Response to API's Valuer Alert

The Australian Property Institute (API) has issued a Valuer Alert titled Panel Valuer Agreements in which it refers to the revised Panel Valuer Agreement that Valuation Exchange (ValEx) will shortly be releasing for its Panel Valuer firms.

The API's Valuer Alert also refers to an example of a "totally unacceptable clause" in a Panel Valuer Agreement in which the parties agree that Proportionate Liability Legislation is expressly excluded.

ValEx wishes to make it clear to all Panel Valuers, and all other interested parties, that the clause referred to by the API is not a clause that is included in either the current or the revised ValEx Panel Valuer Agreement.

On the contrary, the revised ValEx Panel Valuer Agreement includes a clause that states, in part: "...notwithstanding any other provision of this Agreement, the liability of the Panel Valuer may be limited at law by the operation of... in respect of all Valuations, whether performed before or after the date of this Agreement, Proportionate Liability Legislation... and that ValEx does not require the Panel Valuer to take any step to avoid or mitigate the operation of such legislation."

ValEx has consulted with a broad cross-section of Clients, Panel Valuers, PI insurers and the API to ensure that its revised Panel Valuer Agreement is fair and acceptable to all parties. We are confident that all Panel Valuers will find that to be the case.

ValEx has no intention in engaging in public debate on these issues, however we are obliged to correct any misleading implication from the API's Valuer Alert that their "totally unacceptable clause" was in any way related to the ValEx PVA because, simply, it isn't.