What is the scope of the Protocol of 2005 to the International Convention on Salvage?

The Protocol of 2005 to the International Convention on Salvage (SALVCON) provides a comprehensive legal framework for resolving maritime salvage disputes in Washington. Salvage is the legal process of recovering a vessel and/or its cargo from a peril. SALVCON outlines the parameters governing a salvage operation, including the rights and duties of the salvors, and their remuneration for a successful salvage operation. It also provides for a dispute resolution process between salvors and vessel owners, including arbitration and mediation. Moreover, the Protocol of 2005 significantly broadens the scope of conventional salvage operations by allowing salvage operations to be conducted even when there is no immediate danger of the vessel sinking. Salvage operations may also be conducted under the Protocol even if the salvor cannot save the vessel or its cargo. The Protocol also provides for special considerations for the environment when conducting salvages. The Protocol of 2005 also outlines a comprehensive framework for determining the amount of salvage compensation by taking into account the risks undertaken by the salvor, the skill and effort used, and the value of the salvaged property. Lastly, the Protocol provides for an international framework that can be used to resolve disputes between salvors, vessel owners, and insurers. Overall, the Protocol of 2005 to the International Convention on Salvage provides a comprehensive legal framework for salvors to recover vessels and/or their cargo in Washington. It allows even non-immediate salvages to be conducted and provides for a dispute resolution process. It also provides a framework for the calculation of salvage compensation and an international framework for dispute resolution.

What is the scope of the Protocol of 2005 to the International Convention on Salvage?

Related FAQs

Related Blog Posts