The Claimant was engaged as part of a rebuild of a chemical plant seriously damaged by fire. The Claimant performed a substantial amount of work but then the rebuild was cancelled as the owner abandoned the rebuild project and shut the plant down permanently. The Claimant’s last invoices were not paid by the owner and the Claimant initiated arbitration proceedings against the owner. The owner counterclaimed for lost profits and wasted costs as a consequence of the partial rebuild.
Secretariat professionals were engaged by the Claimant to provide expert testimony in the ICC Arbitration in Scandinavia on its claim for non-payment of invoices and in respect of the counterclaim for lost profits and wasted costs.
We analyzed the Claimant’s invoices which contained a very large volume of elements running into tens of thousands of rows of data. We performed data analysis to identify a suitable sample to review which provided sufficient coverage of the monetary amount and specifically critically analyzed the Respondent’s reasons for non-payment. The counterclaim involved a detailed assessment of costs and project appraisals including determination of what was known or knowable at various critical stages of the project.
Jennifer Vanderhart, Steven Schwartz, Richard Brady, and Aminta Raffalovich authored a chapter in The Guide to Damages in International Arbitration – Sixth Edition. The guide is designed to assist the global arbitration community in understanding damages issues. The chapter is titled “The Use of Econometric and Statistical Analysis in Damages.”
Managing Directors Stuart Dekker, Joe Skilton, and Eddie Tobis authored the chapter “Compensation for Expropriation” in the 9th Edition of The Investment Treaty Arbitration Review.
Maintaining Ethics & Integrity in a Volatile Economic Environment Means Spotting the Banana Peels
Periods of economic pressure are often marked by increased rates of corporate fraud that can happen despite the presence of risk management frameworks. In this article published by Corporate Compliance Insights, Hitesh Patel offers a modern, holistic risk view that can help spot the pitfalls lurking in the way.