, Trade and Environment in Perspective, edited by Abhinayan Basu Bal, Trisha Rajput, Gabriela Argüello and David Langlet (Brill, 2023).
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