The Lloyds standard form of salvage agreement has been the subject of several revisions since its inception, the current version is LOF 2000 (LOF stands for “Lloyd’s Open Form”) It is a standard form which both the rescued party and the rescuer will sign in order to expedite the payment of the reward after the successful salvage operation. It should be noted that the signing of this form does not in any way change the nature of the rescue. The signing of the form does not constitute the passing of consideration and does not therefore affect the voluntariness of the operation. As has been shown above, a salvor’s remuneration had traditionally been assessed by reference to the degree of success of the salvage operation. If the operation does not result in the ship or cargo being salved, in whole or in part, the salvor will get nothing, even though he may have expended substantial sums on the services provided. It is for this reason that the LOF is referred to as ‘No Cure – No Pay’. There is, however, one exception to this rule. In 1980 Lloyds introduced an amended LOF 80 which broke new ground departing from the ‘no cure – no pay’ principle to a limited extent where salvage services were rendered to tankers carrying cargoes of oil. This is because it has long been recognised that ‘no cure – no pay’ failed to meet the ecological needs of the 20th century, particularly in respect of oil spills. The ‘no cure – no pay’ concept gives salvors little incentive to undertake a difficult and costly salvage operation (involving an incident capable of causing considerable risk of damage to the environment) where success is unlikely. Under LOF 80, ‘safety net’ remuneration was made available to salvors representing their reasonably incurred expenses plus an increment of up to 15% of those expenses. It should be noted, however, that if these salvage services were not contracted on LOF terms or if a laden tanker was not involved, the position remains as ‘no cure – no pay’.