Welcome to the new issue of Grow Your Knowledge Newsletter where you get free, ready to use, actionable, clear information regarding FIDIC Contracts and Construction Claims.
Today at a Glance;
➤ Term of the Week
➤ One Tweet
➤ Signs that show you are developing a “Claim Preparation Strategy”
TERM of the WEEK
ONE TWEET
Hello from eayglobal.com.
Developing and implementing a claim preparation strategy is vital for the success of the claim.
When we don’t learn to accept that fact, our claims inevitably fail.
Without the right strategy, we are disconnected from the fundamentals of the claim.
It is essential to follow a comprehensive approach that considers all aspects of the claim preparation.
The truth is, it is not easy.
Building a claim strategy is about integration and functionality.
It’s about taking the fragmented components of the claim and making them fully connected in a meaningful way.
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Here are 6 signs that show you are in the process of developing a strategy for the preparation of your claim
SIGN #1: You are analyzing the STRENGTHS and WEAKNESSES of your claim
➤ Will it be possible to accurately define the “Cause” of the claim event?
➤ Will it be possible to perfectly explain the “Effect” of the claim event?
➤ Will it be possible to correctly establish the “Contractual/Legal Entitlement”?
➤ Will it be possible to sufficiently “Substantiate” the claim?
SIGN #2: You are trying to understand your CHANCE of RECOVERY
➤ Is the case simple or complicated?
➤ Are my supporting documentation and records sufficient, detailed or inadequate?
SIGN #3: You are evaluating the COSTS and BENEFITS of your claim
➤ Is the amount I will spend worth it?
➤ What will I get in return?
➤ Will I need litigation funding?
SIGN #4: You are assessing your COMMERCIAL INTERESTS regarding the OPPONENT
➤ Should I think about settling for a lower amount to maintain a positive relationship?
➤ Should I think about a larger settlement and not working with them in the future?
SIGN #5: You are trying to identify the OPPONENT’s ARGUMENTS
➤ What legal arguments can the opponent put forward?
➤ Are the opponent’s arguments strong?
➤ How will I respond to these arguments?
➤ Will the opponent criticize the factual assertions that support my claim?
SIGN #6: You are attempting to determine your OPPONENT’s FINANCIAL POSITION
➤ Will the opponent have the money to pay my claim?
➤ If no, what are the options for compensation?
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A well-designed claim preparation strategy will help you get what you deserve that aligns with your business goals.
Formulate your strategy wisely.
Manage the implementation properly.
See you next week.
This information is provided for your convenience and does not constitute any “Legal Advice”. This document is prepared for the general information of the interested persons. This should not be acted upon in any specific situation without appropriate legal advice.
This information may not be reproduced or translated without the prior written permission of eayglobal.com
For further information please contact eay@eayglobal.com