Lack of revenue (project),
Loss of profit,
Oversight (error) means unintentional failure to notice or do something. The existence of the Oversight in the contract is quite evident from the ever-increasing conflicts and disputes. Thus, identifying and preventing Oversight is vital for the company (Contract Party) to avoid such challenges.
The Oversight can be due to many reasons such as misunderstanding; misinterpretation; lack of coordination, resources, knowledge, experience, and commitment; work pressure, multitasking, and human error. Moreover, the oversight can be in any form of the contract elements, documents, data, and any stage of the contract lifecycle.
To avoid the Oversight, Good Faith independently audits the documents; forensically identify the facts that are unidentified, unnoticed, overlooked, hide, misunderstood, and/or unadvised; judge misinterpreted conditions; scrutinise the quantum of works; and/or analyse the rates then ascertain the oversighted economic benefit entitled by the Contract Party in accordance with the contract and applicable Law.
Good Faith performs numerous Contract Auditing services according to the nature of the Oversight, the document, the contract challenges, and lifecycle of the contract