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The Wisdom of Prospects Advice

Many companies turn to their lawyers to seek a prospects advice before deciding whether to settle or pursue formal recovery of a dispute. At first glance this seems the sensible thing to do, why not turn to a legal expert to advise on prospects? After all, it’s most likely to be a legal process that will determine the final outcome of the dispute. Behavioural economics challenge this notion and offer an alternative view regarding the reliability of individual expertise. In his 2004 book, The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes

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Not Again

Whether you work in Commercial Management, Claims Consulting or Construction Law, eventually you will look back and realise that you have been arguing about the same things again and again, time after time. Here are a few examples to jog your memory – you’re time barred; no, I’m not, the notice requirements weren’t adhered to on the project. Your directions exceeded the contract requirements; no, they didn’t, you had an obligation to achieve the higher standard. Your change delayed the critical path; no, it didn’t, your procurement delay was concurrent. Whilst not all arguments can be resolved with technology, there

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A Course of Leeches

We had been invited to attend a meeting at one of the prestigious law firm’s offices in the city. The magnificent views allowed us to see the full panorama of Brisbane and you could just about make out the law firm Partners’ boats luxuriating on the river below. We were advising on time and cost for a small dispute that had arisen between a utility company and the principle contractor. It seemed apparent from the background reading that the contractor had not covered themselves in glory. It was also evident that the parties had become emotionally attached to their conflicting

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I Can Lift It, Dad

We often advise our clients on the best allocation of contractual risks and provide contingency valuations. We find that many owners and operators’ first instincts is to offload risks to the supply chain – relying on tightly worded contracts to ensure that rights can be enforced if and when risks arise. But here’s the rub – this strategy rarely plays out as intended. A sophisticated contractor simply values those risks and to the extent that they don’t have care and custody for the risk, they price it at the P70 value (or higher). Therefore, the owner / operator pays a

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You Can Replace ‘Them’ with an Algorithm

A year ago, I was walking around the office with our Head of Technology (Let’s call him Shirley) when he nodded his head towards three team members and uttered the words ‘you can replace them with an algorithm’. Shirley was in-the-midst of his MIT Sloan course, reading ‘Artificial Intelligence’ at the time, and the three people that he motioned towards were delay analysts. The first thing to know about delay analysts is that good ones are hard to find, and the second thing, is that when you find them, they will be priced, just like a rare gem. It was

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