Salvage Award
A salvage award is a payment made to a salvor for their successful efforts in saving a vessel, its cargo, or both from peril at sea. The award is typically a percentage of the total value of the property saved and is determined by a court or arbitration panel. The amount of the award is based on several factors, including the degree of danger faced by the salvor, the skill and effort required to perform the salvage, and the value of the property saved. Salvage awards are an important incentive for salvors to risk their lives and resources to save vessels and their cargo.
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