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A few comments on a recent paper entitled “Not up in the air. Risk-management lessons from the volcanic ash cloud”, pubished by economists.com on April 20th

A few phrases from the paper named Risk-management lessons from the volcanic ash cloud are copied below in italics, then commented: …Conventional thinking about risk management holds that risks are mainly local and routine—that it is possible to list all the negative events that could happen, determine their probability based on past experience… Risk-management lessons from the volcanic ash cloud Two common wrong behaviors are indicated in the phrase above: 1) risks to be included in a risk assessment are not…

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Force Majeure clauses in contracts should be optimized to reduce costs and litigation potential.

We will discuss today why Force Majeure clauses in contracts should be optimized to reduce costs and litigation potential. Force Majeure clauses in contracts should be optimized to reduce costs and litigation potential. Indeed, any time spent in the aftermath of a mishap “discussing” if the event was Force Majeure, negligence or had other causes severely impacts operations. In addition it can significantly increase the costs of consequences. Thus the need to optimize the Force Majeure formulation. If it was…

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