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The purpose of this paper is to demystify the meaning of the term “consequential loss” in relation to the practice of construction law. Parties may have different understandings of the term and typically an exclusion clause will not solely relate to consequential loss, but will also include other heads of losses for which the party will not be liable for, such as loss of profit, loss of revenue and loss of business.

The question emerges as to whether the term consequential loss has a definitive legal meaning in its own right. This study seeks to ascertain the definition of the term consequential loss within the construction industry through a review of the legal position regarding liability for breach of contract and consequential loss through the consideration of the case law relating to this topic and the associated secondary sources of information.

The study concludes by elucidating a clear interpretation of the term consequential loss and guidance of how it should be used in contract law.

Recent cases and established authorities are considered together for the first time in this work which assists in the development of legal principles of direct and indirect losses and the determination of how they apply to the built environment.

Transport infrastructure resilience is of paramount importance for societies, therefore its quantification is urgently needed. A resilience assessment framework based on well-informed resilience indices is presented and applied for assessing the resilience of representative bridges exposed to earthquakes.

The framework quantifies the robustness of bridges against different seismic hazard scenarios, by using realistic fragility functions and the rapidity of the recovery and/or retrofitting after the occurrence of a certain degree of damage, based on realistic restoration functions.

Two different approaches for the modeling of the restoration tasks are examined. Both direct losses due to structural damage and indirect losses due to traffic disruption are estimated.

A new cost-based resilience index is introduced and alternate approaches for expressing the restoration strategies are examined and assessed. The results facilitate owners to enhance cost-based resilience management toward more resilient infrastructure.

The purpose of the study is to systematically review the literature of indirect cost of financial distress to understand its scope, measurements, impact size and determinants to synthesis with future research agenda.

Five-step process of systematic literature review (SLR) as applied by Opoku et al. (2015) is used. SLR extracted 47 studies of indirect cost after applying specified search criteria. Data regarding measurement, impact size and determinants are presented and summarised in specified tables.

SLR showed that the study of indirect cost in developing countries is a literature gap. It is also found that opportunity loss, operating profit loss, market loss and risk premium are most studied indirect costs using legal definition or ex ante proxy of financial distress. However, future studies are recommended to use both non-linear leverage and ex ante proxy of financial distress. Future studies are also suggested to use the moderation technique while studying the determinants of indirect cost.

Literature selection is based on specific search criteria that can miss some of the other related literature.

The indirect cost of financial distress is more costly and difficult to measure due to its complex concealed effects. A detailed literature of indirect cost is needed to understand the construct that eventually will help to define the future research agenda. To the best of the authors’ knowledge, no SLR of indirect cost is provided yet. Therefore, the outcome of this research will be valuable for both academicians and practitioners.

This paper aims to examine the connection between information system (IS) availability and operational risk losses and the capital requirements. As most businesses today become increasingly dependent on information technology (IT) services for continuous operations, IS availability is becoming more important for most industries. However, the banking sector has particular sector-specific concerns that go beyond the direct and indirect losses resulting from unavailability. According to the first pillar of the Basel II accord, IT outages in the banking sector lead to increased capital requirements and thus create an additional regulatory cost, over and above the direct and indirect costs of an outage.

A Bayesian belief network (BBN) with nodes representing causal factors has been used for identification of the factors with the greatest influence on IS availability, thus helping in investment decisions.

Using the BBN model for making IS availability-related decisions action (e.g. bringing a causal factor up to the best practice level), organization, according to the presented mapping table, would have less operational risk events related to IS availability. This would have direct impact by decreasing losses, related to those events, as well as to decrease the capital requirements, prescribed by the Basel II accord, for covering operational risk losses.

An institution using the proposed framework can use the mapping table to see which measures for improving IS availability will have a direct impact on operational risk events, thus improving operational risk management.

The authors mapped the factors causing unavailability of IS system to the rudimentary IT risk management framework implied by the Basel II regulations and, thus, established an otherwise absent link from the IT availability management to operational risk management according to the Basel II framework.

Natural disasters occur all around the world, in the last two decades these natural disasters have brought sever damages to the world economy. Mostly developing countries bear severe consequences due to these natural disasters. In July 2010, Pakistan faced a massive flood, which affected almost all the countries. The disaster affected all sectors like daily life, transportation, infrastructure, etc., of the country. GOP did not have enough resources to cope with this giant disaster and called for international help. Local and international NGOs participated with GOP in the early phases of recovery. Millions of dollars were given away as the initial impact of this disaster, and GOP and other relief agents have spent other million to provide initial recovery and relief. GOP will need billions of dollars further to continue recovery from the disaster of 2010.

This paper presents a method for estimating the macro‐economic cost of a firm‐level information system disruption within a supply chain.

The authors combine field study estimates with a Leontief‐based input‐output model to estimate the macro‐economic costs of a targeted internet outage that disrupts the supply chain.

The authors find that supply chain vulnerability or resiliency to cyber disruptions is not necessarily dependent on the types of technology employed, but rather how the technology is used to enable supply chain processes and the type of attack experienced. The authors find that some supply chains like oil and gas could be significantly impacted by certain cyber disruptions. However, similar to other causes of supply chain disruptions such as labor disputes or natural disasters, the authors find that firms can be very resilient to cyber disruptions.

The validity of the approach is limited by the accuracy of parameters gathered through field studies and the resolution of government economic data.

Managers should examine how information technology is used to enable their supply chain processes and develop capabilities that provide resilience to failures. Lean supply chains that focus on minimizing inventory may be more vulnerable to major information system failures unless they take special steps to build resilience.

This paper provides a new approach to estimating economic vulnerability due to supply chain information failures.

This paper aims to analyze the cost of crime as understood in Ukrainian and foreign criminology, investigating both the direct and indirect damage caused by crime, its social consequences and Ukrainians’ attitudes toward its costs.

From January 2018 to May 2019, data were gathered using an online questionnaire from 717 respondents between 14 and 65 years of age residing in all regions of Ukraine.

Results suggest a high level of concern among Ukrainian citizens regarding security and crime. Latent criminality, crime rates and mistrust of law enforcement are high in Ukraine. It was found that the total cost of crime to the respondents (losses from crimes) reached UAH2m, and 69.3 per cent reported fear of becoming a victim of crime, with 26.2 per cent indicating that they had already been victims.

The knowledge of the cost of crime obtained in this study is vital for understanding crime in Ukraine. The results could be effectively leveraged to develop effective and cost-efficient means of combating crime. They could also be used to forecast crime rates, and thus, optimize future responses to the challenges of crime.

This is the first comprehensive study of the cost of crime in Ukraine and it indicates both the tangible and intangible costs of the damage it inflicts. Notwithstanding the country-specific case-study context, the results could inform discussions and decisions at a broader international scale, subject to the usual caveats.

Although there is no likelihood of mankind running out of energy in the foreseeable future, the immediate danger—pressing for remedial action—is its shortage in the form we are traditionally accustomed to using. To combat this danger, governments of most industrial countries have embarked on a series of strategies. The main targets of most of these are the savings of wasted (rejected) energy, as for instance that wasted in space heating systems through insufficient insulation or in thermal cycles of machinery.

This paper reports some interim findings from organisational research into site fire safety which looks at the relevance of Contractor and Facilities Manager attitudes to safety as a component of the overall safety process. Presents a discussion on some of the practical problems associated with Facilities Managers managing the maintenance of fire safety during alterations works. Commences with an illustration of the Facilities Management context of site fire safety that draws upon a number of relevant fire events. It is intended to provoke a wider debate on the relevance of the Facilities Management role in protecting the business. A Project Safety Plan checklist is suggested for Facilities Managers, based on the authors’ review of existing construction site fire safety guidance and codes of practice. Explores a broadening of the Facilities Management role, as interface manager, which in most cases of refurbishment and alterations will constitute the common managerial link to the core business.

The consideration of all aspects of the systems that support a community is necessary to accomplish adequate long range asset planning and protection. The purpose of this paper is to introduce the addition of a subterranean infrastructure reconnaissance emphasis to an existing series of vulnerability assessment tools used by the State of Arizona, and investigate economic impact (disaster recovery) estimation methods for potential incorporation. The intent is to provide a framework for model development and suggest data to be collected.

Through modifications of existing system components, a subterranean infrastructure reconnaissance emphasis is proposed for the State of Arizona's current vulnerability assessment tools. Although they can be adjusted as needed, the modifications presented herein include 11 subterranean assets and ten threats to subterranean assets. Furthermore, existing methods for estimating the economic impact of disasters are investigated via literature reviews, e‐mails, and telephone correspondence.

Regarding the subterranean infrastructure reconnaissance component, a number of emerging technologies are currently available to monitor the various infrastructure elements from the identified potential threats. The process of linking the various data collection elements into a comprehensive surveillance system is currently underway in Arizona. Interim reconnaissance techniques using local statistic models will be applied incrementally while the data integration process is underway. With respect to the economic impact estimation module, the Federal Emergency Management Agency's HAZUS‐MH loss estimation model was identified as a top prospect for testing.

The research focuses on examining the interdependencies and vulnerabilities of critical subterranean infrastructure. Therefore, critical surface or above ground infrastructure components are not primarily discussed. Additionally, this paper presents only a plan; there are no empirical results to date.

The methodology discussed may be utilized to support the decision‐making process for managing resources used to sustain subterranean infrastructure operations, with the goal of providing resiliency to community support mechanisms.

The specific focus on developing a subterranean infrastructure reconnaissance emphasis in a State's disaster management program is a novel tool for Arizona. The value is to enhance preparation, response, resilience, and recovery from hazards and disasters affecting the State's critical subterranean infrastructure. It is theorized that value will further be generated in a resulting subterranean infrastructure reconnaissance template, which can be adopted by other emergency and disaster management organizations.