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The first standard form of salvage agreement, published in 1908 by the committee of Lloyds, established the principle of "no cure, no pay." If salvaging the ship and its cargo was unsuccessful, there was no reward. However, if the salvage was successful, a fair reward was given. This principle still stands today, evolving with the times such as in the 1980s to address environmental concerns. The South convention article 13 now encapsulates the criteria for rewarding salvage efforts, having been amended 11 times in 107 years.
