What changes when an independent team looks closely.
Selected engagements, anonymised. Each one shows the situation we found, how we worked, and what the client took away.
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Cold Eye Review of a project in construction
A client’s project was in the execution stage at the end of engineering and in the middle of construction, with civil works nearing completion. The cost to complete revealed a substantial cost overrun. The client requested a project review with the focus on cost and schedule.
We suggested performing a Cold Eye Review (CER) of the project. A Cold Eye Review is a structured, independent assessment of a project by outside experts who are completely detached from the daily operations. The goal is to objectively evaluate the actual project status and identify risks, gaps and hidden biases with a fresh, unbiased set of eyes.
The CER followed a three-step approach:
- 1Document reviewAnalysis of the key documents – project organization chart, progress report, time schedule, cost summary sheets and technical documents such as P&IDs, plot plan and bills of quantities. On this basis, a questionnaire was developed and coordinated with the project team in advance.
- 2Site visitA site visit with structured interviews was performed to assess the project status on the ground.
- 3Recommendations and reportA report compiled the findings from the document analysis, site visit and joint discussion.
The recommendations and report were based on a fact-based, independent assessment of the project status with regard to scope, engineering maturity, schedule and costs; an evaluation of the engineering maturity against the IFC (Issued for Construction) status required for the construction phase; the identification and securing of the critical paths leading up to hot commissioning and first product; an assessment of the cost, forecast and variation order situation as well as descoping potentials; and the derivation of actionable recommendations for the project.
The report suggested corrective actions related to scope and engineering, time schedule, cost and change/claim management as well as organisational topics. The critical topic was the time schedule, which was not appropriately consolidating the site activities – as a consequence, no critical path assessment was available and steering the project was not possible under the given circumstances. The site visit revealed descoping potential, providing the opportunity for further cost optimisation without jeopardizing the project’s objectives. The assessment of cost led to a new perspective on change and contract management as well as a more differentiated view of contingencies.
A fresh, independent set of eyes turned a cost overrun into a list of concrete actions on schedule, scope and contracts.
De-scoping initiative late in construction
A capital project was deep in its construction phase and close to completion. Contingencies and reserves were largely consumed, and the cost forecast pointed to a further budget overrun. The client needed fast and substantial relief on the remaining budget – at a stage where most of the scope was already built, ordered or contractually committed, leaving very little obvious room for de-scoping.
We applied a pragmatic four-step de-scoping approach, designed to move from a long list of ideas to binding decisions within a very short time.
- 1Collection of de-scoping ideasAll ideas were gathered in a structured brainstorming with the project stakeholders – project management, engineering, procurement, site team and future operations. The complete remaining-work list served as the starting point; no idea was filtered out at this stage.
- 2CategorizationEach item was categorized: must-haves (required for safety or legal/permitting reasons), locked items (already executed or contractually committed) and de-scoping candidates, ranked by a de-scoping priority and grouped into scenarios from conservative to aggressive.
- 3Workshop preparationThe candidates were worked out with their cost, schedule and interface impact. The decisive success factor: a decision-capable panel – project lead, asset owner, operations and procurement – was committed to attend the workshop.
- 4Decision workshopIn the workshop, the candidates were reviewed position by position. Every item received a binding decision on the spot: de-scope, transfer to a different budget or to later operations, keep in scope, or pursue as a commercial claim.
The de-scoping exercise delivered a confirmed relief of more than EUR 0.5 million on the remaining project budget – decided in a single workshop; binding, documented decisions, immediately communicated to the executing suppliers before the affected works would have been carried out – protecting the savings from simply evaporating; and a reusable de-scoping logic (must-have / locked / candidate) the client can apply to future projects.
Even very late in construction – when the scope seems fixed – a structured de-scoping approach with the right decision-makers at the table can unlock substantial savings. Speed and binding decisions make the difference.
Operational contracts for the FID of one of Germany’s first green hydrogen projects
An energy developer was advancing one of the first industrial-scale green-hydrogen projects in Germany. To reach a positive Final Investment Decision (FID), the entire operational contract suite had to be structured, negotiated and aligned – under considerable regulatory uncertainty, evolving subsidy frameworks, and along a value chain for which few market standards yet existed.
We co-steered the project’s legal strategy and built out the full contractual matrix required for FID, including:
- 1Power Purchase Agreements (PPA)Securing renewable electricity on bankable terms.
- 2Hydrogen Supply / Offtake Agreements (HSA)Anchoring long-term revenues.
- 3EPC, O&M, grid-connection, land and site contractsThe execution and operations backbone of the project.
- 4Collaboration, shareholder and financing-related agreementsIncluding alignment of all contracts with funding/subsidy conditions and lender requirements, plus stakeholder and outside-counsel management.
The contractual foundation was completed and internally consistent, allocating risk sensibly across a novel value chain and making the project bankable. The company was put into the position to take a well-supported Final Investment Decision.
On a value chain without market standards, a consistent contract matrix is what makes the project bankable.
Establishing a full contract management function
A project-driven organization negotiated and executed high-value contracts, yet had no systematic contract management capability. Contracts were handled ad hoc, obligations and entitlements went untracked, claims were recognized too late, and avoidable value leaked out of projects.
We established a dedicated contract management department end to end:
- 1Operating modelRoles and responsibilities (RACI) and interfaces with legal, commercial and project teams.
- 2Playbooks and templatesClause libraries and standardized templates.
- 3Full contract lifecycleFrom bid and drafting through negotiation, execution and close-out.
- 4Change and claim managementStructured change and claim management and obligation tracking embedded in the process.
- 5KPIs and trainingKPI reporting introduced; project and commercial staff trained to sustain the capability.
Contract management became an institutionalized, auditable discipline rather than an afterthought. Risks surfaced earlier, claim positions grew stronger, and project margins were protected – a repeatable process the organization could rely on across its entire portfolio.
Contract management is a capability, not a task – once institutionalized, it protects margins across the whole portfolio.
Turning a distressed EPC dispute into a negotiated settlement
A large capex project had slipped into a serious dispute over delay, alleged defects and substantial cost overruns. The owner threatened termination and asserted a large monetary claim; multi-year international arbitration looked unavoidable, and the commercial relationship was close to breaking down.
We took legal lead of the pre-litigation claim management, combining contractual precision with commercial pragmatism:
- 1ReconstructionThe contractual timeline and the entitlement basis on both sides.
- 2QuantificationCounter-claims quantified; delay and technical experts coordinated.
- 3StrategyA layered negotiation and settlement strategy with clear walk-away points.
- 4SteeringOutside counsel steered efficiently while keeping decision-making in-house and business-driven.
The matter was resolved through a negotiated settlement well below the amount claimed, avoiding years of arbitration and its cost and distraction. Just as importantly, the commercial relationship was preserved – and future business with the counterparty remained open.
Contractual precision plus commercial pragmatism resolves disputes faster and cheaper than arbitration – and keeps the door open.