LOF 2024

LLOYD'S STANDARD FORM OF SALVAGE AGREEMENT(Approved and Published by the Council of Lloyd's)

NO CURE - NO PAY
1. Name of the salvage Contractors:

2. Property to be salved:
The vessel:
her cargo freight bunkers stores and any otherproperty thereon but excluding the personal effects
or baggage of passengers master or crew(referred to in this agreement as “the Contractors”)(referred to in this agreement as “the property”)

3. Agreed place of safety:

4. Agreed currency of any arbitral award and security(if other than United States dollars)

5. Date of this agreement

6. Place of agreement

7. Is the Scopic Clause incorporated into this agreement? State alternative: Yes/No

8. Person signing for and on behalf of the Contractors

9. Captainor other person signing for and on behalf of theproperty

Signature:

Signature:

A Contractors’ basic obligation: The Contractors identified in Box 1 hereby agree to use their best endeavours
to salve the property specified in Box 2 and to take the property to the place stated in Box 3 or to such otherplace as may hereafter be agreed. If no place is inserted in Box 3 and in the absence of any subsequent
agreement as to the place where the property is to be taken the Contractors shall take the property to a placeof safety.
B Environmental protection: While performing the salvage services the Contractors shall also use their best
endeavours to prevent or minimise damage to the environment.
C Scopic Clause: Unless the word “No” in Box 7 has been deleted this agreement shall be deemed to have been
made on the basis that the Scopic Clause is not incorporated and forms no part of this agreement. If the word
“No” is deleted in Box 7 this shall not of itself be construed as a notice invoking the Scopic Clause within themeaning of sub-clause 2 thereof.
D Effect of other remedies: Subject to the provisions of the International Convention on Salvage 1989 asincorporated into English law (“the Convention”) relating to special compensation and to the Scopic Clause if
incorporated the Contractors services shall be rendered and accepted as salvage services upon the principleof “no cure - no pay” and any salvage remuneration to which the Contractors become entitled shall not bediminished by reason of the exception to the principle of “no cure - no pay” in the form of special compensation
or remuneration payable to the Contractors under a Scopic Clause.

E Prior services: Any salvage services rendered by the Contractors to the property before and up to the dateof this agreement shall be deemed to be covered by this agreement.
F Duties of property owners: Each of the owners of the property shall cooperate fully with the Contractors. In
particular:(i) the Contractors may make reasonable use of the vessel's machinery gear and equipment free of expenseprovided that the Contractors shall not unnecessarily damage abandon or sacrifice any property on board;(ii) the Contractors shall be entitled to all such information as they may reasonably require relating to thevessel or the remainder of the property provided such information is relevant to the performance of theservices and is capable of being provided without undue difficulty or delay;(iii) the owners of the property shall co-operate fully with the Contractors in obtaining entry to the place ofsafety stated in Box 3 or agreed or determined in accordance with Clause A.
G Rights of termination: When there is no longer any reasonable prospect of a useful result leading to a salvage
reward in accordance with Convention Articles 12 and/or 13 either the owners of the vessel or the Contractors
shall be entitled to terminate the services hereunder by giving reasonable prior written notice to the other.
H Deemed performance: The Contractors' services shall be deemed to have been performed when the property
is in a safe condition in the place of safety stated in Box 3 or agreed or determined in accordance with clause
A. For the purpose of this provision the property shall be regarded as being in safe condition even though thatproperty (or part thereof) is damaged or in need of maintenance provided that (i) the Contractors are notobliged to remain in attendance to satisfy the requirements of any port or harbour authority, governmental
agency or similar authority and (ii) the continuation of skilled salvage services from the Contractors or othersalvors is no longer necessary to avoid the property becoming lost or significantly further damaged or delayed.
I

Arbitration and the LSA Clauses: The Contractors’ remuneration and/or special compensation shall bedetermined by arbitration in London in the manner prescribed by Lloyd’s Salvage Arbitration Clauses (“theLSAC”) in force at the date of this agreement. The provisions of the said LSAC are deemed to be incorporated
in this agreement and form an integral part hereof. Any other difference arising out of this agreement or theoperations hereunder shall be referred to arbitration in the same way.

JGoverning law: This agreement and any arbitration hereunder shall be governed by English law.

K Scope of authority: The Master or other person signing this agreement on behalf of the property identified inBox 2 enters into this agreement as agent for the respective owners thereof and binds each (but not the onefor the other or himself personally) to the due performance thereof.
L Inducements prohibited: No person signing this agreement or any party on whose behalf it is signed shall at
any time or in any manner whatsoever offer provide make give or promise to provide or demand or take anyform of inducement for entering into this agreement.
IMPORTANT NOTICES
1Salvage security. As soon as possible the owners of the vessel should notify the owners of other property on
board that this agreement has been made. If the Contractors are successful the owners of such property
should note that it will become necessary to provide the Contractors with salvage security promptly inaccordance with Clause 4 of the LSAC referred to in Clause I. The provision of General Average security does
not relieve the salved interests of their separate obligation to provide salvage security to the Contractors.

2Incorporated provisions. Copies of the applicable Scopic Clause and LSAC in force at the date of thisagreement may be obtained from (i) the Contractors or (ii) the Salvage Arbitration Branch at Lloyd’s, One LimeStreet, London EC3M 7HA.

3Awards. The Council of Lloyd’s is entitled to make available the Award, Appeal Award and Reasons on
www.lloyds.com (the website) subject to the conditions set out in Clause 13 of the LSAC.

4

Notification to Lloyd’s. The Contractors shall within 14 days of their engagement to render services under
this Agreement notify the Council of Lloyd’s of their engagement and forward the signed agreement or a true
copy thereof to the Council as soon as possible. A copy of any other agreement that amends or varies theprovisions or terms of this Agreement must also be provided to the Council as soon as possible.

5Collection of LOF Data. The Contractors and owners of the property shall as directed below provide to theCouncil of Lloyd’s the following data relevant to the services rendered under this Agreement in accordancewith Clause 15.2 of the LSAC:(i) ESG Data. Within 60 days of the termination of the services under this Agreement a completedEnvironmental, Social & Governance data collection form.
(ii) Salved Values. Within 60 days of the termination of the services under this Agreement details of the valueof the property salved (the “salved values”)(iii) Settlement Data. Within 60 days of a settlement concluded with any or all of the parties to this Agreement
details of the settlement.
Tel. No. + 44(0)20 7327 5408/5407
E-mail: lloyds-salvage@lloyds.com
www.lloyds.com
15.1.08 3.12.24 13.10.26 12.4.50 10.6.53 20.12.67 23.2.72 21.5.80 5.9.90 1.1.95 1.9.2000 6.5.2011 1.1.2020 1.6.2024