- If the Valuer has provided a sketch in the valuation report, it is to show approximate dimensions of the building and the sketch is included only to assist the reader of the report in visualising the property and understanding the Valuer’s determination of its size.
- If the Valuer has provided GPS coordinates (Global Positioning System referenced to WGS 1984 UTM), it is to show the approximate location of the property and is included only to assist the reader of the report in locating the property. While it depends in part on atmospheric conditions prevailing at the time the reading was taken, the accuracy of the coordinates is generally within 15m.
- The valuation report, which has been prepared in accordance with the terms of engagement (TOE), is not a Court document and is not to be used in any Court proceedings. On acceptance of the TOE, the client had accepted that no representative of this firm will give testimony or appear in Court by reason of having prepared a valuation of the property unless specific arrangements to do so have been made beforehand.
- The purpose and function of the report and valuation for mortgage is to enable the lending institution to assess the security offered by the property for the proposed loan. Unless otherwise stated, the client has not commissioned another specialist survey of the property, structural or otherwise. It must not be assumed that if defects are not mentioned in the report, all parts of the structure are free from defect. Where attention is drawn to some defects, it does not mean that other defects may not exist. Moreover, services have not been tested.
- If the client is proposing to purchase the property and wishes to be satisfied as to the condition of it, he or she must have a surveyor’s detailed inspection and report of their own before deciding whether to enter into a contract. If the property is of architectural or historic interest, appropriate specialist advice should be sought before carrying out any works.
- It is assumed that in the event of the destruction of the existing structure(s) if any, all approvals would be granted from the appropriate Statutory Authorities for the reconstruction of a similar building on the site.
- It is assumed that the property is connected to, and there is the right to use, the reported main services on normal terms. It is also assumed that sewers, main services and the roads giving access to the property have been adopted and that any lease provides rights of access and egress over all communal grounds, parking areas and other facilities.
- This report does not constitute a structural survey and the opinion of value is contingent upon –
- Good and marketable title;
- Vacant possession is available unless otherwise stated in the Report;
- Planning permissions and statutory requirements for the existing building and its use, including any extensions or alternations have been granted;
- Statutory approvals have been or would have been granted for the existing or highest and best use of the site;
- No deleterious or hazardous materials have been used;
- There is no contamination;
- There are no unusual or onerous outgoings and restrictive covenants and there have been no breaches of the lessee’s covenants to warrant a determination of the lease;
- There are no encumbrances or encroachments;
- All parts of the property which are covered, unexposed or inaccessible are in satisfactory repair and condition and an inspection of those parts which have not been inspected, or a survey inspection carried out, would not reveal material defects or cause the valuer to materially alter the valuation;
- There are rights to use the roads, drains and all communal areas and facilities;
- No account has been taken of an additional bid by a prospective purchaser with a special interest;
- All information, data, title documents and plans provided by the client and mortgage applicant which were relied upon by the valuer were true and correct;
- There are no outstanding taxes, rates or charges associated with the property;
- The services and any associated controls or software are in working order or free from defect;
- The building and other improvements are structurally sound;
- Where the property is part of a building/development (e.g. townhouses and apartments):
- There is a properly formed and operated management company;
- The cost of repairs and maintenance to the building and grounds are shared equitably;
- The leases of all the properties in the building/development are materially the same and there are suitable, enforceable covenants between all leaseholders;
- There are no substantial defects, or other matters requiring expenditure (in excess of the current amount or assumed amount of service charge payable on an annual basis), expected to result in charges to the leaseholder;
- Where the subject property forms part of a mixed residential/commercial building or development, there will be no significant changes in the existing pattern of use.
- This Valuation Report is provided for your benefit alone and solely for the purposes of the instruction to which it relates. Our valuation may not, without our written consent, be used or relied upon by any third party, even if that third party pays all or part of our fees or is permitted to see a copy of our valuation report. If we do provide written consent to a third party relying on our valuation, any such third party is deemed to have accepted the terms of our engagement.
- Neither the whole nor any part of this Valuation Report or any reference hereto may be included in any published document, circular or statement, or published in any way, without the Valuer’s written approval of the form and context in which it may appear.
- No investigation has been undertaken with the land registry, regional corporations, public utilities, town planning department, EMA, or any other government body in preparation of this report.
- We did not undertake a land survey therefore we cannot confirm the size or precise boundaries of the site.
G.A. Farrell & Associates Limited (”GAF&A”) is committed to maintaining industry standards, best practice and ethics. In this regard, this policy exists so that GAF&A and those who work for the company observe and uphold a zero-tolerance position on bribery and corruption.
POLICY STATEMENT
GAF&A is committed to conducting business in an ethical and honest manner and is committed to implementing and enforcing systems that ensure bribery is prevented. GAF&A’s zero- tolerance for bribery and corrupt activities means it is committed to acting professionally, fairly, and with integrity in all business dealings and relationships, wherever in the country we operate.
GAF&A will constantly uphold all laws relating to anti-bribery and corruption, in particular, Prevention of Corruption Act 11:11 as amended.
GAF&A recognises that bribery and corruption are punishable on conviction on indictment to a fine of twenty thousand dollars and to imprisonment for two years or on summary conviction to a fine of two thousand dollars and to imprisonment for four months.
DEFINITION OF BRIBERY
- Bribery refers to the act of offering, giving, promising, asking, agreeing, receiving, accepting, or soliciting something of value or of an advantage so to induce or influence an action or decision.
- A bribe refers to any inducement, reward, or object/item or value offered to another individual in order to gain commercial, contractual, regulatory, or personal advantage.
- Bribery is not limited to the act of offering a bribe. If an individual is on the receiving end of a bribe and they accept it, they are also breaking the law.
- Bribery is illegal. Employees must not engage in any form of bribery, whether it be directly, passively (as described above), or through a third party (such as an agent or distributor). They must not bribe a foreign public official anywhere in the world. They must not accept bribes in any degree and if they are uncertain about whether something is a bribe or a gift or act of hospitality, they must seek further advice from the company’s compliance manager.
WHAT IS AND WHAT IS NOT ACCEPTABLE
This section of the policy is sub-divided into four (4) areas:
- Gifts and hospitality
GAF&A accepts normal and appropriate gestures of hospitality and goodwill (whether given to/received from third parties) so long as the giving or receiving of gifts meets the following requirements:- It is not made with the intention of influencing the party to whom it is being given, to obtain or reward the retention of a business or a business advantage, or as an explicit or implicit exchange for favours or benefits.
- It is not made with the suggestion that a return favour is expected.
- It is in compliance with local law.
- It is given in the name of the company, not in an individual’s name.
- It does not include cash or a cash equivalent (e.g. a voucher or gift certificate).
- It is appropriate for the circumstances \e.g. giving small gifts around Christmas or as a small thank you to a company for helping with a large project upon completion).
- It is of an appropriate type and value and given at an appropriate time, taking into account the reason for the gift.
- It is given/received openly, not secretly.
- It is not selectively given to a key, influential person, clearly with the intention of directly influencing them.
- It is not above a certain excessive value, as pre-determined by the company‘s compliance manager.
- It is not offered to, or accepted from, a government official or representative or politician or political party, without the prior approval of the company’s compliance manager.
- Where it is inappropriate to decline the offer of a gift (i.e. when meeting with an individual of a certain religion/culture who may take offence), the gift may be accepted so long as it is declared to the compliance manager, who will assess the circumstances.
- GAF&A recognises that the practice of giving and receiving business gifts varies between countries, regions, cultures, and religions, so definitions of what is acceptable and not acceptable will inevitably differ for each.
- As good practice, gifts given and received should always be disclosed to the compliance manager. Gifts from suppliers should always be disclosed.
- The intention behind a gift being given/received should always be considered. If there is any uncertainty, the advice of the compliance manager should be sought.
- Facilitation payments and kickbacks
- GAF&A does not accept and will not make any form of facilitation payments of any nature. We recognise that facilitation payments are a form of bribery that involves expediting or facilitating the performance of a public official for a routine governmental action. We recognise that they tend to be made by low level officials with the intention of securing or speeding up the performance of a certain duty or action.
- GAF&A does not allow kickbacks to be made or accepted. We recognise that kickbacks are typically made in exchange for a business favour or advantage.
- GAF&A recognises that, despite our strict policy on facilitation payments and kickbacks, employees may face a situation where avoiding a facilitation payment or kickback may put their/their family’s personal security at risk. Under these circumstances, the following steps must be taken:
- Keep any amount to the minimum.
- Ask for a receipt, detailing the amount and reason for the payment.
- Create a record concerning the payment.
- Report this incident to your line manager.
- Political contributions
GAF&A will not make donations, whether in cash, kind, or by any other means, to support any political parties or candidates. We recognise this may be perceived as an attempt to gain an improper business advantage. - Charitable contributions
- GAF&A accepts the act of donating to charities — whether through services, knowledge, time, or direct financial contributions (cash or otherwise) — and agrees to disclose all charitable contributions it makes.
- Employees must be careful to ensure that charitable contributions are not used to facilitate and conceal acts of bribery.
- We will ensure that all charitable donations made are legal and ethical under local laws and practices, and that donations are not offered/made without the approval of the compliance manager.
- The Complaint’s Review Period’ – In the event of a dispute arising out of or related to this Agreement the Client must complete and submit the Complaints Form, a copy of which would be provided upon request. Subsequently, a Director/Senior Valuer will respond to your complaint within 5-7 working days;
- If the issue is not resolved via the Complaints Review Period either of the parties to this Agreement shall submit the dispute to non-binding mediation using the services provided by the Trinidad & Tobago Dispute Resolution Centre (‘the DRC”) and shall make a good –faith effort to resolve the dispute through the mediation process in accordance with the rules of the DRC. Each party shall bear its own costs in respect of the mediation;
- In the event the parties are unable to resolve their dispute through mediation after 14 days from the reference to mediation or such further period as the parties may mutually agree in writing, such dispute shall be settled exclusively and finally by binding arbitrator to be jointly appointed by the parties;
- In the event either Party fails to agree to the appointment of an arbitrator such arbitrator shall be appointed, upon application by the interested party, by the DRC.
- In the event either Party fails to agree to the appointment of an arbitrator such arbitrator shall be appointed, upon application by the interested party, by the DRC.
- The award of the arbitrator shall be final and shall not be subject to any appeal or challenge whatsoever. The arbitrator will not be required to file his award with anybody or authority whatsoever. In the event arbitration proceedings are initiated under this arbitrator clause, pending such proceedings and until a final award is rendered pursuant thereto, any subsequent controversy arising between the Parties shall be exclusively submitted for final decision by the arbitrator in the arbitrator proceedings already pending.
- The arbitration proceedings shall be conducted in accordance with the Arbitration Act Chapter 5:01 of the Laws of Trinidad and Tobago or any statutory modification thereof.
Fill our the complaints form below if you would like to submit a formal complaint: