Means ‘Tanker Owners’ Voluntary Agreement Concerning Liability for Oil Pollution. An agreement, supported by most tanker owners worldwide, whereby owners agree to pay for cleanup costs incurred by governments in respect of oil discharged from tankers belonging to the owners. Each member insures his liability under the Agreement.
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Tankers Owners’ Voluntary Agreement Concerning Liability for Oil Pollution: An agreement by most tanker owners that subject to a limit of liability, they will remove persistent oil discharge by their tanker and will reimburse any government for expense in cleaning up oil pollution resulting from the tanker owner’s negligence.