From Wiki: “The margin of error is a statistic expressing the amount of random sampling error in a survey‘s results. The larger the margin of error, the less faith one should have that the poll’s reported results are close to the “true” figures; that is, the figures for the whole population. Margin of error occurs whenever a population is incompletely sampled.”
and I heard “Margin of Litigation” on TV today . . . and immediately connected relevance of this term to today’s business environment for my business (Real Estate Brokerage) and probably every business in the USA.
So I googled it and found direct reference to the election process – and am guessing that the term derived from the conflict relating to the resolution of the 2004 Presidential election. Here’s an article that says more about that:
I’d like to take this a slightly different direction (having heard all I care to hear about elections and expecting that we may very well be – again – in conflict over the electoral system on November 7)
In today’s world, the “Margin of Litigation” seems to have gotten pretty broad. Invariably, many folks lean towards threats of lawsuit early and often as they encounter hiccups in a negotiation or transaction.
Seldom, though, is there anything behind the threat.
but . . . when the threat is made, it MUST be taken seriously . . . just in case.
This is a HUGE, EPIC energy sucker . . . It drains the very life out of people.
A better way is to take responsibility by paying attention to this thing that I now know what to name . . . The Margin of Litigation.
As we navigate life . . . as I counsel home buyers and sellers through a house purchase or sale . . . I keep a wide peripheral eye and ear for any hints of litigious ambiance . . . always sniffing and paying very close attention to the mood and flow of the transaction.
all the while being certain to document EVERYTHING appropriately in writing, just in case . . .
AND . . . continually educating myself through extensive CE (Continuing Professional Education) and thorough research on any issues which arise along the way.
My goal (ALWAYS) is to protect my clients and myself from “Harm’s way” by doing everything in my power to keep us clear of this wide net of the margin of litigation.
Even with all of these precautionary measures, “there’s no accounting for crazy people” and these threats of lawsuits show up occasionally. A high percentage of the time, the threats are all bark and no bite . . . we learn that no attorney has been retained and that it’s a bluff intended to add urgency (Chest puffing).
The stark reality is that every hint of lawsuit must be taken very seriously and highlights the necessity for all of us personally and professionally to have insurance protection.
Whatever you do and wherever you, pay some level of attention to this margin of litigation and do your best to stay clear of it.
One thing I can assure my clients and my agents with Pareto Realty is that we are always attuned to staying out of harm’s way.
Keep it clean and well documented 🙂