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Level: Intermediate
TCM Section(s):
6.4. Forensic Performance Assessment
10.3. Change Management
Venue: 2020 AACE International Conference & Expo
Abstract: One thing is evident on many large/complex construction projects – even the most well thought out plans require continual updating to maintain unexpected project issues.Oftentimes, the financial success of a project is determined by its management during unanticipated events.Claims, although not welcomed by any party, are especially not well-received by the party ultimately responsible for paying the claim.Nevertheless, getting paid for a legitimate claim may be the difference between profitability and a loss.Owners, design professionals, or insurers that may become involved will better understand and accept claims if presented timely and clearly.
It is not uncommon to face owner opposition on a delayed construction project when attempts to quantify the delay are presented.Understandably, since on a project that is not delivered as anticipated, the owner might have expectations of assessing liquidated damages. However, if the owner team (or insurer) are provided a roadmap of the claim with support that minimizes the disputed elements of the claim there is a better chance for the claim to be fairly addressed.This paper will identify basic steps to present a claim and to get paid for a compensable event beyond the contractor’s control.
TCM Section(s):
6.4. Forensic Performance Assessment
10.3. Change Management
Venue: 2020 AACE International Conference & Expo
Abstract: One thing is evident on many large/complex construction projects – even the most well thought out plans require continual updating to maintain unexpected project issues.Oftentimes, the financial success of a project is determined by its management during unanticipated events.Claims, although not welcomed by any party, are especially not well-received by the party ultimately responsible for paying the claim.Nevertheless, getting paid for a legitimate claim may be the difference between profitability and a loss.Owners, design professionals, or insurers that may become involved will better understand and accept claims if presented timely and clearly.
It is not uncommon to face owner opposition on a delayed construction project when attempts to quantify the delay are presented.Understandably, since on a project that is not delivered as anticipated, the owner might have expectations of assessing liquidated damages. However, if the owner team (or insurer) are provided a roadmap of the claim with support that minimizes the disputed elements of the claim there is a better chance for the claim to be fairly addressed.This paper will identify basic steps to present a claim and to get paid for a compensable event beyond the contractor’s control.