Your vessel is disabled and in imminent danger of grounding on a lee shore. The Master agrees to salvage services using Lloyd's Open Form of Salvage Agreement. Which is TRUE?

Question

Accepted Answer

The salvage service is on a "no cure-no pay" basis.

Answer

The salvage award will be decided by suit in Admiralty Court.

Answer

Underwriters will repudiate the agreement if it is unsuccessful, due to their increased liability.

Answer

The salvor becomes the owner of the vessel until the salvage award, if any, is paid.

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