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Revising cost budgets: 
The importance of being prompt

David Wright discusses a recent case on the extent of the court’s power to approve incurred and future costs and the lessons practitioners can learn from it

12 January 2016

The importance of promptly applying to revise a cost budget where there is a change in circumstances has again been thrown into sharp relief by the recent case of Venus Asset Management Ltd v Matthews and Goodman LLP [2015] ?EWHC 2896.

The claim related to allegations of professional negligence on the part of the defendant, who was acting ?as the claimant’s surveyor regarding compensation following the compulsory purchase of land for the 2012 Olympics.

At the initial case management conference (CMC), directions were given for disclosure and the exchange of witness statements, with a stay for alternative dispute resolution to take place thereafter. The parties presented cost budgets totalling £231,000 for the claimant and £218,500 for ?the defendant, which were approved by the court. The court then made a direction for a further CMC at which it would ‘consider any application to revise the costs budgets’.

Incurred and future costs

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