Arabtec, a company that has been involved in some of the UAE’s top projects such as the Louvre Museum, the Burj Khalifa, Dubai International Airport’s expansion, the Al Maktoum International Airport, is under liquidation. https://www.khaleejtimes.com/business/corporate/dubai-based-arabtec-holding-to-file-for-liquidation-
Have we imagined it?
It does not happen in a minute. It is due to the compound of Oversights over the years. This situation could have been avoided if the company has identified and avoided the Oversight then and there.
What is Oversight?
Oversight is an unintentional failure to notice or do something. The Oversight occurs due to many reasons such as misunderstanding; wrong interpretation; lack of coordination, resources, knowledge, experience, and commitment; working pressure; multitasking; and human error. Generally, the company tries to overcome the challenges such as loss of profit, overspending, loss, delay, dispute, damage, and lack of revenue without understanding and deducting root cause of the same.
The company may overcome such challenges up to certain extent; however, ultimately incurs loss or goes liquidation as the company fails to recognise the real root cause. The existence of the Oversight is quite evident from the ever-increasing conflicts and disputes.
How to prevent the Oversight?
It is not necessary that one Oversight can cause complete downfall and/or incur a substantial loss. However, there is every possibility that multiple Oversights ruin the business. Thus, identifying and preventing Oversight is vital for the company (Contract Party) to avoid such challenges. The ultimate solution is to implement the Contract Auditing process.
Good Faith – Contract Audit Bureau – performs numerous Contract Auditing Services according to the contract lifecycle, contract elements, contract challenges, and the document to prevent the Oversights. Thus, it Maximises an Economic Entitlement and the Profit; Minimises Expenditure, Conflicts and Disputes; and Avoids Loss and Damages.
Our various Contract Auditing Services can be found on web or profile (http://goodfaith.llc/download-profile/).
Let’s Collaborate to Prevent the Oversights and Achieve Incredible Benefits.
Good Faith – Contract Audit Bureau