Cost Control In Arbitration: “Managing Arbitration Expenses With Precision “
Introduction: Arbitration is gradually becoming a popular method of resolving disputes outside traditional court systems. It is often seen as a more flexible, effective, and unbiased procedure, especially in international disputes. However, despite these advantages, arbitration is also expensive. Effective cost control is important to ensure that arbitration remains a feasible option for dispute resolution. […]
Key Term: ‘Notice To Claim’ “The First Step In A Successful Claim Process”
Introduction: The process of filing a claim, whether it is for insurance, compensation, or any other form of legal or financial action, is often seen as a complex process. One of the most important components of this process is the initial step of notification, which can be used for guidance towards the outcome of the […]
Force Majeure In Fidic Contracts “Navigating Unforeseen Events With Confidence”
Introduction: Force Majeure is a serious concept in international construction contracts, especially in contracts governed by the International Federation of Consulting Engineers (FIDIC). Understanding the use of force majeure clauses in FIDIC contracts is important for both contractors and employers as it helps them to know about unforeseen situations that may delay the performance of […]
Understanding Contract Appreciation Document (Cad) “The Value Of Comprehensive Contract Knowledge”
Introduction: Contracts play a very important role in every aspect of life be it business, legal agreements, and even personal relationships. They outline the relationships between parties, provides the procedure of how parties will interact with each other. Some people are quite familiar with the concept of a contract, while some may fail to fully […]
Nec Contracts Outline “Collaborative Contracts For Risk Sharing “
INTRODUCTION: In the world of construction and project management, the need for more cooperative relationships between stakeholders is very important. One such approach that has gained considerable attention in recent years is the New Engineering Contract (NEC), a set of contracts designed to promote a collective approach for better project delivery. One of the important […]
Tips For Effective Delay Analysis “Analyzing Delays To Protect Your Interests”
INTRODUCTION: Effective delay analysis is important for understanding the causes, impacts, and resolution strategies in project management. When projects experience delays, in any sector including construction, manufacturing or any other sector, it is essential to assess these delays in a systematic, unbiased, and legally defensible manner. Accurate delay analysis helps identify the parties responsible for […]
Understanding The Emden Formula “Calculating Extended Overhead Costs”
Introduction: The Emden formula is basically used to compensate the contractor for the loss incurred, by providing them from the contract time to the delay period, providing the overhead cost Emden formula is an improvement on the Hudson formula because it uses the contractor’s actual overhead and profit percentage, rather than a hypothetical percentage. The Emden […]
Arbitral Award: “The Final Decision And Its Enforcement”
Introduction: Arbitration is a widely recognized method of dispute resolution, particularly in commercial and as well as international disputes. It is an alternative method of court proceedings; arbitration offers a quicker, more efficient, and flexible method for solving conflicts between the parties. One of the most important aspects of arbitration is the arbitral award, it […]
The Eichleay Formula: “Allocating Overhead In Suspended Projects”
Introduction: The construction industry often involves complex projects that are prone to delays and disruptions. When projects are suspended, contractors face financial challenges, particularly concerning the burden of overhead costs. The Eichleay Formula is a widely recognized methodogy generally adopted to calculate the cost of overhead during any kind of project suspensions. This article provides […]
The Importance Of Accurate Record-Keeping “Protecting Your Claims With Diligent Document Management”
Introduction Accurate record-keeping plays an important role in safeguarding your claims, whether it is personal, legal, or professional. Proper documentation serves as evidence to validate your rights, ensure accountability, and support your claims in disputes. It provides a clear, transparent track of transactions, agreements, and events, reducing the risk of false claims. By maintaining organized […]
