The new Lloyd’s Open Form 2011

By David McInnes and Tomas Ling

“A new edition of the Lloyd’s Standard Form of Salvage Agreement, better known as the Lloyds Open Form (“LOF”), has recently been published. It will be known as LOF 2011. A new edition of the accompanying Lloyd’s Standard Salvage and Arbitration Clauses (“LSSA”) has also been released. The LOF has been in existence for over a century and the form has little competition as the preferred means by which the terms of salvage operations are agreed. The form has always been based around two fundamental principles.”

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Términos mencionados en esta doctrina: standard.