How is salvage award paid?

A salvage award is typically paid to the salvor, who is the individual or entity that successfully recovers property from a maritime disaster or distress situation. The payment is usually calculated as a percentage of the value of the salvaged property, taking into account factors such as the risk involved, the effort expended, and the success of the salvage operation. The award is often negotiated between the salvor and the property owner or determined by a court or arbitration if an agreement cannot be reached.