Although neither the Uniform Standards of Professional Appraisal Practice nor the Appraisal Institute Code of Professional Ethics requires the use of written engagement contracts, using a written agreement to set out the details of an assignment is a sound business practice.
A written agreement:
Developed by a joint member/staff project team and reviewed by outside counsel, these model engagement contracts provide examples of language that can be used for appraisal assignments. They can also easily be edited to accommodate appraisal review, appraisal consulting or other types of assignments.
The Appraisal Institute is pleased to provide the following documents as resources for appraisers drafting their own engagement contracts.
Model Engagement Contract - Short Form (PDF version)*
Model Engagement Contract - Short Form (Word DOC version)*
Model Engagement Contract - Long Form (PDF version)*
Model Engagement Contract - Long Form (Word DOC version)*
Optional Clauses (PDF version)*
Optional Clauses (Word DOC version)*
Payment Options (PDF version)
Payment Options (Word DOC version)
Cover Letter (PDF version)
Cover Letter (Word DOC version)
Explanatory Materials and Instructions
*Before viewing this form, the user must read and agree to disclaimer: The model engagement contracts provided here are for informational purposes only, and may be used as guidance in the preparation of letters of agreement or letters of engagement that create legally binding obligations on the parties. If a party has any questions about the meaning or enforceability of any provision of this model contract within a particular jurisdiction, or whether this model contract is appropriate for any particular appraisal assignment, the party should consult competent legal counsel. While this model contract has been prepared by the Appraisal Institute as a guide for appraisers and their clients, nothing herein should be construed as legal advice.