Authored by a team of industry-leading lawyers and technical experts, the GAR Guide to Damages in International Arbitration is designed to help participants in the international arbitration community understand damages issues more clearly.  In communicating those issues effectively to tribunals, the guide aims to further the common objective of assisting arbitrators in rendering more accurate and well-reasoned awards on damages.

The fourth edition builds on successful previous editions, updating various chapters and adding new contributions including a chapter on damages issues in light of COVID-19.

Long-standing contributors to this guide, Philip Haberman and Liz Perks, have again co-authored Chapter 11 titled “Overview of Methodologies for Assessing Fair Market Value”. Philip and Liz introduce the concept of fair market value (FMV), discuss when it is used and outline the three main valuation approaches, namely income, market and cost approaches. The chapter explores the uses of these three approaches, their advantages and disadvantages, and explains the need to consider adjustments in circumstances when the party concerned does not own an asset wholly. It ends by summarising the process that most valuers use to assess FMV, and how they balance the three approaches to reach an opinion.

This guide is a useful point of reference for any arbitration practitioner who wishes to have greater confidence when dealing with the numerical aspects of international arbitration.

The fourth edition of the GAR Guide to Damages in International Arbitration is available in both print and digitally; a copy of Philip and Liz’s chapter can be found here.  If you would like to discuss any topics covered in their chapter, please contact Liz Perks.

The attached PDF is an extract from the fourth edition of GAR’s The Guide to Damages in International Arbitration. The whole publication is available at