233. What statement is true regarding a Contract Salvage Agreement?

A Contract Salvage Agreement establishes salvage compensation through a pre-determined contract, typically a fixed price. This contrasts with pure salvage, which lacks a pre-set price and relies on later court or arbitrator determination. Lloyd's Open Form agreements and crew award percentages do not define a Contract Salvage Agreement, and 'no cure-no pay' applies to pure salvage, not contract salvage.