Lloyd’s Open Form: a contract on the rocks?


In recent years, there has been a marked decline in the use of the Lloyd’s Open Form salvage contract (LOF) in favour of commercial contracts, often the 2010 versions of the BIMCO Wreckhire, Wreckstage and Wreckfixed forms. Sam Kendall-Marsden, at The Standard Club, explores possible drivers behind this trend, questions whether LOF is likely to have a future in the modern world of salvage and wreck removal and proposes some solutions to arrest its decline