“No cure, no pay” or “best endeavours”: the shifting risk paradigm of commercial salvage
“No cure, no pay” or “best endeavours”: the shifting risk paradigm of commercial salvage
As long as there are ships, there will be marine casualties and, as a result, salvage companies. Salvors have traditionally worked under the “no cure, no pay” ethos, and the mature thread of common law that has developed over its long history. Since then the Lloyd’s Open Form (LOF), among others, has developed, ensuring “reasonable compensation” for efforts to protect the environment, and bringing a degree of contractual certainty to common law salvage. However, as ships grow ever larger, and thus more difficult to salvage, the concept of “best endeavours” is becoming more popular. This article looks at the definition of “best endeavours” in law, and the possible consequences or benefit of the use of this clause. What are the pitfalls of a “best endeavours” contract to the modern salvage company, or indeed owner/underwriter, how strict is the duty, and how is it properly executed?
1-2
Caldwell, Graham
ddfe6c43-a384-4ad4-a3cb-a27de0dfaf6f
1 June 2015
Caldwell, Graham
ddfe6c43-a384-4ad4-a3cb-a27de0dfaf6f
Caldwell, Graham
(2015)
“No cure, no pay” or “best endeavours”: the shifting risk paradigm of commercial salvage.
Shipping & Trade Law, 15 (5), .
Abstract
As long as there are ships, there will be marine casualties and, as a result, salvage companies. Salvors have traditionally worked under the “no cure, no pay” ethos, and the mature thread of common law that has developed over its long history. Since then the Lloyd’s Open Form (LOF), among others, has developed, ensuring “reasonable compensation” for efforts to protect the environment, and bringing a degree of contractual certainty to common law salvage. However, as ships grow ever larger, and thus more difficult to salvage, the concept of “best endeavours” is becoming more popular. This article looks at the definition of “best endeavours” in law, and the possible consequences or benefit of the use of this clause. What are the pitfalls of a “best endeavours” contract to the modern salvage company, or indeed owner/underwriter, how strict is the duty, and how is it properly executed?
This record has no associated files available for download.
More information
Published date: 1 June 2015
Organisations:
Southampton Law School
Identifiers
Local EPrints ID: 378703
URI: http://eprints.soton.ac.uk/id/eprint/378703
PURE UUID: add47d53-2ea7-4408-956d-4ca56e3c3526
Catalogue record
Date deposited: 09 Jul 2015 10:16
Last modified: 22 Jul 2022 19:27
Export record
Contributors
Author:
Graham Caldwell
Download statistics
Downloads from ePrints over the past year. Other digital versions may also be available to download e.g. from the publisher's website.
View more statistics