Salvage Contract
/ˈsæl.vɪdʒ ˈkɒn.trækt/
Definitions
- (n.) A legally binding agreement whereby one party undertakes to assist in recovering the property or effects of another from peril, commonly used in maritime contexts to recover ships, cargo, or other property in danger.
The salvage contract stipulated the percentage of the recovered value the salvor would receive.
Forms
- salvage contract
- salvage contracts
Related terms
See also
Commentary
Salvage contracts must clearly specify the terms of reward and risk allocation; precise drafting ensures enforceability under admiralty law.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.