3 million usd as guarantee if salvage operation invokes scopic. how will you settle if expenses are more or less than this amount

8.72 K
FOLLOW

If at any time after the provision of the Initial Security the Contractor reasonably assesses the SCOPIC remuneration plus interest and costs due hereunder to be greater than the security in place, the Contractor shall be entitled to require the owners of the vessel to increase the security to a reasonable sum and the owners of the vessel shall be obliged to do so once a reasonable sum has been agreed.