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Highlight Salvage Agreement Template

Highlight Salvage Agreement Template

Aug 6th, 2022

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How to Highlight Salvage Agreement Template

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On March 18, 1994, the bulk carrier Oceanos grounded on a reef in the Pacific, specifically near the environmentally vulnerable Veneman Wreath of SATA wall in the Carolines. The ship, carrying 70,000 tons of Australian coal and weighing 37,000 tons, was built in 1993. Salvage expert Vest Miller contacted the owners and underwriters, offering the Lloyds open form salvage agreement, which operates on a no cure, no pay basis. The salvage tug Jaguar, stationed in Manila, was instructed to begin a five-day journey to the site, while final negotiations for the contract were completed and preparations for the needed equipment and manpower were underway.

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