FOR PROFESSIONAL APPRAISAL SERVICES
AGREEMENT made on __________ (date), between
____________________ hereinafter referred to as Client, and of
_________________________ hereinafter referred to as Appraiser, agree as
I - Identification:
hereby engages Appraiser, and Appraiser hereby agrees to prepare an Appraisal
Report on ____________________, more particularly described as follows:
Address and/or Location:
II - Purpose of the Report:
agrees to furnish client three (3) copies of a written appraisal report. The report will be prepared in conformity
with the Uniform Standards of Professional Appraisal Practice (USPAP) of the
Appraisal Foundation and Section 34.42 (f), Title XI of the Federal Financial
Institutions Reform, Recovery and Enforcement Act of 1989 (FFIREA).
1III - Authorization and Data to be Furnished
authorizes the Appraiser to inspect the premises; if applicable, and agrees to
furnish Appraiser with all pertinent data which Appraiser requests in connection
with the assignment. If special legal
instructions are to be considered by the Appraiser, such instructions shall be
in writing and the basis for such instruction in applicable case law shall also
be provided to the Appraiser.
IV - Compensation:
agrees to pay Appraiser, for services authorized, a fee of _______________
($0,000) payable upon submission of monthly statements, if applicable, or upon
delivery of the report. If the fee is
to be paid on an hourly or daily basis, Appraiser agrees to keep accurate time
records and to furnish Client, upon request, copies of such time records. It is understood and agreed that the fee is
not contingent upon and bears no relationship to the valuation or conclusion to
V - Retainer:
acknowledges receipt of _______________ ($0,000), as a retainer, herein to be
credited against the compensation designated in Article IV of this Agreement.
VI - Completion Date Estimate:
agrees to use his best efforts to complete this appraisal by thirty days from
the date of acknowledgment of this instrument.
Said completion date is an estimate and does not take into consideration
pretrial or court time, as well as delays beyond the control of the Appraiser,
such as illness, lack of specific necessary data and/or Acts of God.
VII - Expenses:
the appraisal is outside the appraisers area of normal professional activity,
Client agrees to pay all reasonable appraisal expenses incurred, including
travel expenses, extraordinary job costs and reasonable subsistence costs
incurred by Appraiser. Client agrees to
pay these expenses upon submission of an itemized statement therefore. This assignment is not outside the area of
normal professional activity.
VIII - Testimony and Litigation Fee:
the event that Client requests the testimony of Appraiser concerning his
appraisal at any legal proceeding, Appraiser agrees to render such testimony
and be available for such purpose, providing he is furnished with reasonable
notice by Client of the pendency of such legal proceedings and of the
requirement that Appraiser testify. In
the event Client so requests Appraiser to testify at legal proceedings, Client
agrees to pay $_____ per hour for Appraisers services in connection with time
spent in preparation for litigation, depositions or other pretrial proceedings,
court appearances or appearances at other legal proceedings, and related travel
time to and from Appraisals office and the place of the pretrial meetings,
depositions, hearings, court or other legal proceedings. Client also agrees to pay all reasonable
expenses in connection therewith upon receipt of Appraisers statement. Appraiser will provide itemization of
expenses upon clients requests.
IX - Collection:
and Appraiser agree that simple interest of one percent (1%) per month with a
maximum of twelve percent (12%) per annum will accrue of any balance for
compensation or expense reimbursement due to Appraiser and remaining unpaid as
of the date due. Client also agrees to
pay Appraisers reasonable expenses incurred in collecting all amounts due and
owning under the terms of this Agreement, including court costs and reasonable
Approved by Client and Appraiser date and year first
above written, subject to attached exhibits.