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Given the complexity of purpose, planning, and execution, it should be no surprise that claims alleging adverse actions result in unwarranted costs, lost profits, or other economic damages are not uncommon in the construction industry. Yet with all valuation challenges involving construction companies knowing how to properly assess the economic impact of these actions can be tricky at best.
In Part 7 of BVR's Online Symposium on Litigation and Economic Damages attorney George Burns discusses what these alleged actions include, how their economic impact is assessed, and what every appraiser should know before accepting such a challenging valuation assignment.
Program Agenda
Introduction: definition & presentation of construction claims
Claim pricing methodologies
Total cost method
Modified total cost
Actual cost method
Jury verdict method
Claims for delay
What is delay?
Determining responsibility for delays: the project schedule
Pricing the impact of delays
Disruption
What is disruption?
Pricing the impact of disruption
Acceleration
What is acceleration?
Pricing the impact of acceleration
Typical causes of construction claims
Extra work
Defective specifications
Differing site conditions
Cardinal changes
Defective work
Termination
Summary & conclusion
Learning Objectives
Learn why economic damages claims are made in construction projects and how these claims arise
Understand which methods are used for assessing these claims and why
Learn what distribution and acceleration are in construction claims and what they mean for the assessment of lost profits claims
Clarify the appraisers role in construction claims and their determination
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