| Without the signed Yacht Salvage Contract, the salvor is free to arrest your boat and file suit in federal court. |
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| When certain vessels are lost in an unknown area, a potential salvor might discover and plunder the wreck without knowledge of the wreck's owner. |
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| In 1999, British explorer and salvor Mike Hatcher located the wreck after several weeks of searching. |
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| Typically, the ship and the salvor will sign up to an LOF agreement so that the terms of salvage are clear. |
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| Prior to a salvage attempt the salvor receives permission from the owner or the master to assist the vessel. |
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| In pure salvage, there is no contract between the owner of the goods and the salvor. |
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| The legal significance of salvage is that a successful salvor is entitled to a reward, which is a proportion of the total value of the ship and its cargo. |
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| Salvage law has as a basis that a salvor should be rewarded for risking his or her life and property to rescue the property of another from peril. |
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| In an ideal world, every meeting of salvor and salvee would result in a freely negotiated contract for salvage services priced at a competitive level. |
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| The tug Pacific Chieftain will tow, the YamO will steer and the Austral Salvor will assist. |
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