US Salvage Contract
Reprinted with permission of
BoatUS.com
This Agreement is for use in the rescue of a boat
suffering a serious marine peril such as fire, sinking, stranding or
high and dry grounding. A copy of this Agreement and any billing should
be sent to the Underwriter's Agent as rapidly as possible. The
performance of salvage services hereunder are neither recommended nor
approved by Boat Owners Association of The United States.
Boat Owners Association of The United States
STANDARD FORM YACHT SALVAGE CONTRACT
It is hereby agreed
this _____ day of ____________________, 20___, at ______ hours at
__________________________ by and between:
_______________________________
(location)
(Owner or Captain)
for the Yacht named "__________________________________," which is
described as a
("Vessel")
____________________________ and insured by:
______________________________
(yr - manufacturer -
length) ("Underwriter")
and _________________________________________, to salvage the yacht
under these
(Salvage Company/Salvor)
terms and conditions:
1. Salvor agrees to render assistance to and endeavor to save said
yacht and its property and deliver her afloat or ashore at
_________________________________ marina or port as mutually agreed, or
to nearest safe port if unspecified herein, as soon as practicable.
2. Salvor shall have the requisite possession and control of the
subject yacht and be entitled without expense to the reasonable use of
the yacht and its gear in the performance of recovery or salvage
operations.
3. Said salvage and any towage services by the Salvor shall
terminate upon delivery of said yacht as designated herein. Owner and
Underwriter shall be responsible for any storage, towing or other port
or marina charges following delivery and for risk of loss thereafter.
(a) NO CURE/NO PAY (Compensation, including special compensation,
to be determined under ARTICLES 13 and 14, SALCON 89, and U.S. Admiralty
Law.)
INITIALS ________/________
salvor owner
(b) NO CURE/NO PAY, AT A FIXED PRICE of $_____________________
INITIALS ________/________
salvor owner
(c) NO CURE/NO PAY at $_______________/per hour/per day/per vessel
(or in accordance with SALVOR's published rates, initialed and attached
hereto).
INITIALS ________/________
salvor owner
(d) OTHER:
4. Compensation to Salvor for the services performed hereunder
shall be in accordance with a billing and any supportive analysis of the
salvage operation to be presented to Owner and Underwriter's agents upon
completion of salvage. Billing to be calculated on the basis specified
in No. 3. No agreement on price or its reasonableness has been made at
the scene unless agreed to in writing.
5. Services hereunder are rendered on a "No Cure, No Pay" basis;
however, salvor shall be entitled to a reasonable allowance for
prevention or minimization of environmental damage in accordance with
Articles 13 & 14 of the 1989 International Convention on Salvage,as well
as for clean up or wreck removal in the event the vessel is deemed a
constructive total loss. Payment is due promptly upon presentation of
Salvor's bill. Interest at the rate of one and one-half (1.5%) percent
per month (or the maximum legal rate allowed) shall accrue on any unpaid
balance from 30 days after completion of salvage and presentation of a
salvage bill, or as determined in accordance with the findings of any
Arbitration Award.
6. In the event of any dispute regarding this salvage or concerning
the reasonableness of any fees or charges due hereunder, all parties
agree to binding local arbitration utilizing individual(s) experienced
in maritime and salvage law. The Boat Owners Association of The United
States Salvage Arbitration Plan, though not required, is available as a
public service through Boat Owners Association of The United States
wherever the parties agree to its use. In the event Owner is uninsured
for payment of these services, Salvor may, at its election, agree with
Owner to use any agreeable arbitration system or to proceed with all
available legal remedies to recover sums believed due and owing.
7. It is understood that services performed hereunder are governed
by the Admiralty and Maritime Jurisdiction of the Federal Courts and
create a maritime lien against the yacht or its posted security.
Salvor's lien shall be preserved until payment. Salvor agrees in lieu of
arrest or attachment to accept from the yacht's Underwriter, a Letter of
Undertaking for an amount equal to one and one-half (1.5) times the
presented billing with a copy of the insurance policy and coverage
information. If the yacht is uninsured or its Underwriter cannot provide
a Letter of Undertaking, Salvor may demand the posting of a Surety Bond
with its designated Escrow Agent in an amount equal to 1.5 times the
Salvor's bill. Salvor may satisfy collection of fees or charges
hereunder by recourse to any security posted and shall be entitled to
any costs incurred in collection of payments due hereunder including
reasonable attorneys fees subject to the findings of any arbitration.
8. Salvor hereby warrants that it is acting on its own behalf and
on behalf of any subcontractors retained by Salvor to perform services
in the recovery or delivery of the yacht. Salvor shall be responsible
for any such subcontractors' compensation.
9. In the event the Salvor has already rendered salvage services to
the described yacht prior to execution of this contract, the provisions
of this contract shall apply to such salvage services.
SIGNED: _____________________________
___________________________
Owner/Captain or Owner's Agent Salvage
Company
Print Name & Address:
Print Name & Address:
Phone: (____) ______
Phone: (____) ______
Fax: (____)
______ Fax: (____) ______
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