Speaker, Montek Mayal kickstarted the session by discussing two broad categories of Expert Witnesses.
Firstly, the industry or subject matter experts and
Secondly, skill specialists like valuations and engineering.
The speaker explained to the participants that each party appoints their own experts.
Discussions steered towards the concept of Joint Statements in which experts meet and try to find out areas of agreement and disagreements. Before moving on to the core focus of the session – the Concept of Damages – he briefly covered the lifecycle of disputes.
The speaker also provided a quick explanation of expectation loss, reliance loss and duty to mitigate, complete with an example and graph, and referred to the Golden Strait Corporation vs Nippon Yusen Kubishika Kaisha. After that, he presented a concise explanation of the but-for position and actual position. He concluded the session on a calculation of damages, with reference to case studies.