(1) An action shall not be instituted in respect of any salvage services unless judicial or arbitral proceedings therein are commenced within 2 years after the date of termination of the salvage operations.
(2) The person against whom a claim is made for salvage services rendered may, at any time during the period of 2 years referred to in subsection (1), extend such period by a declaration to the claimant and may in like manner further extend such period.
(3) An action for indemnity by a person liable under this Part may be instituted within 2 years after the date of termination of the salvage operations, but the court may extend the limitation period to such extent and on such conditions as it considers fit.