Revisions of the Lloyd's Open Form of Salvage Agreement (LOF) and the SCOPIC clause (5.296)

London P&I sets out the revisions to Lloyd's Open Form of salvage agreement, known as LOF 2000, and the related SCOPIC clause. The circular explains that the revisions are mainly cosmetic, but the SCOPIC clause has been updated and clarified to reflect LOF 2000 and to address concerns about how the mechanism operates. London P&I also notes that the revised documents were expected to come into effect on 1 September 2000.