s.5Terms and conditions of agreement
5
Section 5Part 0 —

Terms and conditions of agreement

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The Governor may, in any agreement made under section 4, grant to a prospector a licence (which may be exclusive) to prospect for, work, salve and bring to shore any abandoned wreck within any defined area of the sea bed within the limits of the Islands for such period as may be specified in such agreement.
Every such agreement —
shall specify what proportion of any abandoned wreck brought to shore (not being less than one half of the value of the whole of such wreck) shall be returned (subject to the terms thereof) to the prospector;
may provide that, at the option of the Governor, the Government shall retain all or any articles recovered upon payment to the prospector of the due percentage of the appraised value thereof; and
may specify what proportion, if any, of the agreed costs of salvage shall be payable by the prospector and by the Government respectively.
It shall be a term of any such agreement that the prospector shall waive any right of salvage whatever which might otherwise arise in his favour in consequence of his bringing to shore any abandoned wreck found within the area specified in such agreement.
It shall be a term of any such agreement that the prospector shall employ such methods and submit to such measures of inspection and supervision and shall employ such equipment in and about the salvage as may be required by the Governor.
Every such agreement shall contain provisions for —
the revocation of the licence granted thereby;
the preservation of the abandoned wreck;
the arbitration of all questions and differences arising between the Governor and the prospector;
the interpretation of such agreement according to the laws of the Islands; and
all such other matters as appear to the Governor to be desirable in the interests of the Government.

Cross References