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The first standard form of salvage agreement, known as the Lloyd's Salvage Agreement, was established in 1908 with the principle of "no cure, no pay" - meaning if the salvage operation was unsuccessful, there would be no reward, but if successful, a fair reward would be given. Despite 107 years passing, this principle still holds true today, with the criteria now outlined in the Salvage Convention Article 13. In 1980, the principle was amended to address environmental concerns, marking a significant change in salvage laws.