Is there a need for claims funding in Ireland?
When Tungsten Capital launched an official alliance with Staveley and Partners, it allowed us to bring our claims funding initiative to clients in Ireland through a trusted partner consultant who really understands the nuances of the regional market. So, what makes the construction industry in Ireland unique and how can our claims funding initiative benefit its contractors?
A respected claims consultant in Ireland
To recap, Staveley and Partners is a boutique firm specialising in construction claims, risk management and dispute resolution. The firm was established in 1977 and is made up of a talented and empathetic team with extensive experience in the engineering and construction sectors in Ireland and beyond.
The team includes Directors Mark Wearen and Bryan Hamilton. Mark is a Chartered Quantity Surveyor and Chartered Civil Engineering Surveyor who has more than 30 years’ experience in focusing on claims and expert witness quantum work. Bryan is a Chartered Engineer and Fellow of Engineers Ireland with 38 years’ experience working predominantly on major infrastructure projects in Ireland and the UK.
The construction industry in Ireland
The Construction Industry in Ireland sees its fair share of claims and disputes in line with the typical experience certainly in the common law jurisdictions. Where Ireland may differ is in the strength of the desire of the parties to avoid escalation and the ceding of control to a third party which is arguably also reflective of the preference in many cases to rely on the Conciliation process as it has evolved in Ireland as opposed to Adjudication, Arbitration or Litigation. Conciliation in Ireland is effectively a mediation with bite in that the process, which is typically conducted under rules set out by one of the professional bodies, involves the appointment of a Conciliator who can make a non-binding recommendation if the attempt to mediate fails – sometimes referred to in the ADR world as ‘MedRec’. The process involves the exchange of pleadings and a brief hearing but typically leads to a resolution of the dispute by agreement – expertly brokered by the Conciliator wearing his/her Mediator’s hat. Failing that, the Conciliator’s recommendation is open to the parties to reject within a specified timeframe or it becomes binding. Given that Conciliations typically succeed in resolving disputes, perhaps it is could be concluded that there is a willingness to compromise that may not be so evident in other jurisdictions, but such compromise may not always be possible and the potential impact on the bottom line may be unacceptable and deemed unwarranted meaning resolution in other fora is unavoidable. Whether endeavouring to prepare to enter into negotiations or to advance to the Conciliation process, there can be strain on the finances which can impact on the ability to present your case.
Facilitating the resolution process in Ireland
Quantura provides companies that are financially stable with an option that helps them to act in a way that maintains financial equilibrium on a project where a dispute has arisen. It has been shown to be a productive way of settling claims as well as preserving the integrity of projects and client relationships.
Crucially, Quantura is different to traditional funding models, which focus on litigation. Ours is centred upon financing the resolution process typically in advance of Litigation. It has been shown to support the amicable settlement of disputes, with a greater likelihood of both parties being able to work together again in the future. It also facilitates a project moving forward while the claim is resolved.
Having claims funding in place also means that if a claim does progress to mediation, or conciliation, then the affected party has support in place. You are already supported by someone familiar with the case, how it has developed and with all the documentation prepared, limiting the stresses and strains that the process can bring to individuals and their businesses.