Lloyd's Open Form

A Lloyd's Open Form, formally Lloyd's Standard Form of Salvage Agreement, but more commonly referred to as LOF, is a standard legal document for a proposed marine salvage operation. The two-page contract is published by Lloyd's of London. It is called "open" because it is literally open, with no amount of money being stipulated for the salvage job: the sum to be paid is determined later in London by a professional arbitrator. At the top of page one, beneath the title "Salvage Agreement" is a statement of the contract's fundamental premise. "NO CURE – NO PAY". The form originated in the late 19th century and is the most common such form of international salvage agreement.