Amendments
Last updated
Last updated
In the course of a valuation assignment, circumstances may change, requiring modifications to the original Terms of Engagement (TOE). InterVal's 'Amendment' feature allows valuation professionals to create and manage additional contracts that supplement or modify the initial TOE, ensuring that the valuation process remains flexible and adaptable to evolving needs.
The Amendment feature enables users to perform four main actions:
Abort a TOE:
In situations where the valuation assignment needs to be terminated prematurely, the "Abort TOE" amendment allows users to formally cancel the engagement.
This amendment documents the reasons for the termination and ensures that all parties are aware of and agree to the cancellation.
Once the TOE is aborted, no further work can be carried out under that specific engagement.
Remove Target Properties from an Assignment:
If the scope of the valuation assignment changes, users can create an amendment to remove one or more target properties from the TOE.
This amendment specifies which properties are to be excluded and adjusts the remaining scope of work and fees accordingly.
Removing target properties helps maintain an accurate and up-to-date record of the properties being valued under the engagement.
Remove a Valuation Method from a Target Property:
In some cases, it may be necessary to modify the valuation methodology for a specific target property.
The "Remove Valuation Method" amendment allows users to specify which valuation method should be excluded from the assessment of a particular property.
This amendment ensures that the valuation approach remains appropriate and aligned with the client's requirements and market conditions.
Declare a New Conflict of Interest:
Valuation professionals are obligated to disclose any potential conflicts of interest that may arise during the course of an assignment.
If a new conflict of interest is identified after the initial TOE has been signed, users can create an amendment to declare the conflict.
This amendment prompts the creation of an Informed Consent document, which outlines the nature of the conflict and seeks the client's acknowledgment and consent to proceed with the valuation.
Declaring conflicts of interest through amendments maintains transparency and compliance with professional ethics and standards.
The 'Amendment' feature in InterVal streamlines the process of creating and managing these additional contracts. Users can easily generate amendment documents that are pre-populated with relevant information from the original TOE, ensuring consistency and accuracy.
Amendments are securely stored within the InterVal platform, linked to the corresponding TOE, and accessible to all authorized parties. This centralized storage ensures that all stakeholders have access to the most up-to-date and complete set of documents governing the valuation assignment.
By providing a flexible and efficient way to modify Terms of Engagement through amendments, InterVal helps valuation professionals adapt to changing circumstances, maintain compliance with professional standards, and deliver high-quality valuation services to their clients.
