The ideal dispute resolution approach for contractual disputes
If you or your clients are struggling to conclude a financial dispute, you may need an expert determiner.
As forensic accountants, we are qualified Expert Determiners and have experience in providing determinations that are final and legally binding on the parties.
Expert Determination is a dispute resolution process in which an independent expert in the subject matter of the dispute, is appointed by the parties to resolve the matter. The expert’s decision is - by prior agreement of the parties - legally binding on the parties. Like all ADR processes, it is entirely confidential.
Expert Determination is ideally suited to disputes and matters of valuation and/or which are primarily dependent on technical issues eg does the computer match the specification; is the malfunction due to a design or a manufacturing fault; valuations of shares; rent reviews and contract performance matters. It can also easily be used in many other areas such as insurance wording disputes, sale of goods disputes, fitness for purpose and boundary disputes.
Expert determination is a type of alternative dispute resolution (ADR) in which an expert is appointed to make a decision on a specific issue that is within the expert's area of expertise. The expert's decision is binding, and the parties in the dispute are required to accept it as final.
Expert determination is often used when the parties in a dispute need to resolve a technical or scientific issue, or when the parties want to avoid the time and expense of going to court. The expert may be chosen by the parties themselves, or they may be appointed by an ADR organization or the court.
In expert determination, the expert typically reviews the relevant evidence, hears the arguments of the parties, and then makes a decision based on their expertise and the facts of the case. The expert's decision is usually considered to be final and not subject to appeal, although the parties may be able to challenge the expert's decision if there is evidence of bias or misconduct.
Expert determination is a process in which an independent expert is appointed to make a decision or determination on a particular matter. There are several advantages to using expert determination as a means of resolving disputes or making decisions:
Expertise: Expert determination allows parties to access the expertise of an independent expert who has specific knowledge and experience related to the matter in question. This can be particularly useful when the subject matter is complex or specialized.
Speed: Expert determination can often be completed more quickly than other forms of dispute resolution, such as arbitration or litigation, as it does not involve the same level of legal procedure.
Cost: Expert determination is typically less expensive than other forms of dispute resolution, as it does not involve the costs associated with legal proceedings, such as lawyer fees and court costs.
Confidentiality: Expert determination is often conducted confidentially, which can be beneficial for parties who want to keep the matter private.
Flexibility: The parties involved in expert determination have the ability to customize the process to suit their specific needs and circumstances. This can include specifying the terms of the appointment, the scope of the expert's authority, and the procedures to be followed.
Overall, expert determination can provide a quick, cost-effective, and flexible way for parties to resolve disputes or make decisions, particularly when specialized expertise is required.
Find out more about how Matrix Forensic can help with expert determination by sending us an enquiry.