These Terms of Service shall constitute an agreement for valuation services (the "Agreement") provided by SLM APPRAISALS (the "Company") to you (the “Client") and constitute a legally binding contract. The Company offers Client the opportunity to obtain a non-binding appraisal of personal property, based on the following Terms of Service.
2. The Agreement
The Agreement shall consist of only these Terms of Service. No other documentation, correspondence or any other form of communication shall form any part of the Agreement unless both parties so agree in writing. The Agreement shall only be entered into and come into effect once the Company has agreed to make a valuation of objects and the Client has paid the price subject to the Company's right to withdraw its services in accordance with the terms hereof.
3. Services Offered
The Company will provide verbal appraisals of value on site at the residence of the Client. If there are specific items that require more detailed research, additional charges may apply. All valuations, whether verbal or in writing are considered Opinions Of Value and are not legally binding.
4. Client's Obligations & Acknowledgments
The Client shall pay the Price for the Valuation to the Company. The Client warrants to the Company that he is the owner of the object or is duly and properly authorized by the owner to have the object valued. The Client warrants that each object submitted for valuation is free from any third party interests, restrictions or claims whatsoever. The Client indemnifies the Company fully with respect to any breach of this warranty. When available, the Client shall provide full and accurate information about the object, such as already known authenticity issues, provenance, condition, condition issues, previous sales history and any other related information in the possession or knowledge of the Client, his agents, employees, advisors or his family.
5. Value Defined
The Client acknowledges that a Valuation is an estimate of worth that is a matter of reasonable opinion and as such opinions as to value may differ. Particular circumstances affecting the value of an individual object may not be known or foreseeable at the time of the Valuation. Values can also fluctuate as a consequence of external circumstances such as changes in the prevailing market conditions for the object or changes in relevant scholarship. Unless otherwise stated in writing, the Valuation only reflects an estimate based on the inherent characteristics of the object being valued and does not reflect the surrounding circumstances of the object being valued such as, but not limited to, the object's provenance, its place in a larger collection, or the existence of several similar items available for sale at the same time.
6. Valuation Services
Opinions provided by the Company's appraisers will represent Fair Market Value or Replacement Value (comparable).
Fair Market Value is defined as the price at which the property would change hands within its most common market between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of all relevant facts.
Replacement Value (comparable) is based on the substitute property's replacement cost (comparable) which is defined as the amount of money necessary to replace the item being appraised with a comparable item of property of like kind, age, quality, and utility having similar wear and tear, obsolescence, and value-relevant characteristics as the item being appraised.
Values given by the appraisers do not take into account expenses that might be incurred in selling or purchasing a comparable property such as sales commissions, taxes, delivery, installation, shipping, finders fees, photography or insurance costs.
Value conclusions are based on the appraiser's best judgment and opinion. Neither the Company nor the appraisers represent or warrant that items appraised will realize the appraised value if offered for sale at auction or otherwise. The values expressed are based only on information made available to the appraiser as of the date the appraisal was made.
7. Company Liability
The Company shall not be liable for any deficiency including but not limited to any omissions, mistakes, erroneous attributions, authenticity issues or inaccurate values in the Valuation as a consequence of external circumstances, circumstances regarding the object being valued, the Client failing to provide full and accurate information, and by any other factor that cannot be identified by a reasonable inspection of the photographs and other information received from the Client. Nothing in these Terms of Service shall exclude or limit the Company's liability for death or personal injury caused by negligence, fraud, or any liability which cannot be excluded or limited under applicable law.
Client shall indemnify the Company and its appraisers, employees and officers against all liabilities and expenses incurred by them as a result of any breach of this agreement or arising from related claims by third parties in connection with the valuation service provided. Should the Client breach this Agreement by using the Valuation for prohibited or illegal purposes, 1) the Agreement shall be terminated with immediate effect and the Client shall not be entitled to a refund on the price paid for the Valuation, 2) the company's license to the Valuation shall be revoked, and 3) the Client shall destroy the Valuation. There shall be no further liability of the Company to the Client from the date of termination of the Agreement.
THE APPRAISAL IS PROVIDED ON AN "AS IS" BASIS WITHOUT ANY WARRANTIES OF ANY KIND. THE COMPANY AND THE APPRAISERS PERFORMING THE APPRAISAL, TO THE FULLEST EXTENT PERMITTED BY LAW, DISCLAIM ALL WARRANTIES WITH REGARD TO THE APPRAISAL, INCLUDING WITHOUT LIMITATION, THE WARRANTY OF MERCHANTABILITY AND THE WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE. THE COMPANY AND ITS APPRAISERS MAKE NO WARRANTIES ABOUT THE ACCURACY, RELIABILITY, COMPLETENESS, OR TIMELINESS OF THE APPRAISAL. YOU ALSO AGREE THAT YOUR SOLE AND EXCLUSIVE REMEDY FOR OUR PREPARATION OF THE APPRAISAL WILL BE YOUR CONTRACTUAL RIGHT TO A RETURN OF THE FEES YOU PAID TO US FOR THE APPRAISAL.
10. Governing Law & Jurisdiction
The Agreement shall be construed in accordance with New York Law. In the event of disputes hereunder, the parties hereto submit to the exclusive jurisdiction of a New York State Court of Law.