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BP Business Economic Loss Claim Appeal 2015-1652: Construction Claimant with Short Term Projects Treated Appropriately under AVM


The following is an Appeal Panel Decision issued pursuant to Section 6 of the BP Deepwater Horizon Economic & Property Damages Settlement Agreement and the Rules Governing the BP Appeals Process. Links may have been added to assist the reader. The original decision may be found here, as well as a glossary of BP Settlement terms.

Claimant is a HVAC construction company located in Clearwater, Florida, which utilizes the completed contract method of accounting for revenue and expenses. The Policy 495 criteria were triggered and the AVM was used to restate the P/Ls.

Claimants’ projects are separated into small projects completed within a month and larger commercial projects which can take 90 days or more to complete. Revenues are reported when billed and received at the end of both types of projects. The Vendor Accountants recognized and inquired into the revenue and expenses of the Claimants’ projects and determined the majority of its contracts were short term projects and used their professional discretion under Policy 495 to accept the claim and recommend the award.

After full review of the claim and accountants notes, this panel member finds no error and hereby affirms the Administrator’s award.

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