Lloyd's Maritime Law Newsletter
Sioux Inc. v. China Salvage Co. v. Transpac Marine S.A. (The American Sioux) - Mr. Justice Sheen - Q.B. (Adm.Ct.) - Nov. 20, 1979
Salvage Arbitration - Arbitration Act 1950
A salvage agreement on Lloyd’s Open Form (no cure_no pay) was signed when the plaintiffs’ vessel,
American Sioux
stranded on a reef. The salvage operation, which lasted 11 months, was successful. The contractor notified Lloyd’s Committee
of the amount of security required in accordance with cl.4 and the plaintiffs gave security for over U.S.$2m. The plaintiffs
did not request arbitration within 42 days in accordance with cl.6 and so the salvors asked for the amount deposited as security
to be paid out to them.