Common use of Valuation Services Clause in Contracts

Valuation Services. The CONSULTANT will provide valuation services for waiver valuations and appraisals (both, “Valuation Reports”) in accordance with the RED Manual. All parcels will require the preparation of an Appraisal Problem Analysis (“APA”) prior to the preparation of the Valuation Reports, and after the completion of the Valuation Reports, each of the Valuation Reports shall undergo an appraisal review process, or in the case of waiver valuations, an approval process by a Review Appraiser (both, the “Appraisal Review”). The CONSULTANT will undertake all correspondence, complete all forms, and retain copies of all documentation that is needed to demonstrate that the valuation process was completed in accordance with the RED Manual, state law, and federal law. All APAs require INDOT’s approval prior to the assignment of a Valuation Services provider. After completion of the Valuation Reports, to obtain INDOT’s approval of the Valuation Reports and the just compensation to be paid to property owner(s), the CONSULTANT shall furnish to INDOT on regular paper signed copies of: the Valuation Reports; the APA and Appraisal Review, where applicable; the “Statement of the Basis for Just Compensation” in the form prescribed by INDOT; and any other documents requested relating to the valuation process (together, the “Valuation Documents”). In addition, an electronic copy of the signed Valuation Documents shall be provided in portable document format (PDF). If the PDFs are too large to email to INDOT, the CONSULTANT shall at its own cost provide the PDFs through a secure file sharing service. Valuation Reports and Appraisal Reviews will conform to statutory and judicial determinations regarding non- compensable items as set forth and discussed in the "Appraising Procedures" section of the RED Manual or conferences between the parties. INDOT may reject any Valuation Report or Appraisal Review that fails to comply with the Uniform Standards of Professional Appraisal Practice, the RED Manual, state law, or federal law. Requested revisions to Valuation Documents will be completed in a timely manner. The CONSULTANT shall treat all Valuation Reports and Appraisal Reviews as confidential, except where exceptions apply as detailed in the RED Manual, and the CONSULTANT will ensure that green paper is used for any copies of Valuation Reports and Appraisal Reviews provided to a property owner. The CONSULTANT shall be responsible for prompt input of all required parcel data and related project information into LRS. The CONSULTANT agrees to update Valuation Documents at the request of INDOT, and if necessary, will arrange for its appraisers to testify on behalf of INDOT on any parcels should he/she be required to do so by INDOT.

Valuation Services. 1. Whenever the CONSULTANT provides valuation services for waiver valuations as set forth in this Section A (Valuation Services), it shall be currently prequalified by INDOT’s Prequalification Division in Work Type 12.3 (Value Analysis) referenced in INDOT’s Consultant Prequalification Manual. 2. The CONSULTANT will provide valuation services for waiver valuations and appraisals (both, “Valuation Reports”) in accordance with INDOT’s Real Estate Division Manual (the “RED Manual. All parcels will require the preparation of an Appraisal Problem Analysis (“APA”) prior to on real estate parcels as assigned by INDOT. After each Valuation Report is completed and all documents contemplated in Section A.3 have been provided by the preparation of CONSULTANT, the Valuation Reports, and after the completion of the Valuation Reports, each of the Valuation Reports Report shall undergo an appraisal review process, or in the case of waiver valuations, an approval process by an INDOT staff reviewer that is informally described as a Review Appraiser (both, the “Appraisal Desk Review”). The CONSULTANT will undertake all correspondence, complete all forms, and retain copies of all documentation that is needed to demonstrate that the valuation process was completed in accordance with the RED Manual, state law, and federal law. All APAs require INDOT’s approval prior to the assignment of a Valuation Services provider. 3. After completion of the Valuation Reports, to obtain INDOT’s approval of the Valuation Reports and the just compensation to be paid to property owner(s), the CONSULTANT shall furnish provide to INDOT on regular paper signed copies of: the Valuation Reports; the APA and Appraisal Review, where applicable; the “Statement of the Basis for Just Compensation” in the form prescribed by INDOT; and any other documents requested relating to the valuation process (together, the “Valuation Documents”). In addition, an electronic copy of the signed Valuation Documents shall be provided in portable document format (PDF). If the PDFs are too large to email to INDOT, the CONSULTANT shall at its own cost provide the PDFs through a secure file sharing service. 4. Valuation Reports and Appraisal Reviews will shall conform to statutory and judicial determinations regarding non- non-compensable items items, as set forth and discussed in the "Appraising Procedures" section of the RED Manual or conferences between the parties. INDOT may reject any Valuation Report or Appraisal Review that fails to comply with the Uniform Standards of Professional Appraisal Practice, the RED Manual, state law, or federal law. Requested revisions to Valuation Documents will be completed in a timely manner. The CONSULTANT shall treat all Valuation Reports and Appraisal Reviews Documents as confidential, except where exceptions apply as detailed in the RED Manual, and the CONSULTANT will ensure that light green paper is used for any copies of Valuation Reports and Appraisal Reviews provided to a property owner. 5. The CONSULTANT shall be responsible for prompt input of all required parcel data and related project information into INDOT’s Land Records System (“LRS”). The CONSULTANT agrees to update Valuation Documents at the request of INDOT, and if necessary, will arrange for its appraisers personnel completing Valuation Documents on any parcels to testify on behalf of INDOT on any parcels should he/she be required to do so by INDOT. 6. If CONSULTANT determines during the course of the assignment that an appraisal report is required due to the acquisition being considered a complicated acquisition pursuant to the RED Manual or other INDOT policies, CONSULTANT should notify INDOT as soon as possible so that INDOT can decide whether to assign an appraiser or another provider of waiver valuations to complete the Valuation Documents. Unless CONSULTANT is retained to provide an appraisal pursuant to an existing contract to provide appraisal services to INDOT, pro rata payment will be made for work completed by CONSULTANT pursuant to the terms described in Appendix D of this contract,