Terms of Engagement

These Terms of Engagement ("Terms") govern the provision of real estate valuation, appraisal, consulting, and forensic analysis services ("Services") by Accurate Appraisals Elite Valuation Group ("Firm") to the client named in the engagement letter ("Client"). By authorizing the Firm to proceed, the Client agrees to be bound by these Terms.

The scope of each specific assignment is defined in the accompanying written proposal or engagement letter. The Services are limited to the preparation of professional valuations and reports. The Firm is not acting as an advocate, broker, or legal counselor; all opinions of value are formulated with strict independence and objectivity.

All appraisal reports, valuation files, and consultant studies generated by the Firm are meticulously researched and written in absolute compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by the Appraisal Standards Board, as well as the Code of Professional Ethics of the Appraisal Institute.

We apply forensic-grade valuation methods, treating every property as a distinct architectural and economic entity. Valuation conclusions are based on verified market data, physical or spatial inspections (where contracted), and historical land-title/transaction reconciliations. Any departures or special assumptions (such as Extraordinary Assumptions or Hypothetical Conditions) will be explicitly detailed in the final report.

Each appraisal report designates a specific Client and specific Intended Users. The report is prepared solely for the defined Intended Use. Any party not identified as an Intended User is strictly prohibited from relying on the report for any purpose whatsoever.

The Firm owes no duty of care, contract, or tort to third parties. Reports may not be distributed, published, or summarized in any public medium (including SEC filings, prospectuses, or marketing collateral) without the express prior written consent of the Firm. The Client agrees to indemnify the Firm against any third-party claims arising from unauthorized distribution or reliance.

Fees for our appraisal services are calculated based on the complexity, scale, property type, and required research timeline. In strict compliance with the USPAP Ethics Rule, our fees are independent of the appraised value or any pre-conceived valuation outcome.

• Retainer: A non-refundable retainer of 50% of the estimated fee is required to initiate background research, conflict checks, and site scheduling.
• Balance Due: The final appraisal report will be released only upon receipt of the remaining balance in cleared funds.
• Additional Expenses: Costs for specialized architectural modeling, zoning counsel consultations, or ACRIS historical recording retrieval will be billed at cost.

The fee agreed upon for standard appraisal preparation does not include depositions, trial testimony, expert witness consulting, or attendance at judicial hearings. If our appraisers are subpoenaed or requested to testify by the Client or their legal counsel, the Client agrees to pay for such services on a separate schedule:

• Hourly Witness Fee: Billed at $500.00 per hour for preparation, travel, deposition, and court appearances.
• Daily Minimum: A minimum charge of four (4) hours ($2,000.00) applies to any scheduled day of testimony, regardless of duration.
• Testimony Retainer: A separate expert testimony retainer must be deposited at least ten (10) business days prior to the scheduled hearing or deposition date.

To the maximum extent permitted by New York law, the total liability of the Firm, its partners, appraisers, and employees for any errors, omissions, breach of contract, negligence, or other causes of action arising from the performance of services under this Agreement shall be limited to the amount of the fee actually paid by the Client for the specific report.

Under no circumstances shall the Firm be liable for any consequential, incidental, special, punitive, or indirect damages, including lost profits, loss of transaction opportunities, or legal costs, even if advised of the possibility of such damages.

These Terms, and all claims or disputes arising out of the engagement, shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to conflict-of-law principles.

The Client and the Firm agree that any legal action, suit, or proceeding arising out of this engagement shall be instituted exclusively in the Supreme Court of the State of New York, County of New York (Commercial Division, where applicable), or in the United States District Court for the Southern District of New York. The parties waive any objection to venue or personal jurisdiction in these courts.

Under the USPAP Ethics Rule (Confidentiality Section), the Firm is bound to protect the Client's confidential information. We treat all non-public personal data, financial portfolios, and valuation spreadsheets with bank-grade security protocols.

All valuation workfiles are stored on secured, encrypted servers and are retained for the mandatory USPAP minimum period of five (5) years, or two (2) years after final judicial disposition of any litigation in which the appraiser provided testimony, whichever is longer. We will not disclose confidential client information to any third party except as authorized by the Client, or as required by USPAP, an administrative body, or a court of competent jurisdiction.