ABSTRACT
The main feature which distinguishes the remuneration payable to salvors from other items of general average expenditure is the necessity imposed upon the salved interest by maritime law or by the terms of the salvage agreement to provide appropriate security to the salvors on completion of the salvage services. The effect of this is to place the salved interests at risk for the amount of the salvage remuneration (up to the guaranteed amounts), irrespective of the successful outcome of the adventure. The liability of the salved interests to pay the salvage remuneration is not affected by any reduction or extinction of value by reason of subsequent accident. The assessment of the salvage remuneration is based on the value of the salved interests at the termination of the salvage services. The obligation of the parties inter se to contribute in general average is determined in accordance with the York-Antwerp Rules, on completion of the adventure.
