1. Identification and status of the valuer
The valuation report we will provide to you will be the responsibility of the signatory valuer on the report. We can confirm that the signatory valuer is in a position to provide an objective and unbiased valuation.
The signatory valuer has no material connection or involvement with the subject asset or the other parties to the valuation assignment and is competent to undertake the valuation assignment and the nature and extent of any assistance from others will be agreed and recorded.
2. Identification of clients
The client(s) for whom the valuation is produced will be expressly identified in the valuation report together with any restriction on those who may rely upon it.
3. Identification of other intended users
Any/all intended users of the report will be expressly identified in the valuation report.
4. Identification of asset(s) or liabilities being valued.
The asset(s) or liability(ies) forming the valuation will be clearly identified in the report, together with clear identification of whether the asset(s) or liability(ies) form part of other liability(ies) or asset(s).
5. Valuation currency
The currency in which the valuation and/or asset(s) and/or liability(ies) is to be valued will be expressly stated in the valuation report.
6. Purpose of valuation
The purpose for which the valuation assignment is to be prepared will be clearly identified and stated in the valuation report.
7. Basis(es) of valuation
The source of the definition of ‘basis of value’ will be expressly identified in the report.
8. Valuation date
Both the valuation date and valuation report date will be expressly identified in the valuation report.
9. The nature and extent of the valuers work.
Any limitations or restrictions on the inspections, inquiry and/or analysis for the purpose of valuation will be recorded and expressly identified in the valuation report.
10. Nature and source(s) of information relied upon.
The nature and source of any relevant information that is to be relied upon and the extent of verification undertaken will be identified, recorded and expressly stated in the valuation report.
11. Assumptions and special assumptions.
All assumptions and special assumptions will be expressly stated in the valuation report.
12. Format of the report
The report format will be in accordance with RICS Red Book International Valuation Standards (IV3). 103 as amended.
13. Restrictions on use, distribution and publication of the report.
Any/all restrictions on the use, distribution or publication of the valuation report will be expressly identified in the report.
The professional advice is provided to you for the strict and limited purpose as intended and all information provided may only be used by you. No liability whatsoever is offered to any third party without our express consent.
You may not assign any of your rights or obligations under our Standard Terms of business to any third party without the prior written consent of us. We have the absolute right to assign our rights and obligations subject only to giving you written notice of the same.
14. Valuation in accordance with IVS
We can confirm that the valuation report will be undertaken in accordance with the International Standards (IVS) and that the valuer will assess the appropriateness of all significant inputs.
15. Basis on which the fee will be calculated.
Charges and Expenses
15.1 If there is a material change in the scope of our instructions, we will agree with you, in writing, an additional or alternative fee arrangement.
15.2 In the event of our appointment being terminated for whatever cause, we reserve the right to charge for the work carried out (even if incomplete) in accordance with the fee basis agreed for the appointment or any subsequent agreed variations to the terms of our appointment.
15.3 Our invoices are due for payment upon receipt by you.
15.4 We reserve the right to charge interest calculated on a daily basis from the 31st day following the date of the invoice at a 5% rate of interest and to charge any reasonable debt collection costs incurred by us in the recovery of any outstanding payments that are properly due by you to us.
15.5 If the work carried out by us continues beyond 12 months from the date of the work commencing then, unless a separate agreement is reached, the fee level being charged shall be increased (but in no circumstances decreased) by the percentage change in the Jersey Retail Price Index.
15.6 Where the fee is subject to the addition of expenses and disbursements, these shall be payable by you as invoiced and at the rates which will be indicated by us prior to them being incurred.
16. Complaints Handling Procedure
Quality Control and Complaints Procedure
16.1 Enhancing client satisfaction and continual improvement are key requirements of our systems and we are dedicated to providing you with a first class personal service.
16.2 In the event that you feel that we are falling short of the high standard that we and the RICS set in the service we provide, please do let us know. Our Complaints Procedure involves a full investigation of any complaints that we receive and has been designed to comply with the Royal Institution of Chartered Surveyors Rules of Conduct. Our approved redress scheme for consumer clients is the Centre for Effective Dispute Resolution (CEDR). If you are a Commercial client, your complaint will be redress by the Surveyors Arbitration Scheme. A written copy of our Complaints Procedure will be made available upon request.
16.3 All information that has been or will be supplied to us by you or your representatives has been or will be accepted as being correct unless otherwise stated.
16.4 Nothing in this appointment shall exclude or limit a party’s liability for death or person injury caused by that party’s negligence, or for fraudulent misrepresentation.
16.5 Neither party to the appointment shall be liable to the other party for any indirect, special or consequential loss or damage howsoever caused, whether in contract, tort, negligence or otherwise.
16.6 A party shall not be liable to the other party for any failure or delay in performance of its obligations under this appointment where such failure or delay is due to reason outside its reasonable control.
16.7 Our maximum aggregate liability to you arising from, or in relation to, this appointment (in contract, tort, negligence or otherwise) howsoever arising shall not in any circumstances exceed the limits stated from time to time in our insurance policies (details available on request).
16.8 We shall not in any event be liable for more than our just and equitable proportionate share of the loss, injury or damage assuming that all other professionals/consultants/specialists (either directly or sub-appointed) who are responsible are equally obliged to exercise reasonable professional skill and care and they have been appointed on terms no less onerous and shall be deemed to have paid to you their just and equitable proportionate share of the liability.
16.9 We shall not in any event be liable unless proceedings by way of court action or arbitration or alternative dispute resolution have been commenced within six years from completion of Services.
16.10 You will not be entitled to recover, and hereby disclaim and waive any right that you may otherwise have to recover lost profit or revenues or indirect or consequential loss or damage as a result of any breach including without limitation, negligence by us of our obligations in respect of the Services.
16.11 Nothing in the Standard Terms of Business shall exclude or restrict our liability for fraud or other criminal acts.
16.12 The duties and responsibilities owed to you in respect of the Services are solely and exclusively those of Wills Associates and no employee or director of Wills Associates (whether or not a member of Wills Associates) shall owe you any personal duty of care or be liable to you for any loss or damage howsoever arising as a consequence of the acts or omission of such employee or director (including any negligent acts or omissions) save and to the extent that such loss or damage is caused by the fraud, dishonesty, or unauthorised conduct on the part of such employee or director of Wills Associates (other than in respect of those liabilities caused by fraud, dishonesty, wilful misconduct or unauthorised conduct on the part of such employee or director). The terms of this paragraph will not limit or exclude the liability of Wills Associates for the acts or omissions of its employees or directors.
16.13 If at any time any provision contained herein is or becomes illegal, invalid or unenforceable in any respect, it will not affect or impair the legality, validity or enforceability of any other provision contained in these Standard Terms of Business.
17. Limitation on liability
Any limitations on liability agreed with the client will be expressly stated in the valuation report.
Unless expressly stated in our letter of appointment, all intellectual property rights in all reports, drawings, accounts and other documentation created, prepared or produced by us in relation to our appointment belongs to us.
19.1 Our services under the terms of our appointment will terminate when one of a number of events occurs, which include:
19.1.1 The job is finished; or
19.1.2 If you and we consider that it is not in the mutual best interest of the two parties for us to continue to act on your behalf; or
19.1.3 If you do not pay our invoices as they fall due, or we reasonably anticipate that that will be the case; or
19.1.4 If either you or us becomes insolvent, or has a receiver, liquidator, administrator or administrative receiver appointed; or
19.1.5 If either you or us ceases or threatens to cease trading.
19.2 Either you or we may terminate the appointment by giving 28 days’ notice in writing to the other party or immediately in the event of either party having a receiver, administrative receiver or administrator appointed over all or any part of its assets or undertaking or if either party passes a resolution to wind up or has a liquidator appointed or, in the case of an individual, is judged bankrupt.
19.3 In the event of termination of instructions for whatever reason, you shall pay all fees reasonably due to us on receipt of an invoice.
19.4 The termination of instructions will not affect the rights of either party that have accrued to the date of termination.
20. Money Laundering Regulations
Legislation has imposed on us obligations for mandatory reporting, record-keeping and client identification procedures. We may have to obtain certain identification documentation from you which we will attempt to verify electronically, but on occasion we may need to ask you to assist us in complying with such requirements. Where such information is requested, you will provide such Information promptly to enable us to proceed to provide our services. We shall not be liable to you or any other parties for any delay in the performance or any failure to perform the services which may be caused by our duty to comply with such requirements.
21.1 We do not give legal advice. You should seek legal advice as appropriate from your lawyers. We have no responsibility for the content of any legal advice that is obtained.
21.2 We maintain professional indemnity insurance (details available on request).
21.3 We comply with (the Data Protection (Jersey) Law 2005) in relation to your personal data.
21.4 All discussions we have with you, advice we give to you and documentation provided by you to us will be kept confidential, unless we agree with you otherwise.
21.5 If at any time any part of the appointment is held to be or becomes void or otherwise unenforceable for any reason, then that part will be deemed omitted from the appointment. The validity or enforceability of the remaining parts of the appointment shall not in any way be affected or impaired as a result of that omission.
21.6 The appointment, and any issues or disputes arising out of or in connection with it (whether such disputes are contractual or non-contractual in nature, such as claims in tort, for breach of statute or regulation, or otherwise) shall be governed by and construed in accordance with Jersey Law and the exclusive jurisdiction of the Jersey Courts.
22.1 Any report and services provided for you will be treated by us in confidence and we will take reasonable steps to keep such matters confidential as may be required by you in writing save for such information which:
22.1.1 is now or hereafter becomes available in the public domain other than through the fault of us or any of our directors, employees, sub-contractors or advisors
22.1.2 is already or becomes known to us or any of our directors, employees, sub-contractors or advisors at the time of its disclosure
22.1.3 is required by law of any court or competent jurisdiction, or by a governmental or regulatory authority, or where there is a legal duty or requirement to disclose
22.1.4 may be required by us to enforce our Legal Rights including, but not limited to enforcing the clauses under these Standard Terms of Engagement/Business.
23. Governing Law
23.1 Our Standard Terms of Engagement/Business shall be governed by and construed and interpreted in accordance with the Law of the Island of Jersey. The Parties hereby submit to the exclusive jurisdiction of the Courts of the Island of Jersey.