Articles Posted in Researching Experts

In THE REAL ESTATE CLIENT: VALUATION SERVES IMPORTANT MASTERS IN LITIGATION CASES, forensic accounting expert witness Richard M. Squar, CPA, CVA, ABV, CFF, MBA-Taxation, writes:

The most prevalent standard of value, fair market value, has commanded a great deal of attention in valuation literature and court cases adjudicating valuation issues. In its simplest form, fair market value is defined by numerous court cases and IRS Revenue Ruling 59-60 as “…the price at which the property would change hands between a willing buyer and a willing seller when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, both parties having reasonable knowledge of relevant facts.” Most business valuation opinions are made under the fair market value standard.

Fair value is a legally created standard of value that applies to certain specific transactions. In most states, fair value is the statutory standard of value applicable in cases of dissenting stockholders’ appraisal rights. It is also found in the dissolution statutes of those few states in which minority stockholders can trigger a corporate dissolution under certain circumstances, such as California Corporations Code Section 2000. The concept of fair value also appears in partnership dissolutions under minority oppression statutes in some states. It is critical that legal counsel work with the business valuation expert to determine the interpretation of fair value that is applicable, if at all, and one cannot assume that there is a definition that is clear and concise in all circumstances. In this article, it is assumed that fair market value is the appropriate standard of value with applicable discounts.

Public contract regulations expert witnesses may opine on public contract codes, public contract regulations, procurement contracts, and related issues. In Bid Protests on California Government and Public Works Contacts in California, attorney George W. Wolff of George W. Wolff & Associates writes:

Grounds for Bid Protests:

There typically are two general grounds for protesting a bid:

Public contract codes expert witnesses may opine on public contract codes, public contract regulations, and related issues. In Bid Protests on California Government and Public Works Contacts in California, attorney George W. Wolff of George W. Wolff & Associates writes:

Protest Deadlines:

The Time period to submit a Bid Protest after the bid opening, or to respond to a Bid Protest from another bidder are typically very, very, very short, after as little as 3-5 days after bid opening, or possibly even less!

Public contracts expert witnesses may opine on public contract codes, public contract regulations, and related issues. In Bid Protests on California Government and Public Works Contacts in California, attorney George W. Wolff of George W. Wolff & Associates writes:

This Article describes general grounds for Bid Protests on City, County, Local Agency and State Government Public Contracts in the State of California and stresses the urgency to file a Bid Protest very, very quickly after bids are opened to avoid losing your rights to file a successful Bid Protest. Protest procedures vary so check the project manual, local statutes or ordinances on deadlines and procedures, and – immediately – consult a competent and experienced government contract attorney.

Bid Protests on Government Public Works Projects in the State of California

In Four things an attorney should know about retaining an expert witness, construction site expert witness William Gulya, Jr., President & CEO, Middlesex Trenching Company, writes:

The decision to retain an expert witness is an important factor in any litigation. Strategic selection and communication with the expert can have a substantial impact on the case, from settlement options to court room testimony. The opposite is also true — the wrong choice of an expert witness can result in poor or negative results. I have compiled four recommendations for attorneys from an expert witness perspective.

4. Do Not Withhold Information What your expert witness does not know can and likely will hurt your case. Just as an accomplished attorney does not ask a question for which he or she does not already know the answer, withholding from the expert facts or materials that you think are not relevant is a recipe for disaster. In deposition or at trial your expert is likely to be surprised or embarrassed and could possibly lose all credibility with the judge and/or jury and his or her opinions and conclusions be regarded as insignificant.

Video expert witnesses may write reports and testify on video capture, video conferencing, video security systems, and more. Need to learn more about video for your case? See the Digital Video Professionals Association. FAQs may be found here: http://www.dvpa.com/public/department55.cfm

In Driver Fatigue is the Number One Safety Issue in the Truck and Bus Industry, fatigue limit expert witness Dennis Wylie writes:

The causes of driver fatigue, fatigue-induced cognitive impairment, driver drowsiness, and the subjective experience of fatigue include:

excessive hours of work inadequate hours of sleep night time driving irregular work-rest schedules

In Forensic Human Factors Analysis for Fatigue Accident Reconstruction, fatigue expert witness Dennis Wylie writes:

There is no breath analyzer or blood test that can reveal the presence of a critical level of fatigue in an accident-involved driver. However, a forensic driver fatigue expert can often conclude to a reasonable degree of scientific certainty whether fatigue was a cause of the accident, by doing a human factors accident reconstruction involving two important steps:

1. a forensic human factors analysis of the driver’s work-rest history leading up to the accident, and 2. a forensic human factors analysis of each particular aspect of the driver’s performance that may have been a cause of the accident.

Annuities sales methods expert witnesses may opine on tax deferred annuities, equity indexed annuities, and more. In VARIABLE ANNUITIES: A PRIMER FOR CLAIMANTS’ COUNSEL, John Duval Associates writes on annuities sales practices:

The most eyebrow-raising feature to appear lately is the “living” performance guarantee or “guaranteed minimum income benefit.” Different carriers have different names for it, but the feature generally is described as providing a 6% per year minimum performance guarantee, regardless of actual performance. Customers are told they will receive that 6%, even if the account loses money, but can receive the actual value if that proves to be higher than the 6% guarantee. Talk about seductive–-this guarantee seems like a no-lose proposition. Unfortunately, not every broker makes clear that the feature requires the contract to be kept in force for a long time, usually 10 years, before it can be utilized. Furthermore, the client must annuitize the contract in order to get the guarantee. In other words, the customer must irrevocably transfer the principal to the carrier in exchange for payments (factored at a very low interest rate) during a selected optional period such as life or 10 years certain. Of course, if the client dies before the value of the funds has been paid out, the insurance carrier wins the mathematics game. And this feature adds an extra cost above the regular M&E fees, putting the total contract fees at around 3%, a staggering expense.

Read more: John Duval Associates.

Enterprise risk management expert witnesses may write reports and testify on enterprise risk management, financial risk management, and disaster risk management, as well as related issues. In Risk Management – 8 steps To Avoid Litigation, Mridu Bhattacharya, Jr. Project Manager in Online Promotions at SynapseIndia, writes that “Accidents, mistakes and misunderstandings can happen in any business. Some are settled amicably, others grow into full-blown disputes, and before you know it you could be facing a legal claim.”

Eight steps to safeguard your business #3 Checking work.

Freelancers are not required to be perfect. However, this does not relieve them from the obligation to check their work because this is one of the standard systems used to discover and correct errors. Errors, per se, are not evidence of malpractice, but failure to check the work product is.