Fees and Disbursements

1. The Consultant’s fee shall be calculated on:

1.1 the Consultant’s hourly charge out rate factored by the total amount of time spent on the assignment (whether at the client’s premises, the property or elsewhere)

OR:

1.2 The consultants base fee as quoted to the Client

1.3 In addition to the fee above under clause 1.1 or clause 1.2, the Consultant shall charge the Client any additional disbursements, including travelling and other reasonable expenses, incurred by us in the provision of our valuation and or consultancy services.

2. The Consultant’s fee is plus GST.

3. The Consultant may, from time to time, purchase incidental goods and or services that might be reasonably required for the Consultant to perform the services. The cost of such incidental goods and or services shall be reimbursed from the Client.

4. Where instructions have been accepted by an Agent (or a person purporting to act as Agent) on behalf of the Client, the Agent and Client shall be jointly and severally liable for payment of all accounts due to the Consultant under this agreement.

5. All accounts are payable upon delivery of invoice for service, or by special arrangement, within 21 days following the date of invoice. If the account is not paid in full by due date the account may be placed with our debt collection agent who may charge the Client a percentage of the amount outstanding.

6. The Consultant’s debt collection agent may also charge the Client other costs, arising from the collection of any amount owing. This clause is intended to be for the benefit of and enforceable by our debt collection agent under the Contract (Privity) Act 1982.

7. We reserve the right to submit interim invoices for valuation and/or consultancy services where it is considered necessary to do so.

8. Any fee estimate for the provision of valuation and/or consultancy services is valid for 10 working days from its date.

Use and Purpose

9. In accordance with our policies, valuation and/or consultancy services will be provided solely for the use of the Client. We do not take or accept responsibility to any other party in respect of these services.

10. Unless stated otherwise, all reports prepared by us in the provision of valuation and/or consultancy services will be written for the stated purpose alone. We do not purport to provide a site or structural survey in respect of the property/properties to be valued; neither do we purport to be qualified to provide professional advice in respect of building or site contamination.

11. The Client shall provide to us, free of cost, and as soon as practicable following any request for information, all information in their power to obtain which may pertain to the services to be provided.

12. In providing the information to the Consultant, the Client shall ensure compliance with the Copyright Act 1994 and shall identify any propriety rights that any other person may have in any information provided.

13. Valuation and consultancy services are completed on the basis that the Client has provided us with a full and frank disclosure of all information and other facts that may affect the valuation and/or consultancy.

14. We accept no responsibility or liability whatsoever for the valuation and/or consultancy unless such a full disclosure has been made.

Republication

15. This agreement and any reports or services provided as a consequence of this agreement remain the property under Copyright of Barratt-Boyes Jefferies Lawton Limited. The Client shall be entitled to use them or copy them only for the purpose for which they are intended.

16. The Client shall have no right to use any report or service where any or all of the fees and expenses payable to the consultant have not been paid in accordance with this agreement.

17. Neither the whole nor any part of any valuation and/or consultancy report, or any reference to the same, may be included in any published document, circular or statement without our written approval as to the form and context in which it may appear.

18. All opinions of value expressed by Barratt-Boyes Jefferies Lawton Limited or its employees are subject to our Statement of Valuation Policies and any conditions contained in our written report.

Other Matters

19. The liability of the Consultant to the Client in respect of professional services shall be limited to the greater of five times the value of fees charged (exclusive of GST and disbursements) or the sum of $100,000.

20. The Consultant acknowledges that the Consultant currently holds a policy of Professional Indemnity Insurance for not less than the greater amount of $NZ100,000 or five times the value of the fees (exclusive of GST and disbursements). The Consultant undertakes to make all reasonable endeavours to maintain a similar policy of insurance for six years after the completion of the services.

21. The Consultant has not and will not during the term of this Agreement or at any time after it, assumed any obligation as the Client’s Agent or otherwise which may be imposed upon the Client from time to time pursuant to the Health and Safety in Employment Act 1992 (“the Act”) arising out of the engagement. The Consultant and the Client agree that, for the purpose of the Act, the Consultant will not be the person who controls the place of work in terms of the Act.

22. Disputes shall first be referred to conciliation for settlement. Unresolved disputes shall be referred to the Disputes Tribunal.

23. This Agreement is governed by New Zealand law, the New Zealand courts have jurisdiction in respect of this Agreement, and all amounts are payable in New Zealand dollars.