26 Sep

2021

By / bintoromover

Lloyd`s Open Form Salvage Agreement 2000

Therefore, the amendments are more cosmetic than substantiveA final draft of the LOF 2000 contract, limited to a one-sided double-page document, has been prepared, with the subordinate provisions contained in lloyd`s Standard Salvage and Arbitration (“LSSA”) clauses and Lloyd`s rules of procedure. Copies of all these documents are attached. In view of the above-mentioned changes to the LOF contract, it was decided to revise the special compensation clause P&I Club (“SCOPIC2”) while less than half of the 2-year trial phase has expired. The main reason for this was that the SCOPIC clause specifically referred to LOF 95 and therefore had to be amended to take account of LOF 2000. At the same time, however, some clarification changes have been taken to address criticisms that parts of the SCOPIC mechanism are unclear. The amended version of the SCOPIC clause is marked with “SCOPIC 2000” and the main changes are listed here: subsection 6 has been amended to clarify that the remuneration of the SCOPIC may only be paid beyond a potential arbitral award under Article 13, even if no arbitral award under Article 13 is actually sought or paid. In addition, the way in which the currency should be adapted if the currency applicable to the main rescue agreement is a derogation from the SCOPIC clause; This clause has been extensively revised and the “old” LSSA clauses 13, 14 and 15 have been merged into a new clause. The old clauses set out a pragmatic framework for the management of unrepresented container loading, wherein which an agreement between the contractors and a large majority of the interests of the summons defended is considered binding on all remaining interests (subject to the agreement of the arbitrator). . . .

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