What are the main features of Lloyd's Open Form?

MCA Oral Exam Questions

(1) Basically it is a "No cure, no pay" contract.

 (2) LOF terms can be agreed to by radio, simply by reference; there is no need to have a copy of an LOF form on board. (3) There is no need to haggle over the terms - they are fixed. (4) There is no need to haggle over a potential reward; it will be determined (in the absence of settlement) by a Lloyd's Arbitrator after the salvage service; (5) The salvor is entitled to security following the salvage service. (6) The contract is governed by English law and disputes are submitted to arbitration in London by an expert salvage arbitrator.