Section 20(1) in The Merchant Shipping (Wrecks and Salvage) Rules, 1974
(1). Owner of any vessel in distress or master or any other person duly authorised by the owner in this behalf may enter into an agreement with any person for rendering salvage services to the vessel in distress. Any such agreement may provide for.(i)the amount payable to the salvor in the event of successful completion of the venture;(ii)the amount payable to the salvor in the event of partial success of the venture;(iii)the rights and responsibilities of the parties to the contract including the right of salvor for remuneration and remedies for its recovery;(iv)the manner in which any dispute arising out of"the agreement shall be settled; and(v)any other matter of particular importance or relevance to the subject matter of the agreement.
