Terms of engagement

These terms apply to every engagement and are incorporated by reference into each engagement letter. The undertakings below define what decision-grade means for the purposes of these terms.

Acceptance of briefs

Briefs are assessed before a price is issued. A brief is declined where the available evidence base will not support findings at the standard set out in our terms. This most commonly arises where the subject is a small private market with no filings, no regulator returns and no published pricing, or where the question turns on information held only by the parties to a transaction.

Where a brief is declined, we set out in writing what the available record does and does not contain, and what would have to become available for the question to be answerable. There is no charge for that assessment.

A brief submitted through this site is assessed, and the written assessment is issued, within two business days of receipt. There is no charge for the assessment and no obligation arises from it.

Undertakings

1. Sourcing.: Each quantitative statement in a deliverable is accompanied by a citation to its source and the date to which it is current. Where a figure is an estimate produced by us, it is identified as an estimate and the basis of the estimate is stated.
2. Limitations.: Each deliverable includes a register of the questions within its scope that the available evidence did not answer, together with the effect of each on the findings.
3. Currency.: Sources are reviewed within two business days of delivery, and any material development to that date is reflected in the deliverable.
4. Scope.: Scope, price and delivery date are agreed in writing before work commences and do not change without a countersigned variation. One round of revisions, as defined in clause 6 of the terms of engagement, is included in the fee.
5. Character of the work.: Deliverables comprise research and analysis. They do not constitute financial product advice, legal advice, or a recommendation to enter into any transaction, and must not be relied upon as such. Recipients should obtain advice from an appropriately licensed adviser.

Definitions

Deliverable: The report, dataset, model and accompanying files identified in the deliverable specification of the scope schedule.
Decision-grade: In relation to a deliverable, that each quantitative statement in it satisfies undertaking 1 and that the register required by undertaking 2 is delivered with it.
As-of date: The date to which the cited source is current, being the date of the publication, filing or release from which the figure is taken, and not the date of the deliverable.
Confidence classification: One of the four classifications below, assigned to each figure and defined in the conventions page of every report.

Reported. Filed or published by the named source.
Flagged. Sources are inconsistent, and each estimate is shown with the basis on which it was prepared.
inashanu estimate. A derivation produced by us, with the method stated.
Unverified. Retrievable only in degraded form, and not relied upon.

Delivered files

The structured dataset and the working model prepared for an engagement remain with the client after delivery, in the formats identified in the deliverable specification.

Brief content

Information submitted through the brief form is used to prepare the assessment and to price the engagement. It is not placed in a link or a query string, is not disclosed to a third party, and is deleted on request.

The full terms of engagement are issued with the engagement letter and are countersigned before work commences.

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