Lloyd's Open Form

Lloyd's Open Form — the dominant standard salvage agreement, operated on a 'no cure, no pay' basis: the salvors recover only if they save property, with the size of the award determined later by arbitration through the Lloyd's Salvage Arbitration Branch. The current version is LOF 2020. The form may be combined with the SCOPIC clause to provide a fixed daily rate for environmental cases where conventional salvage may not produce a valuable result. LOF is used worldwide; the arbitration is in London under English law unless the parties agree otherwise.