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Lloyds Standard Form Of Salvage Agreement 2020

September 26, 2021

There are, however, two exceptions to this rule. The first gives the holder the right to resign from SCOPIC and to avail himself of an arbitration award under Article 14 if the owner does not provide the initial guarantee of the SCOPIC6. The second allows the contractor to terminate the services both under SCOPIC and, above all, the main contract (LOF) if the owner does not offer increased security under SCOPIC7. However, if the owner has fulfilled his SCOPIC security obligations, the derogations do not apply and, at the end of SCOPIC, the contractor no longer receives de SCOPIC remuneration and the contractor does not have the automatic right to terminate the main contract. In this situation, the contractor can only check LOF`s slightly subjective termination terms if there is a reasonable prospect of a useful result8 or if the accident is in a “safe place” and “safe state”9 for the new delivery to the owner. . . .

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