Lloyd's Open Form

Lloyd 's Open Form ( LOF ), actually Lloyd's standard form of salvage agreement, is a standardized contract to rescue a distressed vessel in distress at sea. The contract shall take no explicit statement specifying the amount of remuneration of saving the contractor, since the compensation is determined by a tribunal. The background is that the rescue is not delayed by negotiations.

This common international agreement contains the provision " no cure no pay " (no cure, no pay ).