decides what the award should be, together with the extent of the dangers and the difficulty in effecting the salvage.

"No cure – no pay"

Traditionally, the salvage reward has been subject to the salvor successfully saving the ship or cargo, and if neither is saved, the salvor gets nothing, however much time and money has been spent on the project. This harsh principle is called "No cure – no pay"; and at the top of page one of the LOF, beneath the title "Salvage Agreement" is a statement of this fundamental premise.

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