Terms of engagement acknowledgment letter
There are usually a range of letter formats referring to the terms of business and the valuation procedure and assumptions. Such letters of acknowledgment deal with the remaining matters required by the Red Book to be dealt with in the contract, with these commonly varying from job to job. They must include a reference to all the minimum terms listed in the Red Book with particular care being taken to make the necessary disclosures. The acknowledgment letter will take precedence over the 'standard' terms, but it may still be prudent to modify the standard clauses if they directly contradict any element of the service as expressed in the acknowledgment letter.
It is not possible to devise a standard letter, because every valuation commission depends on its specific circumstances - this sample gives an indication of how the letter could be drafted.
This document template is provided as a sample only. It is the user's responsibility to check and adapt this as necessary to suit the particular instruction and prevailing circumstances.