Valuation Terms & Conditions
Valuations are conducted as per our standard Terms and Conditions set out below.
The following definitions apply to these Terms & Conditions:
“Client” – the party commissioning the Valuation.
“Valuator” – DSB Offshore Ltd, its staff, agents and any parties contracted by DSB Offshore Ltd in connection with the Services.
“Loss” – loss or damage in contract, or tort under statute or otherwise, suffered by the Client (or any other party) howsoever arising from or in connection with the Services, the Valuation or these Terms & Conditions.
“Services” – all activities relating to the producing of a Valuation.
“Valuation” – figure and reasoning provided by the Valuator (Clause 4).
These Terms & Conditions are applicable to any provision of Services to the Client by the Valuator.
The Valuator will carry out all activities to the best of his / her knowledge and ability and in accordance with professional standards.
4. The Valuation
Any advice, opinion, statement of expectation, forecast or recommendation, including the Valuation, supplied by the Valuator shall not amount to any form of guarantee of that figure and is supplied solely for the Client’s benefit and for information only.
The Valuation is made on a ‘willing buyer willing seller’ basis and not on the physical condition of the vessel(s) and not on basis of a physical inspection by the Valuator.
The Valuation relates solely to the date upon which it was issued and remains valid only for period specified in the Valuation supplied.
The Valuation is not to be relied upon by any third party without the Valuator’s prior written approval. Reliance by any third party is subject to these Terms & Conditions.
If the Client or any third party (as agreed under Clause 4) relying upon this Valuation intends to act upon this Valuation then this party should first satisfy itself by inspection of the vessel(s) or otherwise as to the correctness of the particulars given.
All particulars used by the Valuator are sourced from information provided to the Valuator and such other information as the Valuator may have compiled from sources that the Valuator reasonably believes to be accurate and reliable at the date of the Valuation. The Valuator does not accept responsibility for the accuracy of this information. Clients are reminded that the Valuator has not undertaken to carry out physical inspection of the vessel(s) or their class records.
7. Permission to Transmit
This Valuation may not be sent or otherwise transmitted to any third party without prior written permission of Valuator and in the event such permission is given it shall be given on the strict understanding that the Valuation be treated as illustrative only and not otherwise relied upon.
NOTE: THE BELOW CLAUSES LIMIT THE VALUATOR’S LIABILITY TO THE CLIENT
If an error is made as a result of the Client providing incorrect or incomplete information, the Valuator is not liable for any resulting Loss.
The Valuator’s aggregate liability for Loss, howsoever the Loss is caused, including if caused by the Valuator’s negligence (but not if caused by the Valuator’s wilful misconduct) is fully excluded. Without prejudice to the foregoing, in no event shall the Valuator’s liability for Loss be larger than ten times the fee paid by the Client for these Services.
9. Scope of Services
The Valuator does not provide, nor should this Valuation be considered as, investment advice. For the avoidance of doubt, the Valuation and these Services are not be construed as legal, tax or accounting advice nor to be relied upon or otherwise used for the purposes of raising debt or equity.
10. Time for Suit
Any claim from the Client or any other party in respect of Loss suffered as a result of, arising from or in connection with the Services or these Terms & Conditions, must be made within one year of the date of the Valuation giving rise to the claim.
For the purposes of this clause, a claim shall be made when court proceedings are commenced.
11. Indemnity of Valuator against Third Party claims
If there is any claim made or threatened against the Valuator by a third party as a result of, arising from or in connection with the Valuation or these Services, the Client agrees to fully indemnify and hold harmless the Valuator against any Loss.
12. Third Party Rights
A third party who is not a party to these Terms & Conditions shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement.
Each clause or term of these Terms & Conditions constitutes a separate and independent provision. If any provisions of these Terms & Conditions are judged by the relevant courts to be void or unenforceable, the remaining provisions shall continue in full force and effect.
14. Entire Agreement
These Terms & Conditions set out the entire agreement and understanding between the parties in connection with the Services.
15. Law and Jurisdiction
These Terms & Conditions shall in all respects be subject to and governed by English law and all disputes arising on any basis from or under the Terms & Conditions shall be subject to the exclusive jurisdiction of the English courts, to the express exclusion of all other courts and jurisdictions.
Whilst care has been taken in compiling the information provided in this website, it is given strictly without guarantee. The information provided is for general information only and should not be taken for any specific purpose or as a substitute for appropriate professional advice. No responsibility can be accepted for any consequences resulting from reliance upon information from this site. It cannot be guaranteed that the information contained in this site is the latest available.