Although neither the Uniform Standards of Professional Appraisal Practice nor the Appraisal Institute Code of Professional Ethics requires the use of written engagement agreements, using a written agreement to set out the details of an assignment is a sound business practice.
A written agreement:
serves to clarify terms of the assignment;
provides written evidence of both the client and appraiser’s agreement to the terms;
provides the basis for the resolution of disputes arising from the providing of services; and
encourages the parties to address issues that might not otherwise be addressed.
The Appraisal Institute is pleased to provide the following sample materials as resources for appraisers drafting their own engagement contracts in the non-litigation and litigation contexts. As drafted, the sample materials address non-litigation and litigation appraisal assignments, but they can easily be edited to accommodate review or other types of assignments. The sample materials are designed to be edited or modified as needed.
By viewing these materials, the user agrees to the following: These materials (samples and instructions) are designed to provide helpful information and to serve as a resource in the preparation of letters of agreement or engagement, which may create legally binding obligations on the parties. These reference materials are provided with the understanding that the Appraisal Institute is not engaged in rendering legal, accounting or other professional services. The Appraisal Institute does not assume any responsibility or liability for any services performed pursuant to use of or reliance upon these materials nor does the Appraisal Institute make any representation or warranty that these materials contain terms and conditions appropriate to any particular appraisal assignment. Under no circumstances shall the Appraisal Institute be liable for any direct, indirect, incidental, consequential, special or exemplary damages arising out of or in connection with use of these materials. Users should seek the advice of competent local legal counsel in the preparation of letters of agreement and engagement in part to ensure that users’ interests are properly represented, that terms and conditions are appropriate for any particular appraisal assignment, are enforceable, have the desired meaning and are compliant with local laws.
Sample Non-Litigation Materials
Explanatory Material and Instructions for Non-Litigation Services
Sample Cover Letter (PDF version)
Sample Cover Letter (Word version)
Sample Appraisal Services Agreement (PDF version)
Sample Appraisal Services Agreement (Word version)
Sample Engagement Letter (PDF version)
Sample Engagement Letter (Word version)
Sample Terms and Conditions (PDF version)
Sample Terms and Conditions (Word version)
Sample Litigation Materials
Explanatory Material and Instructions for Litigation Services
Sample Engagement Letter - Litigation (PDF version)
Sample Engagement Letter - Litigation (Word version)