Valuer Alert - Commonwealth Bank of Australia (CBA) and Commercial Panel Agreement

Valuer Alert - Commonwealth Bank of Australia (CBA) and Commercial Panel Agreement

Issued Wednesday 30th November 2011

As the relevant valuation firms are aware, the CBA has issued a Letter of Appointment and Valuation Services Agreement (VSA) for consideration.

Firms and the API have provided feedback to the CBA for consideration.

A major issue at the time of the original release was that dealing with proportionate liability. The Institute acknowledges and appreciates the CBA decision to delete the clause from the VSA.

Due to unforeseen circumstances from both parties, finalisation of the documentation has taken longer than expected.

However, the ongoing discussions with the CBA have been conducted in a co-operative and collaborative manner and, subject to consideration by the major valuation firms in consultation with the API and final agreement with the CBA, the relevant documentation is expected to be re-issued shortly.

Regards
Philip Western | API National President