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The first standard form of salvage agreement was established by the Committee of Lloyd's in 1908, based on the principle of "no cure, no pay." If a salvage operation was unsuccessful, there would be no reward, but if successful, a fair reward would be given. This principle remains intact today, with the criteria now outlined in the Salvage Convention Article 13. Over the years, the law has been amended 11 times, evolving to address growing environmental concerns. In 1980, a significant change allowed for a mechanism to provide a reward even if the salvage operation was not entirely successful.
