Known as Lloyd’s Open Form (LOF), administered by Lloyd’s Salvage Arbitration Branch, it is a contract between the salvor (‘the contractor’) and the shipowner. It is impracticable for the agreement to be signed by the numerous cargo owners normally involved. The Agreement operates on a ‘no cure – no pay’ basis and provides for the appointment by Lloyd’s of an arbitrator to decide on the amount to be paid. The Agreement also permits a maritime lien to the salvor.