🔍 Key Concepts

• Lloyd's Open Form (LOF) is a no cure – no pay salvage contract • The Lloyd's Salvage Arbitration Branch in London and English law play a special role in LOF • Modern LOF versions include SCOPIC provisions related to environmental protection

💭 Think About

• Which option, if true, would conflict with the idea that LOF is an internationally standardized contract administered in a specific place under a standard legal system? • Think about the traditional rule of LOF: what happens to payment if the salvage attempt does not succeed? Which choice fits or conflicts with that idea? • How does LOF deal with environmental protection: is there any mechanism for extra compensation when pollution or environmental damage is reduced or avoided?

✅ Before You Answer

• Verify which statement matches no cure – no pay (no success, no award) and see if any choice contradicts that. • Check whether LOF normally allows the parties to freely choose any country’s law and court, or whether it is tied to a specific legal forum and law. • Confirm how environmental protection and potential bonus or additional remuneration are handled in modern LOF/SCOPIC arrangements.