Terms of Business and Engagement
As part of our instruction we would typically inspect the physical features of the land and buildings and undertake the perusal of relevant documents. Field notes such as a floor plan sketch of the main buildings, attributes of the land, any unique features, condition of buildings and other features and attributes are recorded together with photographs.
The most important aspect is the analysis of sales/market comparisons from a comprehensive and continually updated database. Further consideration must be given to zoning, title detail, locational aspects, leasing documentation, compliance, current and potential use and functionality. Once these factors are carefully identified it is a matter of seeing where the property fits within the market.
Finally a comprehensive and confidential report is usually compiled for the client together with additional supporting documentation provided solely for the use of the client and/or their lender/advisor. Such work will be in a professional manner and within the best possible timely fashion.
Our service does not include a structural survey in respect of the property being valued or the identification of structural issues or the presence of “Leaky Building Syndrome”. We advise clients to take separate professional advice on these matters and any other relevant area such as taxation, finance, legal, town planning and surveying. We recommend a LIM Land Information Memorandum be obtained from the local authority.
We provide valuation services on the assumption the client has provided all information and other facts that may affect the valuation and accordingly we accept no liability in respect of the valuation where full disclosure has not been made.
All services are subject to our Statement of Valuation Policies and any conditions outlined within the report. No reference or any part of this report is to be included in any document, circular, electronic media or statement intended for publishing unless written approval is obtained.
Scope of Work
As part of our market value assessment of your premise, we may require in order to commence this assessment relevant information from you such as a copy of all leases for the various tenants, current annual rates data and insurance premiums, a recent building maintenance schedule, and a copy of the current warrant of fitness (if any). We will contact you identifying what is required.
We will also arrange a suitable time to carry out our site inspection.
Fees and Program
When we provide an estimate of our fee for the work, it is inclusive of disbursements, plus GST (unless informed otherwise) and is valid for three months. In the event that unforeseen complications arise, necessitating our additional time and resources to complete the service we will immediately contact you to discuss the additional charges and to obtain your further authorization.
We anticipate completing the work in a timely manner unless a dead line has been specified below.
Terms of engagement information to clients
Obligations of the Valuer
(“The Firm”) undertakes to perform the services using reasonable skill, care and diligence subject to any financial, physical, time or other restraints imposed by the Client or necessarily resulting from the nature of the project.
Obligations of the Client
The Client shall provide to (the Firm), free of cost, as soon as practicable following request, all information which is within the Client’s power to obtain.
The client must co-operate with (the Firm) and not obstruct the proper performance of the Services, including allowing (the Firm) reasonable access to the site and other locations associated with the Service.
As soon as the Client becomes aware of anything that will materially affect the scope or timing of the Service, the Client must inform (the Firm) in writing.
All fee estimates supplied to the Client by (the Firm) will be provided based on the request by the Client for work to be carried out and as detailed within the written estimate/quote. Any work or Services provided outside the original contract or quote, not originally detailed in the quote or contract, will be completed and invoiced after discussion and agreement with the Client.
Upon request from (the Firm) the Client shall immediately pay to (the Firm) all disbursements and external expenses incurred, paid or payable by (the Firm) on behalf of the Client.
(The Firm) may charge the Client, generally by way of monthly progress claims, on the agreed fee basis, or if no basis of charging has been agreed, (the Firm) may charge the Client the fee on completion of the work. (The Firm) may also render interim fee accounts.
The Client shall pay the invoiced amounts in full not later than the 20th day of the month following the month in which a tax invoice for the Service is rendered to the Client by (the Firm). If any account is in dispute, the undisputed portion of the account shall be payable in accordance with the normal terms of payment as described herein. Payment of the disputed portion may be withheld provided the matter is brought to (the Firm’s) attention as soon as it is discovered. A letter of explanation setting out the particulars of this dispute shall be sent to (the Firm) within 7 days of the dispute arising. If agreement between the Parties cannot be reached, the matter will proceed to the Disputes Tribunal.
If any payment is overdue by 14 days or more (the Firm) may demand payment within 7 days. If the Client does not pay within 7 days (the Firm) does not have to supply any further services, and the fee dispute will proceed to the Disputes Tribunal.
If any payment is not made as provided above, without prejudice to any other rights and remedies (the Firm) may have in respect of recovery of the unpaid amounts, the amount or amounts unpaid shall be liable to carry interest from the original due date to the date of payment, at a rate equal to 2% pa above (the Firm’s) overdraft rate.
The Client shall pay all costs, expenses and charges, including legal costs (on a solicitor and own client basis) that are incurred by (the Firm) in recovering any money owing to it by the Client.
Liability and Insurance
Notwithstanding any other provisions of this agreement the liability of this firm for damages or losses (in contract or otherwise, including negligence) in any way connected with the service or project is the lesser of five times the value of the fees or $100,000. In addition liability is restricted to direct loss or damage.
In preparing the report, the Firm shall exercise the degree of skill, care and diligence normally expected of a competent professional. Whilst every effort will be made to ensure the accuracy of the opinions, information and forecasts expressed in the report, no liability is accepted for any incorrect statement, information or forecast within.
The report will be provided solely for the use of the client named on the report. (The Firm) does not accept responsibility to any other party.
The firm has not and will not during the term of this Agreement or at any time after it, assume any obligation as the Client’s Agent or otherwise which may be imposed upon the Client from time to time pursuant to the Health and Safety in Employment Act 1992 (“the Act”) arising out of the engagement. The Consultant and the Client agree that, for the purpose of the Act, the Consultant will not be the person who controls the place of work in terms of the Act.
The Client may request variations to the Service in writing and may require (the Firm) to make proposals for variation to the Service which could include a variation to the fees for the Service if necessary.
Copyright of Documents
(The Firm) shall retain copyright of all documents it has prepared. The Client shall be entitled to use them or copy them for the purposes of the project. The ownership of data and factual information collected by (the Firm) and paid for by the Client, shall, after payment by the Client lie with the Client. The Client shall have no right to use any of the documents where any or all of the fees and expenses payable to (the Firm) have not been paid in accordance with this agreement.
Consumers Guarantees Act
If the Client is obtaining the Service for business purposes the provisions of the Consumer Guarantees Act 1993 are excluded in relation to that service. If the Client is not obtaining the Services for business purposes then to the extent that any provision in this agreement is inconsistent with the Consumers Guarantees Act, the provisions of the Act will prevail.
The Client authorises (the Firm) to collect, retain and use personal information about the Client including the information contained in this agreement for the purposes of assessing the Client’s credit worthiness, administering (the Firm’s) rights against the Client or marketing any Services provided by (the Firm). The Client may request access to and correction of any personal information and (the Firm) will comply with its obligations under the Privacy Act 1993.
Neither (the Firm) nor the Client will be liable for any act, omission or failure under this agreement (except failure to meet an obligation to pay money) if that act, omission or failure arises directly from a force majeure event (being circumstances beyond the reasonable control of the party concerned, including, without limitation, extreme weather conditions, civil disruption or industry wide industrial action).
Your continued instructions/involvement with us to provide the property advice/assessments will constitute your acceptance of these terms. If you do not accept the application of any of these terms you need to provide us with written notification to that effect.
If we can be of any further assistance please contact us.