1. Scope of work
Each report states the market value of the property as at the valuation date in your order, prepared in accordance with the International Valuation Standards and the professional standards of the Australian Property Institute.
Each valuation is carried out on the basis stated in your order, being either a full inspection or a desktop assessment. A desktop assessment is prepared without inspection and relies on information you provide and on publicly available data, so it differs in scope from a full inspection.
Each report is prepared for the purpose stated in your order, to the standard required for that purpose. It must not be used or relied upon for any other purpose.
Each report is prepared solely for the client named in the order, and for any party named as the party the report is addressed to. No other party may rely on it without our prior written consent, and we accept no liability to any third party.
Where an insurance replacement cost assessment is included, it estimates the cost to rebuild and is not a market value. The two are calculated differently and one does not substitute for the other.
2. Fees and payment
The total fee shown in your order is payable in full on acceptance. The engagement is not confirmed and the fee is not fixed until payment is received. Payment in full fixes the fee, which will not increase regardless of any change to our published rates before the valuation is carried out.
Our fee is set by the value band you select. If the assessed value falls more than 10% outside that band, we may re-quote the engagement or cancel it and refund you in full. We will tell you before carrying out further work.
All fees include GST. The fee covers preparation and delivery of the report. It does not include attendance at conferences, expert evidence, revisions after delivery, or additional work arising from information not disclosed to us. Any such work is quoted separately.
3. Timing and access
Standard reports are delivered within five business days of inspection, or within five business days of order confirmation for a desktop assessment. Timeframes run from the date payment is received, or the date of inspection where one is required, whichever is later.
Where a full inspection has been ordered, you are responsible for arranging access, including access to any tenanted or occupied property. Time spent waiting on access does not count towards these timeframes. If access cannot be arranged within a reasonable period, we may complete the valuation on a desktop basis and refund the difference, or refund the fee in full.
4. Cancellation and refunds
Where the valuation has not commenced, you may cancel and we will refund the fee in full. A valuation commences when we begin research, arrange an inspection, or attend the property, whichever occurs first.
Once the valuation has commenced, fees are not refundable. A change of mind, a change in your circumstances, or a decision not to proceed does not entitle you to a refund. If we are unable to complete a valuation for any reason, we refund the fee in full.
We may decline to proceed where the property or interest falls outside the scope of the pricing quoted, or where circumstances would compromise our independence. Where we decline, we refund the fee in full including GST.
5. Your responsibilities
You agree to provide, promptly and to the best of your knowledge, all information relevant to the valuation, including any lease, licence or occupancy arrangement; any known defect, contamination, encumbrance, easement, heritage listing or planning restriction; details of any improvement, alteration or development and whether approvals were obtained; and any other matter that could reasonably be expected to affect value.
We rely on the information you provide. We are not liable for any consequence arising from information that is inaccurate, incomplete or not disclosed to us.
6. Independence and impartiality
We are Certified Practising Valuers and members of the Australian Property Institute, and are required under its professional standards to maintain strict independence and impartiality in making a valuation and wherever the exercise of objective judgement is required.
We cannot alter an assessed value to suit you, your adviser, or any other party. Our fee is not contingent on the value assessed, on any outcome, or on any tax position taken by you or your adviser.
Where this engagement has been introduced by an accountant, adviser or other professional partner, that partner may receive partner pricing or a fee from us. This does not affect the independence of the valuation or the fee you pay. Details are available on request.
7. Liability and insurance
PPV Australia holds professional indemnity insurance and details are available on request. Our liability is limited by a scheme approved under Professional Standards Legislation, and is further limited as set out in each valuation report.
You agree to release us and hold us harmless from all liability to you for or in respect of any loss, damage, costs and expenses of whatsoever kind which we have or may have or, but for the operation of this clause, might have had arising from or in any way connected with the valuation, the valuation services, or the use of the valuation services or any part of them. This release is complete and unconditional except in the case of gross negligence or wilful misconduct by us in the provision of the services.
You agree that you will fully indemnify us for and in respect of all loss, liability, costs and expenses of whatsoever kind which we may suffer or incur arising from or in any way connected with any breach by you of this Agreement, including in respect of any claims, actions, proceedings, disputes or allegations made against us or to which we are a party.
You agree to this limitation of liability whether such liability arises under contract, at common law or under statute. Nothing in this Agreement excludes, restricts or modifies any guarantee, right or remedy conferred by the Australian Consumer Law which cannot lawfully be excluded. Where the services are not of a kind ordinarily acquired for personal, domestic or household use, and to the extent permitted by law, our liability for a failure to comply with a consumer guarantee is limited, at our option, to supplying the services again or paying the cost of having them supplied again.
This limitation extends to our principal, valuers, employees and contractors. No employee, contractor, servant or agent has power to waive or vary these terms unless in writing and signed by the principal of PPV Australia.
8. Privacy
We collect personal information in order to carry out this engagement and handle it in accordance with the Privacy Act 1988 (Cth) and our privacy policy. We do not sell or disclose your information to third parties except as required to complete the valuation or as required by law.
9. General
These terms apply to each order and form the agreement between you and PPV Australia. The version that applies to your order is the version you accepted when you placed it, recorded against your order reference. This Agreement is governed by the laws of New South Wales.
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