AGREEMENT FOR APPOINTMENT OF PANEL VALUER

This Agreement made on the …………………….of…………………..between LIC Housing Finance Limited, a Company registered under the Companies Act, 1956 and having its Registered Office at 2nd Floor, Bombay Life Building, 45/47, Veer Nariman Road, Fort, Mumbai 400 001 hereinafter referred to as “LICHFL” (which expression shall unless repugnant to the context and meaning shall deem to mean and include its successors and assigns) of the one part.
And
Mr. ………………………….. residing at/having its place of professional office at ……………………………………… hereinafter referred to as “Panel Valuer” (which expression unless repugnant to the context or meaning thereof shall deem to mean and include its/his/her/their respective heirs, executors, administrators and successors/the partner(s) for the time being of the sad firm, the survivor(s) of them and the executors, administrators and successors of the surviving partners as the case my be) of the other part.
WHEREAS
LICHFL is inter-alia engaged in the business of providing housing finance and other property related assistance to customers.
For its housing finance business LICHFL requires specialized services of Panel Valuers, inter alia for assisting LICHFL in determining the status of construction of the property to be financed and also the amount of finance to be disbursed for the same.
The Panel Valuer has represented to LICHFL that he has the requisite skills knowledge, experience, expertise, infrastructure and capability to perform the functions set forth above and has trained and experienced persons having requisite skills and knowledge to perform the functions in terms of this Agreement and the Panel Valuer has offered LICHFL his services. Relying on his representations, LICHFL has agreed to accept the offer of the Panel Valuer on the terms and conditions contained in this Agreement.
The parties hereto agreed to record the terms and conditions as follows :
NOW THEREFORE THIS AGREEMENT WITNESSETH AS FOLLOWS :
1. APPOINTMENT AND SCOPE OF WORK
LICHFL has agreed to appoint the Panel Valuer and the Panel Valuer has agreed to act on the terms and conditions as specified in this Agreement. LICHFL shall from time to time issue guidelines as to the manner in which the Panel Valuer’s duties and obligations under this Agreement shall be performed and the Panel Valuer shall ensure strict compliance of the guidelines.
2. PERIOD
The Agreement shall be valid for a period of ……………………..from the date mentioned hereinabove, unless otherwise terminated by LICHCL as provided under this Agreement.
3. FEES AND CHARGES
(i) Fees and charges for the services rendered are prescribed in Annexure-1.
The Panel Valuer must indicate separately each individual case/project in the bill submitted.
All the payment to the Panel Valuer shall be made after making statutory deductions, if any under the relevant laws. LICHFL shall also have the right to set off, deduct and recover from the fees and charges and/or from any other sum payable to the Panel Valuer, any and all amounts which may be or become payable by the Panel Valuer to LICHFL.
4. PANEL VALUER’S REPRESENTATIONS AND WARRANTIES
The Panel Valuer hereby represents, warrants and confirms that the Panel Valuer –
4.1 Has full capacity, power and authority to enter into this Agreement and during the continuance of this Agreement, will continue to have full capacity, power and authority to carry out and perform all its duties and obligations as contemplated herein and has already taken and will and continue to take all necessary and further actions (including but without limitations the obtaining of necessary approval/consents/registrations in all applicable jurisdictions) to authorize the execution, delivery and performance of this Agreement.
4.2 Has the necessary skill, knowledge, experience, expertise, adequate capital and competent personnel, system and procedures, infrastructure and capability to perform its obligations in accordance with professional standards, the terms of this Agreement and to the satisfaction of LICHFL.
4.3 The execution of this Agreement and providing services by the Panel Valuer to LICHFL, does not and will not violate, breach and contravene any conditions of any Agreement entered into by the Panel Valuer with any third party/ies.
4.4 Has complied with and obtained necessary permissions / licenses / Authorisations under the Central, State and Local authorities and obtained all required permissions/licenses for carrying our its obligations under this Agreement.
4.5 The Panel Valuer represents that he has no pecuniary or other interest in any subject matter pertaining to the Agreement that could reasonably be regarded as being capable of affecting his ability to give an unbiased report to LICHFL and
4.6 That there has been no legal/disciplinary action taken against the Panel Valuer/members of the firm by any person in connection with his professional career.
5. PANEL VALUER’S COVENANTS
The Panel Valuer hereby agree, undertakes and confirms as under
5.1 That the Panel Valuer shall carry out its obligations and functions under his Agreement strictly in accordance with all the guidelines, instructions, manuals and procedures etc. (hereinafter referred to as guidelines) prescribed by LICHFL in connection with this Agreement from time to time.
5.2 The Panel Valuer shall immediately notify LICHFL in writing of any event which may result in or which may give reason to believe that there may be any impediments or disruptions in the due performance of the obligations of the Panel Valuer under this Agreement. The Panel Valuer shall forthwith submit a report of the events resulting in stoppage of work to LICHFL. The Panel Valuer agrees that notwithstanding anything contained in this Agreement, in the event of any of the eventual mentioned hereinabove LICHFL shall have a right to terminate this Agreement by giving 15 days notice to the Panel Valuer.
5.3 That the Panel Valuer shall not at any time use or attempt to use LICHFL’s name or logo for any purpose including for the purpose of this Agreement unless specifically authorized by LICHFL in writing.
5.4 The Panel Valuer shall ensure that its employees/personnel shall at all times conduct themselves within the parameters of laws and shall not commit, abet or permit the commission of any illegal act while working in the course of this Agreement and in the event of any illegal act being committed or abetted, the Panel Valuer shall be liable for all consequences thereof and LICHFL shall not be liable either directly or indirectly.
5.5 The Panel Valuer shall obtain all the requisite licenses/ permission/authorizations under all the applicable laws and keep the same valid by renewing from time to time as required under the various Acts/Laws.
5.6 The Panel Valuer shall accept the instructions for performing his functions under this Agreement only from LICHFL and shall accept all necessary information for the same only from LICHFL. No account will be taken of any information that may be provided to the Panel Valuer by any other person except such information as is provided to the Panel Valuer in the normal course of his business.
5.7 The personnel employed by the Panel Valuer shall not have any claim whatsoever on LICHFL and shall not raise any industrial dispute, either directly or indirectly, with or against LICHFL, in respect of any of the service condition or otherwise.
5.8 That the Panel Valuer shall immediately notify LICHFL in writing if any of its employees or any other person engaged by the Panel Valuer has committed any breach of any of the clauses of the employment agreement with the Panel Valuer or has committed any act amounting to moral turpitude or has been arrested by the police or removed from the employment of the Panel Valuer or committed any act which in the opinion of the Panel Valuer affects the integrity of the person. LICHFL shall have the right to call upon the Panel Valuer to replace any personnel of the Panel Valuer who in the sole opinion of LICHFL is jeopardizing the interests of LICHFL and the State Engineer shall forthwith comply with the demand of LICHFL.
5.9 That the Panel Valuer shall procure from its employees and from such other staff as LICHFL may require, an undertaking not to disclose to any third party any confidential information or knowledge concerning the business of LICHFL and take such steps at the Panel Valuer’s own expense as LICHFL may direct in order to enforce or restrain any breach of the terms of any such undertaking.
5.10 The Panel Valuer undertakes to execute such other documents as may be required by LICHFL.
6. DUTIES OF THE PANEL VALUER
6.1 The Panel Valuer will perform the following duties under this Agreement.
(a) LICHFL will forward to the empanelled Panel Valuer, the details of the property to be visited including supporting documents such as a copy of the sanctioned plans.
(b) The Panel Valuer will visit the property to be financed and record the status of construction and other observations in a report (the format of which will be as notified by LICHFL from time to time). The Panel Valuer will also check the actual construction vis a vis the sanctioned plans. The panel valuer will record all factors, which might have an effect on the easy marketability/accessibility of the property. In case of resale property, in addition to the above criteria, the Panel Valuer will check the internal condition of the flat.
(c) If the site visit is prior to a second/subsequent loan disbursement, the Panel Valuer will check the stage of construction and indicate whether the progress is as per schedule and comment on the quality of construction.
(d) In cases where the Panel Valuer feels that a check of additional documents or further information is required, the same should be indicated on the report. The Panel Valuer would also be required to guide LICHFL regarding any changes in or additions to or deviations from the plans or any laws, rules, regulations, guidelines, etc. made or issued by the government or any organization concerning or affecting the construction/housing industry.
(e) LICHFL would also be approving residential projects of builders. The Panel Valuer while appraising these projects should also ensure that the project location is as per LICHFL requirements (in terms of city boundaries etc.) and should highlight any item which needs to be so done (such as proximity to an effluent disposing industrial unit or main road, etc.). The Panel Valuer should also know the types of units to be constructed, the per sq. ft rate and other amenities being offered by the builder.
(f) Perform the aforesaid duties in accordance with the instructions/guidelines specified by LICHFL to the Panel Valuer from time to time.
LICHFL shall notify the Panel Valuer of any additions/modifications to be made to the aforesaid duties/procedures.
7. CONFIDENTIALITY AND NON-DISCLOSURE
A. The Panel Valuer hereby specifically undertakes that :
7.A.1 All details, documents, data, applications, software, systems, statements, papers, business/customer information and LICHFL’s practices and trade secrets (hereinafter referred to as “Confidential Information or Information”) which may be communicated to the Panel Valuer and/or it’s employees shall be treated as absolutely confidential and the Panel Valuer irrevocably agrees and undertakes and ensures that the Panel Valuer and all its employees shall keep the same secret and confidential and not disclose the same, in whole or in part to any person without the prior written permission of LICHFL nor shall he use or allow to be used any information than as may be necessary for the due performance of the Panel Valuer’s obligations hereunder. The Panel Valuer hereby specifically agrees to indemnify and keep LICHFL indemnified safe and harmless at all times against all or any consequences arising out of any breach of this undertaking by the Panel Valuer and/or its employees and shall immediately reimburse and pay to LICHFL on demand all damages, loss, cost, expenses or any charges that LICHFL may suffer, incur or pay in connection therewith.
7.A.2 Take all necessary action to protect the Confidential Information against misuses, loss, destruction, deletion and/or alteration.
7.A.3 Not to misuse or permit misuse of the Confidential information directly or indirectly or commercially exploit the Confidential information for economic or other benefit.
7.A.4 Not to make or retain any copies or record of any Confidential Information submitted by LICHFL other than as may be required for the performance of the Panel Valuer’s obligations under this Agreement.
7.A.5 Notify LICHFL promptly of any unauthorized or improper use or disclosure of the information.
7.A.6 Return all the information, which is in the custody of the Panel Valuer at the end of a particular assignment.
7.A.7 The Panel Valuer hereby unconditionally agrees and undertakes that it shall not and that it’s personnel shall not disclose or publish the terms and conditions of this Agreement or disclose the information submitted by LICHFL under this Agreement to any third party unless such disclosure is required by law.
7.A.8 The Parties hereby agrees and confirm that by entering into the present Agreement, LICHFL, without being bound to, shall, at its own discretion assign such work to the Panel Valuer as it may deem fit from time to time.
7.B In case the Panel Valuer breaches any of the covenants, representations, warranties and other terms and conditions of this Agreement or misrepresents/conceals any information, facts, statements, data, reports etc. or provides with any information which subsequently turns out to be false, LICHFL may, in addition to any other remedy/recourse, shall have the right to report the same to the institution governing the said Panel Valuer irrespective of whether LICHFL has suffered any loss or damages by such information being provided by such Panel Valuer.
8. INDEMNITY
8.1 The Panel Valuer hereby agree and covenants to indemnify and keep indemnified LICHFL against.
i) Any or all claims, liabilities, damages, losses, costs, charges, expenses, proceedings and actions of any nature whatsoever made or instituted against LICHFL and/or any customer directly or indirectly by reason of –
a) any wrongful, incorrect, dishonest, criminal, fraudulent or negligent work, misfeasance, disregard or duties by the Panel Valuer or its personnel; and/or
b) any breach of any of the provisions of this Agreement or any of its Annexures by the Panel Valuer or its personnel; and/or
c) any loss or damage caused to LICHFL or its customers for any default or mistakes or error or commission of any act which is not authorized or done in accordance with the procedure laid down by LICHFL; and/or
d) any loss as a result of incorrect report made by the Panel Valuers or any of its personnel.
All indemnities shall survive expiry or termination of this Agreement and the Panel Valuer shall continue to be liable under the indemnities.
ACCOUNTS AND RECORDS
9.1 The Panel Valuer shall maintain accurate accounts and records statements of all its operations and expenses in connection with its functions under this Agreement in the manner specified by LICHFL.
9.2 The Panel Valuer shall forthwith upon being required by LICHFL allow LICHFL or any of its authorized representatives to inspect, audit or take copies of any records maintained under this Agreement. The Panel Valuer shall also co-operate in good faith with LICHFL to correct any practices, which are found to be deficient as a result of any such audit within a reasonable time after receipt of the report from LICHFL.
10. TERMINATION
Without prejudice to the rights and remedies available to LICHFL under this Agreement, LICHFL shall have the right to terminate this Agreement by giving 15 days notice to the Panel Valuer without assigning any reason whatsoever.
11. EVENTS OF TERMINATION
Without prejudice to any right of LICHFL, LICHFL shall terminate this Agreement.
i) If the Panel Valuer fails or neglects to observe or commits or allows to be committed any breach of the terms, conditions, provisions or stipulations required to be performed by it under this Agreement, and if such breach is remediable, fails to remedy such breach required to be remedied within reasonable time or
ii) If any of the representations made by the Panel Valuer are found to be false or;
iii) If the Panel Valuer does or suffers any act or thing or omits to do or suffers to be done any act, thing, deed or matter whereof in the consequence of which the business of LICHFL may or is likely to suffer or;
iv) If the Panel Valuer acts beyond the scope of this Agreement or is suspected of falsifying records or
v) If the Panel Valuer by its act or omission gives to LICHFL reasonable ground to consider that the rights of LICHFL may be prejudiced or jeopardized.
12. CONSEQUENCES OF TERMINATION
Upon the termination or expiration of this Agreement for any reason, the Panel Valuer shall:
12.1 Immediately cease to operate as the Panel Valuer and not hold itself in any way as the Panel Valuer or LICHFL and refrain from any action that would or may indicate any relationship between it and LICHFL.
12.2 Return to LICHFL forthwith all documents, statements computer floppies and all other materials supplied to it by LICHFL in the course of performing its obligations under this Agreement.
The expiration or termination of this Agreement shall be without prejudice to the accrued rights of the parties.
13. PRINCIPAL TO PRINCIPAL AGREEMENT
It is agreed to between both the parties that this Agreement is on a principal-to-principal basis and does not create and shall not deem to create any employer-employee relationship between the Panel Valuer and LICHFL. The Panel Valuer shall not by any acts, deeds or otherwise represent to any person that the Panel Valuer is representing or acting as agent or LICHFL, except to the extent and purpose permitted herein.
14. NO WARRANTIES WITHOUT AUTHORITY
The Panel Valuer shall make no statement, representation or claim and shall give no warranty to any person in respect of the business of LICHFL save as may be specifically authorized in writing by LICHFL.
15. ASSIGNMENT AND SUB-CONTRACTING
The Panel Valuer shall itself perform its obligations under this Agreement and shall not assign, transfer or sub-contract any of its rights and obligations under this Agreement to any person except with prior written permission of LICHFL. However LICHFL shall be entitled to assign/transfer its rights and benefits under this Agreement to any person.
16. NOTICE
Any notice under this Agreement shall be in writing and shall be addressed to the Panel Valuer and LICHFL at the address mentioned hereinabove or to any changed address notified by either party in this behalf, and for proving the service of notice it shall be sufficient to show that the envelope containing the notice was properly addressed and posted. Any notice shall be sent by registered post A.D. to the address of the Panel Valuer and LICHFL.

17. TIME IS THE ESSENCE
Time shall be the essence of this Agreement in so far as it relates to the observance or performance by the Panel Valuer of all or any or its obligations under this Agreement.
18. JURISDICTION
It is agreed by and between the parties that the Courts of ………….will have the exclusive jurisdiction in respect of any matter, claim or dispute arising out of or in any way relating to this Agreement.
The Panel valuer hereby agree and confirm that all the said valuation reports made by the panel valuer will be made diligently complying with all procedures/ guidelines/instructions laid down by LICHFL in this regard and that once the report has been submitted to LICHFL the observations made therein are legally binding on the Panel Valuer.
The parties to this Agreement have set their hands to it on the day mentioned herein above.
SIGNED AND DELIVERED by the within named party
i.e. LIC Housing Finance Limited, under the hand of
Shri ________________________________________
(Name & Designation)
SIGNED AND DELIVERED by the within named party
i.e. , under the hand of
Shri ________________________________________
· In case of partnership firm all the partners shall sign.
· In case of a company the duly authorized representative of the Company shall sign. The Board resolution containing such authorization should be obtained.



ANNEXURE I
FEES AND CHARGES
The time for submitting a report with details as stated above and as per the format supplied by LICHFL is expected to take a maximum of 2 working days. It could be higher for the cases where the entire project is being appraised.
Loan Value
Fees payable to Panel Valuer






The above figures are inclusive of conveyance expenses.