INDEPENDENT CONTRACTOR VENDOR AGREEMENT FOR APPRAISAL SERVICES
This Agreement is made between the Appraisal Management Company Fastapp Inc., ("Fastapp"), and the appraiser who acknowledges the Agreement below (“Appraiser”) on the executed date below (“effective date”).
1. SERVICES
1.1 Scope of Services: Appraiser agrees to provide professional appraisal services ("Services") as requested by the Company. Services shall be performed in accordance with the guidelines provided by the Company, and in compliance with all applicable laws, rules, and regulations.
1.2 Standards of Practice: Appraiser shall perform all Services in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) and any other applicable professional standards.
2. INDEPENDENT CONTRACTOR STATUS
2.1 Appraiser is engaged as an independent contractor. Nothing in this Agreement shall be construed to create a partnership, joint venture, or employer-employee relationship between the Company and Appraiser.
2.2 Appraiser is not entitled to worker's compensation, retirement, insurance or other benefits afforded to employees of the Company.
3. COMPENSATION
3.1 Fees for assignments will be disclosed and agreed upon at the time of engagement. Payment will be made to Appraiser in accordance with state guidelines after the Appraiser delivers to Fastapp the final completed appraisal report that meets requirements of the engagement. Since Fastapp will pay Appraiser, Appraiser will not invoice or collect funds from the lender or other parties.
3.2 Appraiser is responsible for paying all taxes, including income tax, self-employment tax, and any other tax required by law.
4. CONFIDENTIALITY
4.1 Information may be provided to Appraiser that is “Confidential Information”, which is information that is proprietary, private, or confidential to Fastapp or its clients including but not limited to non-public personal information related to consumer and/or customers of Fastapp's clients. Confidential Information is not information that is otherwise available to the public, was already known by Appraiser (with written evidence) at the time of disclosure of that information, was or becomes available to Appraiser from a source other than the owner if the source would normally be legally allowed to share the information, or Appraiser independently develops the information.
4.2 Appraiser agrees to keep Confidential Information with strict safeguards, to not copy, reproduce, sell, market, license, transfer, or give Confidential Information to third parties, and to use Confidential Information only in a manner appropriate for the purposes of completing the services under this Agreement. Appraiser agrees to protect the security and confidentiality of all non-public personal information in accordance with the Gramm-Leach-Bliley Act and other applicable laws, regulations, and rules related to the confidentiality of information.
5. INDEMNIFICATION
Appraiser indemnifies Fastapp for the acts or omissions of Appraiser only. Appraiser will hold harmless and indemnify Fastapp, its directors, officers, employees, agents, and representatives, and any client of Fastapp for whom a service is being performed, against all loss, liability, penalty, damage, expense, cost, including attorney’s fees of any kind, to person, property, or both, arising out of any action or inaction of the Appraiser only, related to this Agreement, including without limitation non-compliance with applicable laws and regulations.
6. APPRAISERS LICENSE AND CERTIFICATION
6.1 License Verification: The Appraiser affirms that they possess a current and valid appraiser’s license in good standing, issued by the relevant state licensing authority. The Appraiser agrees to promptly provide Fastapp with a copy of their license upon request.
6.2 Maintaining License: The Appraiser is responsible for maintaining their license, including completing any required continuing education and renewing their license before its expiration. The Appraiser agrees to notify Fastapp immediately in the event of any change in the status of their license, including suspension, revocation, or expiration.
6.3 License Level: The Appraiser represents that their license level is sufficient to perform the appraisal assignments contemplated under this Agreement, without the need for supervision by a higher-level appraiser.
6.4 License Compliance: The Appraiser agrees to comply with all laws and regulations governing their license, including adhering to the Uniform Standards of Professional Appraisal Practice (USPAP) and any other applicable professional standards.
6.5 License Display: When performing services on-site, the Appraiser agrees to carry a copy of their license and to display it upon request by any party involved in the transaction or by any regulatory authority.
6.6 License Notification: The Appraiser agrees to notify Fastapp in writing within five (5) business days of any disciplinary action taken against their license, including any investigations, complaints, or sanctions.
6.7 License Verification by Fastapp: Fastapp reserves the right to independently verify the status of the Appraiser’s license at any time. The Appraiser agrees to cooperate with Fastapp in any such verification process.
7. ERRORS AND OMMISSIONS INSURANCE
7.1 Mandatory Coverage: The Appraiser shall maintain, at their own expense, a valid and enforceable Errors and Omissions Insurance policy (“E&O Insurance”) that provides adequate coverage for liability arising out of the professional services performed under this Agreement. The E&O Insurance must be with an insurance carrier that is reputable and financially stable.
7.2 Minimum Coverage Requirements: The E&O Insurance policy shall provide coverage with limits not less than the amount required by the applicable state licensing authority or $500,000 per occurrence and $1,000,000 in the aggregate, whichever is greater.
7.3 Policy Terms: The E&O Insurance policy shall cover the Appraiser, their employees, and any subcontractors engaged by the Appraiser. The policy shall not contain any exclusions or limitations that would unreasonably restrict coverage for the services performed under this Agreement.
7.4 Proof of Insurance: Upon Fastapp’s request, the Appraiser agrees to furnish a certificate of insurance evidencing the required E&O Insurance coverage, including the policy limits and any endorsements. The Appraiser shall ensure that Fastapp is notified at least 30 days in advance of any cancellation, non-renewal, or material change in the policy.
7.5 Continuous Coverage: The Appraiser agrees to maintain continuous E&O Insurance coverage throughout the term of this Agreement.
7.6 Claims Reporting: The Appraiser agrees to promptly report to Fastapp any claims made against their E&O Insurance that arise out of services performed under this Agreement. The Appraiser shall also cooperate fully in the investigation and resolution of any such claims.
7.7 Deductibles and Self-Insured Retentions: The Appraiser is responsible for the payment of any deductibles or self-insured retentions under their E&O Insurance policy. The existence of such deductibles or retentions does not relieve the Appraiser of their obligations under this Agreement.
8. COMPLIANCE WITH LAWS AND RULES
At all times while performing services pursuant to this Agreement, Appraiser (and as applicable, assistants and subcontractors of Appraiser) will comply with and perform assignments in accordance with the Uniform Standards of Professional Appraisal Practice, Appraisal Independence Requirements under Dodd-Frank and related rules and regulations, Fair Housing Act, Real Estate Settlement Procedures Act, Truth in Lending Act, and all other federal, state, and local laws, rules, standards, and codes that are applicable to Appraiser.
9. PROFESSIONALISM AND CONDUCT
9.1 Professional Demeanor: The Appraiser agrees to maintain a high standard of professionalism in all interactions with clients, property owners, and any other individuals encountered while performing services under this Agreement. This includes, but is not limited to, maintaining a respectful and courteous demeanor, and demonstrating integrity and honesty in all communications and actions.
9.2 Appearance and Dress Code: The Appraiser shall ensure that their appearance is neat, clean, and appropriate for a professional setting when conducting site visits or interacting with clients and property owners. The Appraiser is expected to adhere to a professional dress code, taking into consideration the nature of the appraisal work and the expectations of the clients and property owners.
9.3 Respect for Property: The Appraiser shall show respect for the property being appraised and any adjacent properties. This includes, but is not limited to, taking care not to cause damage, leaving the property in the same condition it was found, and respecting the privacy and property rights of the owners.
9.4 Confidentiality and Discretion: The Appraiser shall maintain the confidentiality of all client information and any other sensitive information obtained while performing services under this Agreement. The Appraiser shall exercise discretion and avoid discussing sensitive or confidential matters in inappropriate settings or with unauthorized individuals.
9.5 Timely Communication: The Appraiser agrees to respond to communications from Fastapp and clients in a timely manner. This includes, but is not limited to, acknowledging receipt of assignment orders, providing status updates, and responding to inquiries and requests for additional information.
9.6 Continual Learning and Development: The Appraiser commits to ongoing professional development and education to ensure they remain up-to-date with industry standards, best practices, and any changes in laws, regulations, and guidelines that may affect their appraisal practice.
9.7 Accountability: The Appraiser accepts responsibility for their actions and the quality of their work. In the event that errors or issues are identified, the Appraiser agrees to take prompt and appropriate action to address and resolve the matter to the satisfaction of all parties involved.
9.8 Compliance with Laws and Regulations: The Appraiser shall comply with all applicable laws, regulations, and guidelines governing appraisal services, including adherence to the Uniform Standards of Professional Appraisal Practice (USPAP) and any other relevant professional standards.
10. COMPENTENCY AND CAPABILITY
10.1 General Competency: The Appraiser represents and warrants that they possess the necessary knowledge, skills, experience, and capability to perform appraisal services in accordance with industry standards and best practices. The Appraiser shall ensure that they are familiar with the specific types of properties and markets for which they accept assignments from Fastapp.
10.2 USPAP Competency Rule Compliance: The Appraiser certifies that they comply with the Competency Rule of the Uniform Standards of Professional Appraisal Practice (USPAP) for every assignment accepted from Fastapp. This includes, but is not limited to, being able to:
- Properly identify the problem to be addressed.
- Have the knowledge and experience to complete the assignment competently.
- Recognize the need for and can properly use those laws, regulations, agreements, guidelines, or other factors that are necessary for competent performance of the assignment.
- Understand the relevant characteristics of the property being appraised.
10.3 Continuous Skill Development: The Appraiser commits to engaging in continuous education and professional development to enhance their competency and stay current with industry trends, techniques, and standards. The Appraiser shall actively seek out educational opportunities and resources relevant to their appraisal practice.
10.4 Geographic and Product Competency: The Appraiser certifies that they are competent in appraising properties in the geographic areas and of the types (residential, commercial, etc.) for which they accept assignments. This includes having access to and familiarity with the necessary market data and resources to perform competent appraisals.
10.5 Disclosure of Lack of Competency: In instances where an assignment falls outside of the Appraiser’s existing competency, the Appraiser agrees to:
- Disclose the lack of competency to Fastapp before accepting the assignment.
- Take all necessary steps to become competent prior to accepting the assignment, including but not limited to engaging in additional research, study, or consultation with experts.
- Decline the assignment if they are unable to achieve competency in a timely manner.
10.6 Accuracy and Reliability: The Appraiser shall use their best efforts to ensure that all appraisals and related services provided under this Agreement are accurate, reliable, and meet the highest standards of professional competency.
11. TERM AND TERMINATION
Fastapp and Appraiser have the right to terminate this Agreement at any time with written notice. In the event of termination, Fastapp will be liable to Appraiser for undisputed fees for completed services rendered up to the date of termination. In the event of termination, the following three sections survive and remain in full force and effect: Indemnification, Confidentiality, and Insurance sections. Fastapp may terminate this Agreement and consequently not select Appraiser for future engagement if Appraiser fails to meet any terms of this Agreement (or individual assignment engagements); in such cases, Fastapp will provide written notice to Appraiser, identifying the reasoning and describing a rebuttal process.
12. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the state of [Your State], without regard to its conflict of law principles.
13. ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements, understandings, negotiations, and discussions, whether oral or written.
14. ACCEPTANCE.
Fastapp’s delivery of a request for Appraiser to perform services as described in a separate request, order, engagement form, or other similar manner of engaging the services of Appraiser after the effective date by Fastapp indicates Appraiser’s acceptance of this Agreement.
15. AMENDMENTS AND CHANGES
This Agreement may be changed by written or electronic methods, including without limit acknowledgements via a website or portal.
16. EXECUTION AND AGREEMENT
16.1 Acceptance and Signature: This Agreement shall become effective and binding upon the Appraiser and Fastapp upon the execution of the Agreement by both parties. The parties may execute this Agreement by physical or electronic signature, and such signatures shall be deemed valid and binding as if they were original signatures.
16.2 Electronic Acceptance: In addition to physical or electronic signatures, acceptance of this Agreement may be conducted via an electronic website or portal managed by Fastapp. The Appraiser’s use of the portal to accept assignments, submit appraisals, or engage in other activities related to the services under this Agreement shall constitute an acknowledgment and acceptance of the terms and conditions herein.
16.3 Effective Date: The Agreement becomes effective on the date that the Appraiser acknowledges and accepts the terms, either through signature or electronic acceptance, and remains in effect until terminated by either party.