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Salvors mark centenary of LOF contract with call for green update

Salvors mark centenary of LOF contract with call for green update

London: The International Salvage Union (ISU) has kicked off a series of celebrations to be held this year in major shipping hubs around the world - including Singapore and China - to mark the 100th anniversary of the Lloyd's Open Form (LOF), the most commonly used form of salvage agreement.

Addressing the debut event in London, ISU president Arnold Witte
explained that the LOF has the advantage of being a "clear" and "fair" contract that can be quickly agreed in an emergency situation, allowing everyone to then focus on the single goal of a successful salvage operation.  ISU members, who represent well over 90% of global salvage activities, perform around 200 salvage operations a year, of which more than half are carried out under LOF contracts.

Witte, president and ceo of US salvor Donjon Marine Co, is also using the platform of the centenary to launch a call for a revised new version of LOF to include an Environmental Salvage Award (ESA). This would rewards salvors' best efforts to protect the environment, not merely cargo and property.             

Coinciding with the LOF centenary, the ISU has also launched a new website soluton for shipowners and managers to use for in-house training and education of emergency response teams - and in the event of an accident to provide those teams with guidance, checklist and emergency contacts. .  [01/02/08]