A breach in contract can often lead to substantial business damages. These may include but are not limited to: performance damages, compensatory damages, reliance damages, restitution, and/or liquidation damages. Typically, we compute: (1) what the position of the firm would have been, had the contract been performed, and (2) what is the position – now and in the future – after the breach. Performance damages equal the difference between the value of the business without the breach minus the value of the business after the breach. When the calculation of performance damages is not feasible, we can instead compute the economic loss that the plaintiff suffered because it relied on the promise of the breaching party.
The critical issue in Construction defect litigation is extrapolating the defect rate estimated by the destructive sample to the units not tested. The rules of statistics imply that such extrapolation is valid only if the units tested were drawn randomly from the population of units in the subject class. When sampling is based on voluntary participation by home owners, the result is a tested sample that over-represents defective units and under-represents non-defective units, due to participation bias.
As forensic statisticians we provide a sampling protocol for destructive testing which is designed to obtain an accurate estimate of the defect rate for the subject population. We also evaluate the sampling protocols used by plaintiffs' experts to produce cost of repair estimates.
Simply put, lost earnings are earnings that you would have received had it not been for a particular incident. Loss of earnings are not calculated by solely taking into account a business' or person's income (i.e. lost income). To calculate lost earnings due to an incident, it is imperative that several pieces of information are collected on a victim in order to take many things into account which might include but is not limited to: education, amount of children, pre-existing conditions, probability of being employed, probability of mortality, future value of current dollars, future ability to work, medical prognosis, etc. After liability has been determined, it is up to our justice system to decide what an appropriate amount of compensation should be rewarded. In a sense, this is done by making an educated projection on how a person's entire career would have taken place had the incident in question not taken place.
When we prepare an economic loss evaluation in a personal injury case, we need to know all that we can about the plaintiff/victim (1) before injury, and (2) after injury. We want to know a person’s characteristics – age, gender, ethnicity, education and occupation – all of which affect the amount that he/she would have earned, had (s)he not been injured. We need similar information after injury. Did the injury prevent the plaintiff from working, or did it reduce the amount of work they could perform? What is the prognosis for recovery? Has the plaintiff received any post-injury vocational training? Even if the plaintiff has not returned to work, we can use statistics to forecast likely future earnings if the plaintiff is temporarily disabled, permanently and partially disabled, or totally disabled. We also wish to know the amount of time the victim spent performing household services and whether there are any activities that (s)he can no longer perform. Furthermore, are there any changes in the quality of life during time the plaintiff spent in leisure time or other pursuits?
There are many implications for a person whose life is taken from them prematurely, either entirely or partly, because of someone else's negligent behavior.
With a $4,500 retainer fee, we create an extensive report which calculates economic losses and, where appropriate, hedonic or punitive damages. These documents satisfy all Nevada requirements for expert reports. For attorneys just beginning the discovery process, we can estimate economic damages or review the loss estimate from another expert. In the event of full retention, the $1,500 fee for the preliminary estimate will be applied to the cost of the complete report.
When you retain Optimal Analytics, Ltd, you will receive a competent and objective analysis. We will follow the facts and the evidence to wherever it leads us.
