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good afternoon ladies and gentlemen the first standard toys formas of salvage agreement was a proven published by the committee of Lloyd's as it was then called in 1908 it had as his basis that sent his old principle of no cure no pay if salvo was not successful in in salvaging the ship and all its cargo then he sell ball got no reward on the other hand if a so war was successful then here we see a fair and encouraging reward lowest form today 107 years later still carries those words from no cure no pay and thus a board's efforts in saving property I still rewarded in a similar manner and though those the criteria is now encapsulated in the South convention article 13 the ones been amended 11 times in those 107 years moving ahead of existing law on many occasions in 1980 in response to growing environmental concerns perhaps the most radical change to lawyers form took place when the principle of no cure no pay of the first was for the first time tempered by providing a mechanism to r...
