Notices to Members

Salvage Guarantee Form

Salvage Guarantee Form ISU 5
24.2.99

To:

Dear Sirs,

"………………………….." Salvage

Lloyd’s Standard Form of Salvage Agreement incorporating the SCOPIC Clause dated …………………..(the "LOF")

In consideration of, and upon condition that, you refrain from arresting or otherwise detaining the ……………… or any other ship or property in the same beneficial or associated ownership or management in connection with your claim for SCOPIC remuneration for services rendered to the ………….. …. under the terms of the LOF, we hereby undertake to pay to you on demand any liability on the part of the owners for SCOPIC remuneration, together with interest thereon and costs in relation thereto, which may be agreed in writing between you, ourselves and the owners of the vessel in respect of which this undertaking is given or as may be finally (in each case after the exhaustion of all appeals) found or adjudged to be due to you from the owners pursuant to the arbitration provision contained in the LOF and any appeals therefrom to the Courts.
Any monies paid by the undersigned hereunder shall be deemed to have been paid by the undersigned as surety for the party or parties by whom your remuneration shall be payable provided that, notwithstanding anything hereinbefore contained, the liability of the undersigned, as between the undersigned on the one hand and you on the other hand, shall be that of a principal debtor and the undersigned shall not be released by time being given or other indulgence shown to the party or parties hereby guaranteed or by any other act, matter or thing whereby the undersigned, if liable as a surety only, would or might have been released.
This undertaking shall be governed and construed in accordance with English law and we undertake, when called upon to do so, to give irrevocable instructions to English solicitors to accept service of proceedings issued on your behalf against us in relation to this undertaking.
Provided always that our liability hereunder shall not in any circumstances exceed (including interest and costs) the sum of US$ ………….

Signed this …….. day of ……………. ……..