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Lloyd's Open Form is in the process of going through its latest update with the 2011 version in use later this year. The new form includes provisions for security for arbitrators' fees – these things can be expensive – as well as publicising awards, which has always proved a bit of a contentious issue in the past.

If you don't know what LOF is, and couldn't care less, you may like to know that there is some cracking cod fishing in a placed called LOFoten in Northern Norway. Equally, you may not be interested in that either!

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