LOF provides a regime for determining the amount of remuneration to be awarded to salvors for their services in saving property at sea and minimising or preventing damage to the environment. Originating from the late 1800s it is probably the most widely used international salvage agreement of its kind in the world today.
The form (90KB, pdf) is administered by Lloyd's Salvage Arbitration Branch whose role is to provide a reputable and secure framework within which the LOF arbitration process can operate. The Form is accompanied by the Lloyd's Standard Salvage and Arbitration (LSSA) Clauses (94KB, pdf) and procedural rules (91KB, pdf).
