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The first standard form of salvage agreement was established by Lloyd's committee in 1908, based on the principle of "no cure no pay." If the salvage efforts were unsuccessful, no reward was given, but if successful, a fair reward was provided. This principle still applies today, with the criteria now outlined in the Salvage Convention article 13. Over the years, the law has been amended 11 times to adapt to changing circumstances, with a major change in 1980 to address environmental concerns.
