Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Salvager
See SALVOR.
salvage
n. 1. The rescue of imperiled property. 2. The property saved or remaining after a fire or other loss, sometimes retained by an insurance company that has compensated the owner for the loss. 3. Compensation allowed to a person who, having a duty to do so, helps save a ship or its cargo. - salvage, ub.
salvage charges
Insurance. Costs necessarily incurred in salvage.
salvage loss
1 Generally, a loss that presumptively would have been a total loss if certain services had not been rendered. 2. Marine underwriting. The difference between the salvage value, less the salvage charges, and the original value of the insured property.
salvage loss.
See Loss.
salvage service
See SALVAGE SERVICE. 5. An intangible commodity in the form of human effort, such as labor, skill, or advice < contract for services>.
salvage value
See VALTTE.
salvage value.
The value of an asset after it has become useless to the owner; the amount expected to be obtained when a fixed asset is disposed of at the end of its useful life. e Salvage value is used, under some depreciation methods, to determine the allowable tax deduction for depreciation. And under the UCC, when a buyer of goods breaches or repudiates the contract of sale, the seller may, under certain circumstances, either complete the manufacture of any incomplete goods or cease the manufacture and sell the partial product for scrap of salvage value. UCC ยง 2-704(2). - Also termed residual value; scrap value. See DEPRECIATION.