A Precedent H or Cost Budget is an essential part of Multi-Track Cost Management. The Budget is split into all the phases of litigation from Pre-Action up until Trial. It also has contingencies for areas of litigation that do not fit into the usual 10 phases. Your incurred costs are all calculated and added to the relevant phase. Your estimated costs are then calculated using assumptions of the type of Multi-Track claim being conducted and further guidance from you on what you expect to happen during litigation.
The Cost Team is fully equipped to draft budgets for civil litigation to a high standard. The Budgets can also be monitored and easily updated throughout litigation to ensure the correct amount of costs have been budgeted for the claim.
Precedent R/ Negotiations on Budgets
The negotiation of another party’s budget is performed by drafting a Precedent R. the document details the parts of the budget, which are agreed and the parts, which are disputed providing offers for the same. The other party will provide a Precedent R against your budget and these two will be negotiated in the hope the Budgets can be agreed before the Costs in Case Management Hearing (CCMC).
Monitoring and updating the Budgets
It is essential your Budget is monitored throughout litigation and updated when something materialistic changes on the conduct of the claim. For example, you have budgeted for 1 lever arch file worth of Defendant disclosure and the Defendant then serves 6 lever arch files worth of disclosure. We can update the budget for you and assist in the Application to have the budget increased or attend on your behalf.
Guidance for the Advocate
Katie Bell is a Higher Rights Civil Proceedings Advocate and is happy to conduct CCMCs or provide advice on the same for any Solicitor wishing to attend the Hearing. Once the Precedent R has been produced and negotiated the phases to be addressed during the CCMC are usually reduced.
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Advising and Attending Applications to Update the Budget
Guidance for the Advocate
Monitoring and Updating the Budgets
Negotiations on Budgets
Here at Oakwood Solicitors, we’re not your average law firm – our team delivers a service which caters to you. From assessing your case through to completion, our staff have not only the knowledge and expertise, but also the compassion and understanding to put you at ease throughout the process.
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