Abstract
Calculating the value of wood in forests has always been a job full of challenges for the appraiser, especially if in that case the condition is not to cut down trees. As one of the possibilities, the method of "model" cutting can be used, which is practically the only one that allows assessment value without cutting trees. It consists in estimating the volumes of assortment classes only on the basis of tree dimensions (d and h) and valid standards for forest exploitation products, and later, by multiplication with prices, the required value is obtained. As other characteristics of the tree (wood defects) are not taken into account in this procedure, it is obviously an ideal (maximum) value. In order to harmonize it with the real value, which is always lower than the "model" value, a request is imposed for the correction of the "model" value with appropriate coefficients. In this research, an attempt was made to obtain such coefficients for material from thinning in beech high (5,973 trees) and coppice (1,842 trees) forests and to check the degree of accuracy during their application.
Highlights
ĞƐƟŵĂƚĞĚ amount of money that would be received for the current sale of the property͕͟ƚŚĂƚŝƐ͙͞the market value
ƐĂŵƉůĞŝĞ͘ƚŚĞŶƵŵďĞƌŽĨĐŽǀĞƌĞĚƚƌĞĞƐ;ϭΘϬϬϬ ǀƐϳΘϭρͿƉƌŝĐĞƐ;ƚŚƌĞĞͲLJĞĂƌĂǀĞƌĂŐĞďĞĨŽƌĞϮϬϭϮ ĐŽŵƉĂƌĞĚƚŽƉƌŝĐĞƐĨƌŽŵŽŶĞƐĞĂƐŽŶͿƚƌĞĞƐƉĞͲ ĐŝĞƐ;ďĞĞĐŚĂŶĚĮƌŝŶƌĞůĂƟŽŶƚŽƚŚĞďĞĞĐŚŝƚƐĞůĨͿ ĂŶĚƚŚĞďĂƐŝƐŽĨĐĂůĐƵůĂƟŽŶ;ĚŝĂŵĞƚĞƌĐůĂƐƐĞƐŝŶ ƌĞůĂƟŽŶ ƚŽ ĂƐƐŽƌƚŵĞŶƚ ĐůĂƐƐĞƐͿ dŚĞ ŵĞŶƟŽŶĞĚ ĂƵƚŚŽƌƐƐƚĂƚĞƚŚĂƚƚŚĞǀĂůƵĞŽĨƚŚĞƐƚĂŶĚ͙͞can be calculated on the basis of the following data
D Ğ Ě Ă ƌĞ ǀ ŝ đ D͘DŝůŽƓĞǀŝđ Z;ϮϬϬρͿTipovi buŬŽǀŝŚƓƵŵĂƵ^ƌďŝũŝͣƵŬǀĂƵ^ƌďŝũŝ͞ha/d^Ͳ hŶŝǀĞƌnjŝƚĞƚ Ƶ ĞŽŐƌĂĚƵ Ͳ aƵŵĂƌƐŬŝ ĨĂŬƵůƚĞƚ ĞŽŐƌĂĚ;ϯςςͲϯϳϬͿ
Summary
DŚĞĐĂůĐƵůĂƟŽŶŽĨƚŚĞǀĂůƵĞŽĨĨŽƌĞƐƚƐŚĂƐďĞĞŶ ƚŚĞ ƐƵďũĞĐƚ ŽĨ ŝŶƚĞƌĞƐƚ ŽĨ ĨŽƌĞŝŐŶ ĂŶĚ ĚŽŵĞƐƟĐ ĨŽƌĞƐƚƌLJĞdžƉĞƌƚƐĨŽƌĚĞĐĂĚĞƐŝĨŶŽƚŵŽƌĞƚŚĂŶĂ ĐĞŶƚƵƌLJdŚĞŵĂŝŶƌĞĂƐŽŶůŝĞƐŝŶƚŚĞĨĂĐƚƚŚĂƚƚŚĞ ǀĂůƵĞŽĨĨŽƌĞƐƚƐ;ĨŽƌĞƐƚƐƚĂŶĚƐͿ͙͞is a basic and indispensable component for the proper and professional management of planned forestry policy and ƉƌŽĚƵĐƟŽŶ ƉƌŽĐĞƐƐ ŝŶ ĨŽƌĞƐƚƌLJ ;ZĂŶŬŽǀŝđ ϭεεςͿdŚĞĐĂůĐƵůĂƟŽŶƉƌŽĐĞĚƵƌĞŝƚƐĞůĨŝƐĚŝǀŝĚĞĚ ŝŶƚŽ ƚŚĞ ĐĂůĐƵůĂƟŽŶ ŽĨ ƚŚĞ ǀĂůƵĞ ŽĨ ĨŽƌĞƐƚ ůĂŶĚ ĂŶĚƚŚĞĐĂůĐƵůĂƟŽŶŽĨƚŚĞǀĂůƵĞŽĨĨŽƌĞƐƚƐƚĂŶĚƐ ;EĞŶĂĚŝđ ϭεϮϮͿ tŝƚŚŝŶ ƚŚŝƐ ƐĞĐŽŶĚ ƉĂƌƚ ƚŚĞƌĞŝƐĂƉƌŽďůĞŵŽĨĐĂůĐƵůĂƟŶŐƚŚĞǀĂůƵĞŽĨĨŽƌͲ ĞƐƚǁŽŽĚĂƐƐŽƌƚŵĞŶƚƐďĞĐĂƵƐĞƚŚĞLJƐƟůůŵĂŬĞƵƉ ƚŚĞůĂƌŐĞƐƚƉĂƌƚŽĨƚŚĞǀĂůƵĞŽĨĨŽƌĞƐƚƐƚĂŶĚƐƐŽ ƚŚĞĐĂůĐƵůĂƟŽŶƉƌŽĐĞĚƵƌĞŝƐƉƌĂĐƟĐĂůůLJƌĞĚƵĐĞĚƚŽ ƚŚĞĐĂůĐƵůĂƟŽŶŽĨƚŚĞŝƌǀĂůƵĞdŚĞŵĂŝŶĨĞĂƚƵƌĞŽĨ ƚŚĞǀĂůƵĞŽĨĨŽƌĞƐƚǁŽŽĚĂƐƐŽƌƚŵĞŶƚƐŽďƐĞƌǀĞĚŝŶ&/E/E'K&&//Ed^&KZKZZd/KEK&WKdEd/>s>hK&tKK^^KZdDEd^/EZ>͘͘͘ƚŚŝƐǁĂLJŝƐƚŚĂƚŝƚĐŽŶƚĂŝŶƐĂůůĐŽƐƚƐŝŶĐƵƌƌĞĚŝŶƚŚĞ ƉĞƌŝŽĚƵƉƚŽƚŚĞŵŽŵĞŶƚŽĨǀĂůƵĞĐĂůĐƵůĂƟŽŶƚŚĂƚ ŝƐƚŚĞŐƌŽƐƐǀĂůƵĞdŚĞĐĂůĐƵůĂƟŽŶŽĨƚƌĞĞǀĂůƵĞƐĐĂŶďĞƐŽůǀĞĚŝŶ ƚŚƌĞĞǁĂLJƐ;ZĂŶŬŽǀŝđϭεεςͿƚŚĞĐƵƌƌĞŶƚĐƵƚͲ ƟŶŐǀĂůƵĞŵĞƚŚŽĚƚŚĞƐƚĂŶĚĐŽƐƚŵĞƚŚŽĚĂŶĚƚŚĞ ĞdžƉĞĐƚĞĚƐƚĂŶĚǀĂůƵĞŵĞƚŚŽĚůůƚŚƌĞĞŵĞƚŚŽĚƐ ŚĂǀĞƉƌŽƐĂŶĚĐŽŶƐĂŶĚĂƌĞĂƉƉůŝĞĚŝŶƐŝƚƵĂƟŽŶƐ ǁŚĞƌĞ ƚŚĞLJ ĐĂŶ ŐŝǀĞ ƚŚĞ ŵŽƐƚ ĂĐĐƵƌĂƚĞ ƌĞƐƵůƚƐ /Ŷ ĂĚĚŝƟŽŶ ŝƚ ƐŚŽƵůĚ ďĞ ďŽƌŶĞ ŝŶ ŵŝŶĚ ƚŚĂƚ ƚŚĞ ĮƌƐƚŵĞƚŚŽĚŝƐƚŚĞŵŽƐƚĂĐĐƵƌĂƚĞ;ďĂƐĞĚŽŶĚŝƌĞĐƚ ŵĞĂƐƵƌĞŵĞŶƚŽĨƚŚĞĚŝŵĞŶƐŝŽŶƐŽĨĨŽƌĞƐƚǁŽŽĚ ĂƐƐŽƌƚŵĞŶƚƐͿĂŶĚƚŚĞƚŚŝƌĚŝƐƚŚĞůĞĂƐƚĂĐĐƵƌĂƚĞ/ƚ ƐŚŽƵůĚďĞĞŵƉŚĂƐŝnjĞĚƚŚĂƚƚŚĞƌĞŝƐŶŽƐŝŶŐůĞĂŶĚ ŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚŵĞƚŚŽĚƚŚĂƚǁŽƵůĚďĞƵŶŝǀĞƌͲ ƐĂůůLJĂƉƉůŝĐĂďůĞĨŽƌƚŚŝƐƉƵƌƉŽƐĞdŚĞŵĂŝŶƌĞĂƐŽŶƐ ĨŽƌƐƵĐŚĂƐŝƚƵĂƟŽŶĂƌĞĨŽƵŶĚŝŶƚŚĞƐƉĞĐŝĂůĐŚĂƌĂĐͲ ƚĞƌŝƐƟĐƐŽĨƚŚĞƉƌŽĚƵĐƟŽŶƉƌŽĐĞƐƐŝŶĨŽƌĞƐƚƌLJŝĞ͘ ŝŶŝƚƐďŝŽůŽŐŝĐĂůƚĞĐŚŶŝĐĂůĂŶĚĞĐŽŶŽŵŝĐƐƉĞĐŝĮĐŝͲ ƟĞƐ;WŽƚŽēŝđϭεϳϮWĞƚƌŽǀŝđϭεϳςͿtŚĂƚƚŚĞLJŚĂǀĞŝŶĐŽŵŵŽŶŝƐƚŚĂƚƚŚĞĂƐƐŽƌƚͲ ŵĞŶƚƐƚƌƵĐƚƵƌĞŽĨǁŽŽĚŝƐĂƚƚŚĞďĂƐŝƐŽĨĂůůĐĂůͲ ĐƵůĂƟŽŶƐϭ;EŝŬŽůŝđϭεεϯͿǁŚŝĐŚŝƐůŽĐĂƚĞĚŝŶ ƚŚĞƐƚĂŶĚĂŶĚǁŚŽƐĞǀĂůƵĞŝƐƚŚĞƐƵďũĞĐƚŽĨĐĂůĐƵͲ ůĂƟŽŶdŚŝƐŝƐǁŚĞƌĞƚŚĞďĂƐŝĐĚŝĸĐƵůƚLJŝŶĐŽŶĚƵĐƚͲ ŝŶŐ ƚŚĞ ĐĂůĐƵůĂƟŽŶ ŝƐ ĞŶĐŽƵŶƚĞƌĞĚ ďĞĐĂƵƐĞ ƚŚĞ ĂƉƉůŝĐĂƟŽŶŽĨƚŚĞĮƌƐƚŵĞƚŚŽĚǁŚŝĐŚŝƐƚŚĞŵŽƐƚ ĂĐĐƵƌĂƚĞƌĞƋƵŝƌĞƐƚŚĂƚĂůůƚƌĞĞƐŝŶƚŚĞƐƚĂŶĚďĞĐƵƚ ĚŽǁŶĂŶĚƚƵƌŶĞĚŝŶƚŽĨŽƌĞƐƚǁŽŽĚĂƐƐŽƌƚŵĞŶƚƐ ĂŶĚ ƚŚĞŶ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ƉƌŝĐĞ ůŝƐƚƐ ďĞ ĂƉƉůŝĞĚ dŚĞŽƚŚĞƌƚǁŽŵĞƚŚŽĚƐĂƌĞďĂƐĞĚŽŶƚŚĞŝŶƚƌŽĚƵĐͲ ƟŽŶŝŶƚŽƚŚĞĐĂůĐƵůĂƟŽŶŽĨĚŝīĞƌĞŶƚƚLJƉĞƐŽĨĞƐƟͲ ŵĂƚĞƐŵŽƌĞŽƌůĞƐƐƌĞůŝĂďůĞdŚĞƌĞĨŽƌĞĂƩĞŵƉƚƐ ŚĂǀĞďĞĞŶŵĂĚĞƚŽƐŽŵĞŚŽǁĂƉƉůLJƚŚĞĐƵƌƌĞŶƚ ĐƵƫŶŐǀĂůƵĞŵĞƚŚŽĚϮďƵƚǁŝƚŚƚŚĞĐŽŶĚŝƟŽŶƚŚĂƚ ŶŽƚ Ăůů ƚŚĞ ƚƌĞĞƐ ŝŶ ƚŚĞ ƐƚĂŶĚ ĂƌĞ ĐƵƚ ĚŽǁŶ ďƵƚ ƚŚĂƚƚŚĞĂƐƐŽƌƚŵĞŶƚƐƚƌƵĐƚƵƌĞŝƐƌĞĂĐŚĞĚǁŝƚŚĂƐ ϭdŚĞLJĂƌĞŽďƚĂŝŶĞĚŝŶƚŚĞƉƌŽĐĞƐƐŽĨĐƵƫŶŐƚŚĞƚƌƵŶŬƐŽĨ ĨĞůůĞĚƚƌĞĞƐϮ/ƚŝŵƉůŝĞƐƚŚĂƚƚŚĞǀĂůƵĞƌĞĨĞƌƐƚŽƚŚĞŵŽŵĞŶƚŽĨĂƐƐĞƐƐͲ ŵĞŶƚƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞĐƵƌƌĞŶƚĐŽŶĚŝƟŽŶŽĨƚŚĞƚƌĞĞƐ ;ĞdžŝƐƟŶŐ ĂƐƐŽƌƚŵĞŶƚ ƐƚƌƵĐƚƵƌĞͿ ĂŶĚ ƚŚĞ ĐƵƌƌĞŶƚ ƉƌŝĐĞƐ ŽĨ ĨŽƌĞƐƚǁŽŽĚĂƐƐŽƌƚŵĞŶƚƐĨĐŽĨŽƌĞƐƚƚƌƵĐŬƌŽĂĚdŚŝƐŝƐĂůƐŽ ĐĂůůĞĚ ƚŚĞ ͞ůŝƋƵŝĚĂƟŽŶ ǀĂůƵĞ͟ ǁŚŝĐŚ ŝƐ ͙͞ƚŚĞ ĞƐƟŵĂƚĞĚ amount of money that would be received for the current sale of the property͕͟ƚŚĂƚŝƐ͙͞the market value of the ǁŽŽĚŝƐƚŚĞůŝƋƵŝĚĂƟŽŶǀĂůƵĞŽĨƚŚĞǁŽŽĚŽŶƚŚĞǀĂůƵĂƟŽŶ ĚĂƚĞŶŽƚƚŚĞƉŽƚĞŶƟĂůƚŚĞǀĂůƵĞŽĨƚŚĞƚƌĞĞĂƚƐŽŵĞĨƵƚƵƌĞ ƟŵĞ; ƵůůĂƌĚ ,͘^͕͘^ ƚƌĂŬĂ :͘d͘ϮϬϭϭͿdŚĞƌĞĨŽƌĞ ƚŚĞƌĞŝƐŶŽŶĞĞĚƚŽĚŝƐĐŽƵŶƚĂŶĚƌĞƐƉĞĐƚƚƌĂŶƐƉŽƌƚĐŽƐƚƐůŝƩůĞ ŝŶƚĞƌǀĞŶƟŽŶ ĂƐ ƉŽƐƐŝďůĞ ŝŶ ƚŚĞ ĚĞĞƉĞŶŝŶŐ ǁŽŽĚǀŽůƵŵĞŝƚƐĞůĨKŶĞŽĨƚŚĞǁĂLJƐǁŚĞƌĞƚŚĞƌĞ ŝƐ ƉƌĂĐƟĐĂůůLJ ŶŽ ĐƵƫŶŐ ŽĨ ƚƌĞĞƐ ŝƐ ƚŚĞ ƚĂďƵůĂƌ ŵĞƚŚŽĚϯ ďƵƚ ƚŚĞ ĂƉƉůŝĐĂƟŽŶ ŽĨ ƚŚĞ ƚĂďůĞƐ ŝƐ ͙͞linked to the problem of their accuracy, having in ŵŝŶĚƚŚĞƟŵĞǁŚĞŶƚŚĞLJǁĞƌĞŵĂĚĞƚŚĞƚLJƉĞŽĨ ƚƌĞĞƐĂŶĚƚŚĞƐƚĂŶĚĐŽŶĚŝƟŽŶƐƚŽǁŚŝĐŚƚŚĞLJƌĞĨĞƌ ;ZĂŶŬŽǀŝđϭεεςͿdŚĞƐĞĐŽŶĚǁĂLJŝƐďĂƐĞĚŽŶ ĐƵƫŶŐĂĐĞƌƚĂŝŶ;ƌĞƉƌĞƐĞŶƚĂƟǀĞƐĂŵƉůĞͿŶƵŵďĞƌ ŽĨƚƌĞĞƐŝŶƐĞǀĞƌĂůĞǀĞŶůLJĚŝƐƚƌŝďƵƚĞĚƉůĂĐĞƐŝŶƚŚĞ ƐƚĂŶĚ;ƐLJƐƚĞŵĂƟĐƐĂŵƉůĞͿǁŚŝĐŚŵŽƐƚĂĐĐƵƌĂƚĞͲ ůLJƌĞŇĞĐƚƐƚŚĞĂƐƐŽƌƚŵĞŶƚƐƚƌƵĐƚƵƌĞŽĨƚŚĞǁŚŽůĞ ƐƚĂŶĚĐƵƫŶŐůŽŐƐĂŶĚĂƉƉůLJŝŶŐƚŚĞƌĞƐƵůƚƐƚŽƚŚĞ ǁŚŽůĞ ƐƚĂŶĚ dŚĞ ƉĂƌĂůůĞů ĐĂŶ ďĞ ĚƌĂǁŶ ǁŝƚŚ Ă ƉĂƌƟĂůĚŝĂŵĞƚĞƌŝŶƚŚĞĨŽƌĞƐƚŝŶǀĞŶƚŽƌLJǁŚĞƌĞƚŚĞ ŶƵŵĞƌŝĐĂůĞůĞŵĞŶƚƐĨƌŽŵƚŚĞƐĂŵƉůĞƐƵƌĨĂĐĞƐŽĨ ĚŝīĞƌĞŶƚƐŚĂƉĞƐ;ƐĂŵƉůĞƐͿĂƌĞƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ ǁŚŽůĞƐĞƚ;ƐƚĂŶĚͿǁŝƚŚƚŚĞĚĞƚĞƌŵŝŶĂƟŽŶŽĨƚŚĞ ƐƚĂŶĚĂƌĚ ĞƌƌŽƌ ŽĨ ƚŚĞ ĞƐƟŵĂƚĞĚ ƐƚĂŶĚ ĞůĞŵĞŶƚƐ ; ĂŶŬŽǀŝđWĂŶƚŝđϮϬϬςͿ/ŶĂĚĚŝƟŽŶƚŽƚŚĞĂďŽǀĞŽŶĞŽĨƚŚĞƉŽƐƐŝďůĞ ƐŽůƵƟŽŶƐŝƐƚŚĞƵƐĞŽĨƚŚĞŵĞƚŚŽĚŽĨ͞ŵŽĚĞůĐƵƚͲ ƟŶŐǁŚŝĐŚŝƐďĂƐĞĚŽŶƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨƉŽƚĞŶƟĂů ;͞ŵŽĚĞů͟ŝĚĞĂůͿĂƐƐŽƌƚŵĞŶƚƐƚƌƵĐƚƵƌĞ;EŝŬŽůŝđ ϭεΘΘͿ dŚĞ ŵĞƚŚŽĚ ƐƚĂƌƚƐ ĨƌŽŵ ƚŚĞ ĂƐƐƵŵƉƟŽŶ ƚŚĂƚ ƚŚĞ ĂƐƐŽƌƚŵĞŶƚ ƐƚƌƵĐƚƵƌĞ ĚĞƉĞŶĚƐ ŽŶůLJ ŽŶ ƚŚĞĚŝŵĞŶƐŝŽŶƐŽĨƚŚĞƚƌĞĞ;dĂŶĚhͿǁŚĞƌĞŝƚŝƐ ĂƐƐƵŵĞĚƚŚĂƚƚŚĞƋƵĂůŝƚLJ;ĐŽŶĚŝƟŽŶĞĚďLJŚĞĂůƚŚ ĐŽŶĚŝƟŽŶƉƵƌŝƚLJŽĨďƌĂŶĐŚĞƐĂŶĚǁŽŽĚƐƚƌƵĐƚƵƌĞͿ ŝƐǁŝƚŚŝŶƚŽůĞƌĂŶƚůŝŵŝƚƐ&ŽƌƚŚĞĂƉƉůŝĐĂƟŽŶŽĨƚŚŝƐ ŵĞƚŚŽĚŝƚŝƐŶĞĐĞƐƐĂƌLJƚŽŚĂǀĞĚĂƚĂŽŶƚŚĞĐŚĞƐƚ ĚŝĂŵĞƚĞƌ ĂŶĚ ŚĞŝŐŚƚ ŽĨ ƚƌĞĞƐ ŝŶ ƚŚĞ ƐƚĂŶĚ ĂŌĞƌ ǁŚŝĐŚƚŚĞǀŽůƵŵĞƐŽĨĂƐƐŽƌƚŵĞŶƚĐůĂƐƐĞƐĂƌĞĐĂůͲ ĐƵůĂƚĞĚǁŚŝĐŚŝŶƚŚĞĨƵƌƚŚĞƌƉƌŽĐĞĚƵƌĞŽĨĐĂůĐƵůĂƚͲ ŝŶŐƚŚĞǀĂůƵĞĂƌĞŵƵůƟƉůŝĞĚďLJƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐ ƉƌŝĐĞƐ ĨƌŽŵ ƚŚĞ ĐƵƌƌĞŶƚ ƉƌŝĐĞ ůŝƐƚ LJ ĂĚĚŝŶŐ ƚŚĞ ŽďƚĂŝŶĞĚ ǀĂůƵĞƐ ŽĨ ĂƐƐŽƌƚŵĞŶƚ ĐůĂƐƐĞƐ ƚŚĞ ƌĞͲ ƋƵŝƌĞĚƚŽƚĂůǀĂůƵĞŽĨĨŽƌĞƐƚǁŽŽĚĂƐƐŽƌƚŵĞŶƚƐǁĂƐ ŽďƚĂŝŶĞĚ;ZĂŶŬŽǀŝđsƵēŬŽǀŝđϮϬϭϭͿLJĂĐƟŶŐŝŶƚŚŝƐǁĂLJƚŚĞƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚŶŽ ƚƌĞĞƐŚĂǀĞƚŽďĞĐƵƚĚŽǁŶǁĂƐĨƵůĮůůĞĚďĞĐĂƵƐĞ ŵĞĂƐƵƌŝŶŐƚŚĞĐŚĞƐƚĚŝĂŵĞƚĞƌĂŶĚŚĞŝŐŚƚĚŽĞƐŶŽƚ ƌĞƋƵŝƌĞĨĞůůŝŶŐƚƌĞĞƐ,ŽǁĞǀĞƌŝƚƐŚŽƵůĚďĞďŽƌŶĞ ŝŶŵŝŶĚƚŚĂƚƚŚŝƐŝƐĂŶŝĚĞĂů;͞ŵŽĚĞůͿĂƐƐŽƌƚŵĞŶƚ ƐƚƌƵĐƚƵƌĞ ƐŽ ƚŚĞŶ ƚŚĞ ǀĂůƵĞ ďĂƐĞĚ ŽŶ ŝƚ ŝƐ ĂůƐŽ ϯĂƐĞĚŽŶƚŚĞĚĂƚĂŽŶƚŚĞĂƐƐŽƌƚŵĞŶƚƐƚƌƵĐƚƵƌĞĨƌŽŵƉƌĞͲ ǀŝŽƵƐĨĞůůŝŶŐƐĂƉƉƌŽƉƌŝĂƚĞƚĂďůĞƐĂƌĞŵĂĚĞǁŚŝĐŚĂƌĞƚŚĞŶ ĂƉƉůŝĞĚƚŽƐƚĂŶĚƐŽĨƐŝŵŝůĂƌĐŽŶĚŝƟŽŶƐ;ƐĂŵĞƚLJƉĞŽĨƚƌĞĞƐ ĐůŽƐĞŚĂďŝƚĂƚĂŶĚƐƚĂŶĚĐŽŶĚŝƟŽŶƐĞƚĐͿŝĚĞĂůκ &Žƌ ƚŚĂƚ ƌĞĂƐŽŶ ƚŚĞƌĞ ŝƐ Ă ŶĞĞĚ ƚŽ ĮŶĚ Ă ǁĂLJƚŽĐĂůĐƵůĂƚĞƚŚĞƌĞĂů;ƌĞĂůͿǀĂůƵĞŽĨǁŽŽĚĂƐͲ ƐŽƌƚŵĞŶƚƐĂƐĂĐĐƵƌĂƚĞůLJĂƐƉŽƐƐŝďůĞƚŚƌŽƵŐŚƚŚŝƐ ŝĚĞĂů dŚŝƐ ĐĂŶ ďĞ ĂĐŚŝĞǀĞĚ ĞŝƚŚĞƌ ďLJ ĐŽƌƌĞĐƟŶŐ ƚŚĞŝĚĞĂůĂƐƐŽƌƚŵĞŶƚƐƚƌƵĐƚƵƌĞ;ĐůĂƐƐǀŽůƵŵĞĐŽƌͲ ƌĞĐƟŽŶͿŽƌďLJĐŽƌƌĞĐƟŶŐƚŚĞŝĚĞĂůǀĂůƵĞŽĨǁŽŽĚ ĂƐƐŽƌƚŵĞŶƚƐ;ĐůĂƐƐǀĂůƵĞĐŽƌƌĞĐƟŽŶͿdŚĞ ŵŽƐƚ ĐŽŵŵŽŶůLJ ƵƐĞĚ ŵĞƚŚŽĚ ĨŽƌ ƚŚĞƐĞ ŶĞĞĚƐŝŶǀŽůǀĞƐƚŚĞĂƉƉůŝĐĂƟŽŶŽĨĂƉƉƌŽƉƌŝĂƚĞĐŽͲ ĞĸĐŝĞŶƚƐĂƐĂĐŽƌƌĞĐƟǀĞĨĂĐƚŽƌdŚŝƐǁŽƵůĚŵĞĂŶ ƚŚĂƚ ƚŚĞ ͞ŵŽĚĞů ;ŝĚĞĂůͿ ĂƐƐŽƌƚŵĞŶƚ ƐƚƌƵĐƚƵƌĞ ŝƐ ĐŽƌƌĞĐƚĞĚ ďLJ ĂƉƉƌŽƉƌŝĂƚĞ ĐŽĞĸĐŝĞŶƚƐ ;ƚŚĞƌĞ ǁŽƵůĚ ďĞ Ă ƐĞƉĂƌĂƚĞ ĐŽĞĸĐŝĞŶƚ ĨŽƌ ĞĂĐŚ ĂƐƐŽƌƚͲ ŵĞŶƚĐůĂƐƐρͿĂŶĚƚŚƵƐŐĞƚƚŚĞŵŽƐƚĂĐĐƵƌĂƚĞĂĐƚƵĂů ĂƐƐŽƌƚŵĞŶƚƐƚƌƵĐƚƵƌĞĨƌŽŵǁŚŝĐŚŝŶƚŚĞĨƵƌƚŚĞƌ ƉƌŽĐĞĚƵƌĞǁŽƵůĚďĞŽďƚĂŝŶĞĚĂƐĂĐĐƵƌĂƚĞĂƐƉŽƐƐŝͲ ďůĞƚŚĞĂĐƚƵĂůǀĂůƵĞŽĨƚŚĞǁŽŽĚƉƉůLJŝŶŐƚŚĞƐĞĐͲ ŽŶĚĂƉƉƌŽĂĐŚŝƚǁŽƵůĚŝŶƚĞƌǀĞŶĞĚŝƌĞĐƚůLJŽŶƚŚĞ ŝĚĞĂů;͞ŵŽĚĞůͿǀĂůƵĞŽĨĨŽƌĞƐƚǁŽŽĚĂƐƐŽƌƚŵĞŶƚƐ ĂŶĚƚŚĞƌĞƐƵůƚǁŽƵůĚďĞĂĐŽƌƌĞĐƚĞĚǀĂůƵĞĐůŽƐĞ ĞŶŽƵŐŚƚŽƚŚĞĂĐƚƵĂůǀĂůƵĞ&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨ ƚŚŝƐƌĞƐĞĂƌĐŚƚŚŝƐƐĞĐŽŶĚĐĂƐĞǁĂƐĐŚŽƐĞŶďĞĂƌͲ ŝŶŐŝŶŵŝŶĚƚŚĂƚƚŚĞĨŽĐƵƐŽĨŝŶƚĞƌĞƐƚŝƐƚŚĞǀĂůƵĞŽĨ ĨŽƌĞƐƚǁŽŽĚĂƐƐŽƌƚŵĞŶƚƐĂŶĚŶŽƚƚŚĞĂƐƐŽƌƚŵĞŶƚ ƐƚƌƵĐƚƵƌĞŝƚƐĞůĨ^ƵĐŚĐŽĞĸĐŝĞŶƚƐǁŽƵůĚŚĂǀĞƚŚĞ ĨŽůůŽǁŝŶŐƉƌŽƉĞƌƟĞƐ ʹ ƌĞĨĞƌƚŽŽŶůLJŽŶĞƚLJƉĞŽĨƚƌĞĞ;ƵƐĞŽĨƵŶŝǀĞƌƐĂůĐŽĞĸĐŝĞŶƚƐŝƐŶŽƚƉŽƐƐŝďůĞͿ ʹ ƚŚĞĐŚĂƌĂĐƚĞƌŝƐĐŽŶĚŝƟŽŶĞĚďLJƚŚĞƉŽƐŝƟŽŶĂŶĚƐŝnjĞŽĨƚŚĞĂƌĞĂĨƌŽŵǁŚŝĐŚƚŚĞĞŵƉŝƌŝĐĂů ĚĂƚĂǁĞƌĞĐŽůůĞĐƚĞĚ;ůŽĐĂůƌĞŐŝŽŶĂůŽƌŐĞŶĞƌĂůͿ ʹ ƌĞĨĞƌƚŽŽŶůLJŽŶĞĐƵůƟǀĂƟŽŶĨŽƌŵ;ĐŽĞĸĐŝĞŶƚƐ ĨŽƌŚŝŐŚĂŶĚĐŽƉƉŝĐĞĨŽƌĞƐƚƐĚŝīĞƌͿ ʹ ƌĞĨĞƌƚŽŽŶůLJŽŶĞƚLJƉĞŽĨĨĞůůŝŶŐ;ŝƚŝƐĂƐƐƵŵĞĚ ƚŚĂƚƚŚĞƌĞĂƌĞĐĞƌƚĂŝŶĚŝīĞƌĞŶĐĞƐŝŶƚŚĞĚŝŵĞŶͲ ƐŝŽŶƐĂŶĚĐŚĂƌĂĐƚĞƌŝƐƟĐƐŽĨƚƌĞĞƐĨƌŽŵƚŚŝŶŶŝŶŐ ĂŶĚƌĞŐĞŶĞƌĂƟŽŶĨĞůůŝŶŐͿ ʹ ƚŚĞLJĂƌĞĐĂůĐƵůĂƚĞĚŽŶƚŚĞďĂƐŝƐŽĨĚĂƚĂĨƌŽŵĂ ůĂƌŐĞĞŶŽƵŐŚŶƵŵďĞƌŽĨƚƌĞĞƐ;ƚŚĞŽƌĞƟĐĂůůLJŝƚ ǁŽƵůĚďĞďĞƐƚƚŽƵƐĞĚĂƚĂĨƌŽŵĂůůƉĞƌĨŽƌŵĞĚ κdŚĞƚĞƌŵ͞ŝĚĞĂůŵĞĂŶƐƚŚĞƚŚĞŽƌĞƟĐĂůŵĂdžŝŵƵŵǀĂůƵĞ ŽĨĨŽƌĞƐƚǁŽŽĚĂƐƐŽƌƚŵĞŶƚƐďĞĐĂƵƐĞŝŶƌĞĂůŝƚLJŝƚĐĂŶŽŶůLJ ďĞƐŵĂůůĞƌĚƵĞƚŽƚŚĞŝŶŇƵĞŶĐĞŽĨŶƵŵĞƌŽƵƐĨĂĐƚŽƌƐ;ĐƵƌǀĂͲ ƚƵƌĞĨĂůƐĞŚĞĂƌƚŬŶŽƚƐĞƚĐͿƐŽǁŚĞŶĐƵƫŶŐƚŚĞƚƌƵŶŬƚŚĞ ƐŚĂƌĞŽĨŵŽƌĞǀĂůƵĂďůĞŝŶƚŚĞƌĞůĂƟŽŶƐŚŝƉĚĞĐƌĞĂƐĞƐŽĨůĞƐƐ ǀĂůƵĂďůĞĂƐƐŽƌƚŵĞŶƚƐρ/ƚŝƐƉŽƐƐŝďůĞƚŽŵĂŬĞĐŽƌƌĞĐƟŽŶƐǁŝƚŚĐŽĞĸĐŝĞŶƚƐƌĞůĂƚĞĚ ƚŽƚŚŝĐŬŶĞƐƐĚĞŐƌĞĞƐ; LJŐŵƵŶƚ et al͘ϮϬϭϳͿďƵƚŝƚŝƐ ŽƉĞƌĂƚĞĚǁŝƚŚĂůĂƌŐĞƌŶƵŵďĞƌŽĨĐŽĞĸĐŝĞŶƚƐǁŚŝĐŚĐŽŵͲ ƉůŝĐĂƚĞƐƚŚĞƉƌŽĐĞĚƵƌĞƐŽŝƚŝƐĂƐƐƵŵĞĚƚŚĂƚŝƚĐĂŶĐŽŵƉƌŽͲ ŵŝƐĞƚŚĞƌĞƋƵŝƌĞĚĂĐĐƵƌĂĐLJĨĞůůŝŶŐƐďŽƚŚĐƵƌƌĞŶƚĂŶĚƉĂƐƚĨŽƌǁŚŝĐŚĚĂƚĂ ĞdžŝƐƚďƵƚƚŚŝƐŝƐǀĞƌLJĚŝĸĐƵůƚƚŽĂĐŚŝĞǀĞƐŽŝƚ ŵƵƐƚďĞŽƉĞƌĂƚĞĚǁŝƚŚĂƌĞƉƌĞƐĞŶƚĂƟǀĞƐƚĂƟƐͲ ƟĐĂůƐĂŵƉůĞͿ ʹ ĂĐĐƵƌĂĐLJςƐŚŽƵůĚďĞĂƚƚŚĞůĞǀĞůŽĨĞƌƌŽƌŽĨρй ;ƚŚĞ ĚŝīĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ĂĐƚƵĂů ĂŶĚ ĐŽƌͲ ƌĞĐƚĞĚǀĂůƵĞŽŶƚŚĞďĂƐŝƐŽĨƚŚĞŝĚĞĂůƐŚŽƵůĚ ďĞ чρйͿ ǁŚŝĐŚ ŝƐ ƚŚĞ ƵƐƵĂů ůĞǀĞů ŽĨ ƚŽůĞƌĂŶƚ ĞƌƌŽƌŝŶĞĐŽŶŽŵŝĐƌĞƐĞĂƌĐŚͿ /ƚŝƐŝŵƉŽƌƚĂŶƚƚŽŶŽƚĞƚŚĂƚƚŚƌĞĞĐůŽƐĞƚĞƌŵƐ ĂƌĞƵƐĞĚŚĞƌĞĂŶĚƚŚĞLJĂƌĞ ʹ ĐƚƵĂů ǀĂůƵĞƐ ŽĨ ĂƐƐŽƌƚŵĞŶƚ ĐůĂƐƐ ǀŽůƵŵĞƐ ;s^ŬͿ ŽďƚĂŝŶĞĚ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ ƚŚĞ ĂĐƚƵĂů ĂƐͲ ƐŽƌƚŵĞŶƚ ƐƚƌƵĐƚƵƌĞ ĚƵƌŝŶŐ ĨŝĞůĚ ĐƵƚƚŝŶŐ ŽĨ ƚƌĞĞƐ ʹ ͞DŽĚĞů;ŝĚĞĂůͿǀĂůƵĞŽĨĂƐƐŽƌƚŵĞŶƚĐůĂƐƐǀŽůͲ ƵŵĞƐ;sMkͿŽďƚĂŝŶĞĚŽŶƚŚĞďĂƐŝƐŽĨ͞ŵŽĚĞů ;ŝĚĞĂůͿĂƐƐŽƌƚŵĞŶƚƐƚƌƵĐƚƵƌĞ ʹ ŽƌƌĞĐƚĞĚǀĂůƵĞŽĨĂƐƐŽƌƚŵĞŶƚĐůĂƐƐǀŽůƵŵĞƐ ;s
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
