VALUATION CORP. MOSCOW, RUSSIA

E-mail: ocenka-co@mtu-net.ru   phone:+7 495 9993419  fax:+7 495 4666654

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THE VALUATION CORP. CONDUCTS DAMAGE VALUATIONS IN MOSCOW, RUSSIA, AND OTHER RUSSIAN REGIONS

According to the provisions of Russian law set forth in Article 15 in the RF Civil Code, any person whose right has been infringed may demand full compensation for the losses suffered, unless the law or a contract provides for payment of damages in a lesser amount. In this context, losses are understood as the expenses incurred or to be incurred by the injured party to restore the right that has been infringed (actual damages), plus the foregone income that the party would have received in the normal course of business if the party’s right had not been infringed (lost profits). 

In enforcing this rule of law, the parties involved often encounter the problem of obtaining an objective appraisal of infringement damages. One solution to such problems, which is increasingly used in these situations, is to engage an independent appraiser.

When performing a damages appraisal, the appraiser usually estimates the market value of the cost of reconstructing (replacing) the damaged property, i.e. the actual damages, because in the great majority of such cases there are no lost profits. When the subject case involves damage caused by default on contractual obligations, both actual damages and lost profits are determined. However, the Russian law places restrictions on the principle of full compensation for losses in respect of certain obligations and types of agreements. This restriction takes on different forms. For instance, the damages recoverable under an electricity supply contract (and other contacts for supply services via an interconnected network) only include actual damages. Lost profits under research and development and technology services agreements are recoverable only in the instances contemplated by the agreement, while the losses caused to the customer by faulty work performance are reimbursable within the limits of the cost of that particular work, unless the agreement provides for payment of up to the total price of contracted works by way of damages.

It should be noted that the obligation to compensate damage is imposed not only on legal entities and individuals, but also on government and local authorities. Thus, Article 16 of the RF Civil Code states that the losses caused by unlawful actions (inaction) of government or local authorities or their officials are subject to compensation.

Our company has substantial experience in assessing various types of damage and provides professional damage appraisal services delivered to the customers within the minimum time frame.

 Damage valuation in Moscow, Russia. Valuation company START ALLIANCE