Where the matter pertains to a damages calculation as of the trial date, all the information available to the reviewer that could have been used in preparing a full report can be used in the critique. Although it is not mandatory, the reviewer should consider including the following in a limited critique, depending on the intended use of the critique and the user's expectations. When needed, there should be a conclusion as to the appropriateness of the methods and techniques used in the original report, with reasons and preferable alternatives. There could also be a conclusion as to whether the opinion and analysis in the original report are suitable, with reasons and preferable alternatives. The critique might contain a statement about the strengths and weaknesses of the differing positions on subjective matters, comparing and contrasting where appropriate.
Critique reports are a powerful and cost-effective tool in all forums of dispute resolution.
Critiques containing valuation conclusions are held to the same standard as other valuation reports, but limited critiques are not. In this article, we have provided some suggested standards applicable to limited critiques and hope further discussion on the reporting and scope standards will benefit valuators and users alike.