| Salvage
Contract
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.
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(Copyright
2006 - Boat Owners Association of The United States, 880 South
Pickett Street, Alexandria, VA 22304)
(permission to reprint without alteration is granted)
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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