Salvage and Towage
Both Salvage and Towage are offered by the same companies but the terms of agreement are very different. Towage is simply a towing service by tugs, ordered by a vessel and performed by the Towage/Salvage company for an agreed fee. The purpose of salvage is to save vessels which are in danger and costs will involve a percentage of the value of the salved vessel and cargo. A Lloyds Open Form Contract may be used, (LOF), basically rewarding the Towage company only for success.
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