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QID - 26791 Your vessel is disabled and in imminent danger of grounding on a lee shore. The Master agrees to salvage services using Lloyd's Open Form of Salvage Agreement. Which is TRUE? The salvage service is on a "no cure-no pay" basis.
The salvor becomes the owner of the vessel until the salvage award, if any, is paid.
The salvage award will be decided by suit in Admiralty Court.
Underwriters will repudiate the agreement if it is unsuccessful, due to their increased liability.
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