CONDITIONS OF ENGAGEMENT
• The client undertakes to provide GAF&A with access to the property and furnish GAF&A with all necessary documents to complete the exercise.
• GAF&A will make an inspection of the subject property and will also rely on information (such as but not necessarily limited to title documents and plans) supplied by the client and other sources that are reasonably believed to be reliable.
• The balance of the fee for the valuation report, which is due upon completion of the report, is not contingent upon the opinion of value, a loan closing, or any other prearranged condition.
• If GAF&A are requested to stop working on this assignment for any reason prior to the completion of the assignment, GAF&A will be entitled to confiscate the retainer and to bill the client for the time expended to date.
• In the preparation of the report, it will be assumed that:
- In the event of the destruction of the existing structure(s) if any, all approvals would be granted from the appropriate Statutory Authorities for the reconstruction of a similar building on the site;
- The property is connected to, and there is the right to use, the reported main services on normal terms;
- Sewers, main services and the roads giving access to the property have been adopted and that any lease provides rights of access and egress over all communal grounds, parking areas and other facilities;
- The information received as to the area and tenure of the land is correct;
- A good marketable title to the property is available;
- There are no onerous or unduly restrictive covenants in the Deed for the property;
- All relevant approvals have been obtained from the appropriate Statutory Authorities and their conditions complied with;
- All electrical and plumbing equipment are in working order;
- The absence of deleterious or hazardous substances or contamination;
- The building is structurally sound;
- Vacant possession is available.
• The format of the report will be consistent with the current customary format of GAF&A.
• The valuation report is not a Court document and is not to be used in any Court proceedings. Further, on acceptance of having GAF&A prepare this report, client has accepted that no representatives of GAF&A will give testimony or appear in court by reason of having prepared a valuation of the property in question.
• Neither the whole nor any part of this Valuation Report or any reference hereto may be included in any published document, circular or statement, or published in any way.
• The report is provided for the stated purpose and for the client's sole use. It is confidential to the client and their professional advisers and GAF&A accepts no responsibility whatsoever to any other person.
• The client confirms that they are not aware of any pending or proposed adverse legal matters relating to the property.
• In the event of a dispute arising out of this assignment, GAF&A has a Complaints Handling Procedure in place to handle such dispute in a fair and effective manner.
• GAF&A have no past or current material interest in the property.
• The directors of GAF&A have sufficient knowledge of the particular market as well as the skills and understanding to undertake the valuation competently.
• The valuation will be prepared in accordance with the standards and Practice Statements published by the RICS, compliance with these standards may be subject to monitoring under the Institution's conduct and disciplinary regulations.
• The Royal Institution of Chartered Surveyors recommends the use of liability to members as a way in which to manage the risk in valuation work. Our aggregate liability arising out of, or in connection with this valuation, whether arising from negligence, breach of contract, or any
other cause whatsoever, shall in no event exceed the amount actually paid by the client to GAF&A under this Agreement.
I/We agree to all of the above Terms and Conditions:
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