Exam Question
Write short notes on any THREE
(a) Lloyd's Open From
(b) General Average and Particular Average
(c) Bill of Landing
(d) Treaty, Convention and Protocol
Class 1 (Chief Engineer)
Engineering Management
📅 Jan 2021
Reference Answer
### (a) Lloyd's Open Form (LOF)
The Lloyd's Open Form (LOF) is a standard, single-sheet (2-page) contract for undertaking a salvage operation. Its primary purpose is to allow salvage services to commence rapidly in an emergency, avoiding protracted negotiations when a vessel, its cargo, or the marine environment is in imminent peril.
**Key Principles and Features:**
* **"No Cure - No Pay"**: This is the foundational principle of the LOF. The salvor is only entitled to a reward if the salvage operation is successful or partially successful in saving the property (ship, cargo, freight). The award is determined later by arbitration in London and is based on the salved value of the property.
The Lloyd's Open Form (LOF) is a standard, single-sheet (2-page) contract for undertaking a salvage operation. Its primary purpose is to allow salvage services to commence rapidly in an emergency, avoiding protracted negotiations when a vessel, its cargo, or the marine environment is in imminent peril.
**Key Principles and Features:**
* **"No Cure - No Pay"**: This is the foundational principle of the LOF. The salvor is only entitled to a reward if the salvage operation is successful or partially successful in saving the property (ship, cargo, freight). The award is determined later by arbitration in London and is based on the salved value of the property.
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