Obligations of the Firm

1.  Taranaki Property Valuers Limited (‘the Valuer’) will perform their Services with reasonable skill, care, and diligence, in accordance with procedures and practices outlined by the Valuers Professional Bodies.

2.  The Valuers will act professionally and objectively in providing independent valuation advice (Please note:  The Valuers recommendations and advice will be independent of any third party interest, including the client’s interests). 

3.  The Valuers will do everything within their control to complete the valuation within the requested time frame; however, where circumstances beyond their control arise (i.e. restriction of access, lack of supply of client information, or matters of Professional Ethics, or standards), the Valuers retain the right, without penalty, to extend the period required to produce the valuation, until the circumstances preventing the completion of the report are rectified.

Obligations of the Client

4.  The Client (‘the Instructing Party’):  It is assumed in all cases that the Instructing Party has legal authority to act for, and on behalf of, the person/s, or entities involved, and accepts full responsibility for the instructions, and any valuation fees incurred.

5.  Client to Provide Information:  Where applicable, the Client shall provide to the Valuers, free of cost, all information requested, which is within the Client's power to obtain; the Client shall be responsible for the accuracy of any information supplied. 

6.  Full and Frank Disclosure Required:  The Client shall provide ‘full and frank’ disclosure of all information that is relevant to the property, and/or, to the valuation circumstances (including, disclosure of the ‘proposed use intended for the Valuation Report’).

7.  Client’s duty to notify Valuers of any change in circumstances:  The Client must notify the Valuers immediately by phone (followed by confirmation via email, or in writing) of anything that will affect the scope or timing of the Services. 

8.  The client shall pay to the Valuers the invoiced fees in full, within the time frame set by this agreement.

 Valuation Fees

9.  Quoted fees are based upon the Client supplied information:  Any fee estimate supplied by the Valuer to the Client prior to the commencement of the assignment, will be based upon the information provided initially by the Client; this sets the scope of the valuation services to be provided.  Any additional work subsequently requested or required which falls outside of the scope of the original quote, may constitute “additional work”, attracting additional fees, and/or amended timing; where additional work and fees are incurred, these shall be established by discussion and agreement between the parties.

10.  The Invoice, and the Credit period:  The Valuer shall invoice the Client at the time that the report is completed, or at such earlier or later time as may be agreed.  The Valuer shall supply a Tax Invoice to the Client.  Valuation fees are payable in full, prior to release of the valuation report; however, when prior arrangements have been made, the Valuers will release the report in good faith, and allow the Client a “Credit Period” to a maximum of 10 days following the release of the valuation report, and / or the provision of the Tax Invoice, within which time, the Client shall pay the invoiced amount in full. 

11.  If any payment of Valuation fees is overdue (whether in part or full), or is likely to be overdue (i.e. beyond the allowed “10 day Credit Period”), it is the Client’s responsibility to notify the Valuers prior to the expiry of the Credit Period of their inability to meet the Credit deadline.  In such circumstances, the Valuers may (at their sole discretion), extend the permitted Credit Period for an agreed additional period of time, without any Late Payments penalty being charged to the Client.

12.  Account Arrears (Additional “Late Payment” Fees may be incurred):  If the Client fails to make full payment of the Invoiced valuation fees within the allowed Credit Period; the Valuers may, without prejudice to any other rights and remedies in respect of recovery of the unpaid amounts, by notification in writing to the Client’s last known address, either (a) charge by way of a separate Tax Invoice a “Late Payments Administration fee” of $85 (inclusive of GST); and/or (b) charge a “Late Payments Interest Charge” of $5 per week (for each full week, that full payment of the invoiced valuation fees is overdue).

13.  Debt Collection Costs are Payable by the Client:  The Client shall pay all costs, expenses and charges incurred in Debt Collection; including legal costs and/or debt collection charges, incurred by the Valuers in recovering any unpaid valuation fees.

Termination of the Agreement

14.1.  Termination of the Agreement by the Client:  The Client may terminate, or suspend, part or all, of the Services covered by this Agreement, by giving notice to the Valuer of any change in circumstances (notification to initially be verbally, and then confirmed by email, or in writing).  The Valuer shall make immediate arrangements to stop the Services, and to minimize further expenditure.  Suspension or termination of the Agreement shall not prejudice, or affect, rights of claim, or the liability of the parties; including the payment of all fees and costs payable to the Valuers up until the effective date of suspension or termination, together with any further fees and costs incidental to the orderly termination of the Services.

14.2.  Termination of the Agreement by the Valuers:  The Valuers shall have the right to terminate the Agreement at any time; if, (a) any information supplied by the Client is proved, or considered to be incorrect; or if, (b) in the Valuers opinion, completing the valuation would conflict with the Valuers Professional Ethics, or with those of the Valuers Professional Bodies.  Dependent upon circumstances involved, the Valuers retain the right to either, charge for time and expenses incurred, or, to waive valuation fees.

Liability and Insurance (Limit of Valuers Liability)

15.1.  Notwithstanding any other provision with this Agreement, the liability of the Valuers for damages or losses (in contract, tort or otherwise, including negligence) in any way connected with the Services, is restricted to the level of Professional Indemnity Insurance cover held by the Valuers.  In addition, the Firm will only be liable for direct loss or damage.

15.2.  The Valuers will not be liable for any damage, or loss resulting from, or connected with, the Services that may be made; unless proceedings are commenced within six (6) years of the Services having been performed.

15.3.  The Valuers will not be liable for any damage or losses in any way connected with the Services, if the valuation account was not paid in full within the permitted Credit Period at the time.

15.4.  If the Client has engaged the Valuers to perform Services which the Client has contracted to provide to a third party (to be known as “the Principal”), then the Valuer’s liability to the Principal is likewise limited; and in such circumstances, the Client warrants that they are the Principal’s agent for the purpose of this Agreement and personally accept any and all responsibility and liability.

The Valuer must effect and maintain Insurance for the duration of the Services

16.  Professional Indemnity and Public Liability Insurance, for an amount relevant to and as agreed to with the Insurers, in respect of any single occurrence, and in the aggregate, for liability arising from a breach of Professional duty, or Public Liability, whether owed in contract, tort or otherwise, or by reason of any act or omission by the Valuers.

Copyright of documents

17.  The Valuers shall retain ownership and copyright of all documents they have prepared.  The Client shall be entitled to use the documents only for the specific purposes referred to within the Agreement.  Should the Client wish to use the documents, and/or the valuation information, for any purpose other than that specified within the Agreement, then the Client must seek prior approval from the Valuers for such use.  The Valuer shall not unreasonably withhold authority for the Client to use the report for an alternative use, however the Valuers retain the right to decline granting of authority for alternative use of the report, where such use might be deemed to conflict with the Valuers Professional Ethics, or standards.  The Valuers shall have the right to withdraw use rights for any of the documents, where any or all of the fees payable to the Valuers have not been paid in accordance with this Agreement; or, if the documents or information supplied, are in the Valuers opinion, being misused.

 Consumer Guarantees Act

18.  If the Client has obtained the Services for “Business purposes”; then the provisions of the Consumer Guarantees Act 1993 shall be excluded in relation to the services.  However, if the Client has obtained the services for “other than Business purposes”, then to the extent that any provision within this agreement is inconsistent with the provisions of the Act, the Act will prevail.

Personal Information

18.  The Client authorises the Valuers to collect, retain and use personal information about the Client for the purposes of preparing the valuation report; including also, for the purposes of assessing the Client’s credit worthiness.  The Client may request access to, and correction of, any personal information held by the Valuers; and the Valuers will comply with its obligations under the Privacy Act 1993. 

Disputes

19.  If a dispute arises under this agreement, either party may at any time give notice to the other, requesting that a meeting take place, to seek to resolve the dispute.  If such meeting does not take place within five business days of the notice, or if after five business days of the meeting the dispute remains unresolved, either party may pursue its rights at law.

Force Majeure

20.  Neither the Valuers nor the Client shall be liable for any act, omission or failure under this agreement (except failure on the part of the Client to meet an obligation to pay invoiced valuation fees) 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).