Lloyd's Open Form (LOF 2020)

Lloyd’s Open Form, LOF 2020, is the standard salvage agreement published by Lloyd’s of London on a no-cure-no-pay basis: the salvor earns a reward only if the operation succeeds in saving property. The award is fixed later by arbitration in London, not negotiated at the casualty, so the master can agree salvage quickly in an emergency without settling terms. LOF can incorporate the SCOPIC clause, which gives the salvor special compensation for environmental protection efforts regardless of property success. The 2020 edition is the current version.