Terms and Conditions » EME Valuations

Valuation Terms & Conditions

Fair Market Value

This valuation has been performed in accordance with the International Valuation Standards (IVS) and the definition of market value is taken from the general concepts and principles of the IVS where market value is defined as:

Market Value is the estimated amount for which a property / asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion.

Orderly Liquidated Value

Orderly Liquidated Value (OLV) is defined as the probable price in monetary terms which could be expected from a sale of the appraised asset or assets under “ Forced Orderly Sale Conditions “ . OLV does not take into account any costs associated with the sales process ( advertising / commissions / cartage or cost associated with cartage / storage / legal or any professional management of the sales process )

Liquidation value is the most probable price that an asset is likely to achieve under all of the following conditions

A sale would occur within a “reasonable“ but limited marketing period. 90 days is generally assumed for this.
The actual market conditions currently prevailing are those in which the asset is subject to.
The buyer is acting prudently and knowledgeably and is typically motivated.
The seller is under compulsion to sell as of a specific date.
That the price represents the normal consideration for the asset unaffected by special financing or sales concessions granted by any party associated with the sale.
The asset would be offered for sale in an "as is where is" condition, and location.

Restrictions

Neither the whole nor any part of this valuation report or any reference to it may be included in any published document, circular or statement without the written approval of EME Valuations Ltd as to the form and content in which it may appear.

Valuation Methodology

Valuations / Inspections are focused on identifying the asset / assets, obtaining their age, utilization, location, maintenance history and operational working condition in order to form an opinion of value. Unless stated or noted, all items listed herein are valued with the assumption that they are in complete working order. At any time should any of the assets listed in this valuation be found not to comply with this or the asset is not presented as it was inspected, the values attributed will require review

Reliance on information

Physical or Site Inspection Only

Information which has been relied upon in the preparation of this valuation includes the machine’s operating conditions (the application), the service meter reading / distance recorder the service history (where known to EME Valuations Ltd), the general condition of the machine including the condition of tyres, undercarriage and Ground Engaging Tools (respectively where applicable), and recent known sales transactions of similarly configured machines.

Desk Top valuation only

This desk top valuation is not intended or designed to replace a full market valuation

EME Valuations Ltd will use its reasonable endeavours to check the accuracy of the information contained in any report. However, the accuracy of such information (including the estimated market value) is not guaranteed by EME Valuations Ltd

EME Valuations Ltd will use its reasonable endeavours to check that the information contained in its desk top valuation is substantially complete and free of errors or defects. However, you acknowledge that from time to time, errors may occur.

Disclaimer

EME Valuations Ltd assumes no responsibility arising in any way whatsoever for errors or omissions (including responsibility to any person for negligence) for the preparation of this valuation to the extent that such errors or omissions result from the reasonable reliance on information provided by others or assumptions disclosed in this report or assumptions reasonably taken as implicit.

EME Valuations Ltd is not responsible or liable for costs incurred or loss suffered by the customer, its directors or shareholders or any other person, whether in contract, tort (including negligence), equity or otherwise, as a result of the circulation, publication, reproduction or use of this report or any extracts there from, except to the extent that such responsibility or liability cannot lawfully be excluded.

This valuation has been prepared with care and diligence and the valuation is given in good faith and in the belief that nothing in this valuation is false or misleading. If, despite the provisions of this clause, EME Valuations Ltd is held to be responsible or liable to any person then, to the extent permitted by law EME Valuations Ltd liability under any warranty in relation to the provision of this valuation is limited to refunding the fee received by EME Valuations Ltd for the valuation.

Indemnity

The customer agrees that, to the extent permitted by law, it will indemnify EME Valuations Ltd, its employees and consultants in respect of any liability suffered or incurred as a result of or in connection with the preparation of this valuation. This indemnity will not apply in respect of wilful misconduct or breach of law.

Not an Offer

Provision of this valuation does not in any way constitute an offer by EME Valuations Ltd to purchase, or receive by way of trade-in, the property which is the subject of the valuation nor does it imply that the valuation represents the price at which the property may be traded by EME Valuations Ltd.

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EME Valuations Limited ("we/us") - Terms of Trade

Defined Terms
"Goods^1"®* means all goods supplied from time to time by us to you, provided that:
1. Where the goods supplied are your Inventory, then all references to goods in these Terms shall be read as reference to Inventory; and
2. Where the goods supplied are not Inventory then all references to goods in these Terms shall mean the goods described in any one or more of the relevant order form, packing slip or invoice (or its equivalent whatever called) relating to those goods, on the basis that each such document shall be deemed to be incorporated in, and form part of, these Terms.
"Inventory" has the meaning given to that term in the PPSA.
"PPSA" means the Personal Property Securities Act 1999 as amended or substituted from time to time.
Unless the context otherwise requires, words and phrases shall have the meanings given to them in, or by virtue, of the PPSA.
Terms of Contract
Any Goods or services supplied to you shall be subject to these Terms unless we agree in writing to change them. If you accept delivery of Goods from us, or deliver goods to us for repairs or servicing, these actions by you will be deemed to be acceptance of these Terms, not withstanding anything that may be stated to the contrary in your enquiries or your order. These terms do not apply to any Goods sold to you on hire purchase, or leased by us to you.
Price
1. Unless otherwise agreed in writing all freight, insurance, delivery and travel charges will be Additional to any price quoted. Unless otherwise agreed in writing any quoted price may be altered prior to delivery of Goods to you, or before completion of repairs or services by us if our costs fluctuate materially. We may withdraw any quotation before it is accepted; and in any event any quotation will lapse 30 days after it is given without notice. GST will be payable by you as an additional amount on all prices and charges.
2. The price for Goods and services will be either as quoted to you in writing or, if no written quote is provided, pursuant to our standard charges applying at the time.
Payment
1. Unless otherwise agreed in writing you must pay for
  1. Machine or engine Goods at the time of delivery, and any deposit required must be paid at the time of signing an order.
  2. Services or parts by the 20th day of the month following the date of the invoice relating to those Goods or services.
2. If full payment for the Goods or services is not made on the due date, then without prejudice to any other remedies available to us:
  1. We may cancel or withhold supply of further Goods or services:
  2. Interest on monies overdue shall be charged on a daily basis and be calculated by adding 5% per annum to the overdraft rate payable by us to our bakers at the time of and during such default, and interest shall continue to accrue both before and after judgment You shall be responsible for all costs incurred by us in recovering such monies.
3. We shall have a full right of set-off with respect to amounts owed by you to us, or any of our related companies to you howsoever arising. Your obligation under these Terms shall be to pay the foil amount owing under these Terms free of all deductions or rights of set off.
Ownership
1. Ownership in the Goods shall not pass upon delivery, but shall remain with us until full payment for all monies owing by you to us has been made until all monies have been paid:
  1. You hold the Goods supplied as fiduciary for us and will deal with them as agent for and on behalf of us (but will not hold yourself out as our agent to any third parties):
  2. You shall store our Goods separately consistent with the Goods being our property, and ensure such Goods are able to be separately identified;
  3. If you resell the Goods supplied, the proceeds of any resale will belong to us, and you will pay the same into a separate account for which separate records are kept, aid all claims which you hold against third parties will be handed over to us;
  4. You irrevocably give us and our agents the right to enter your premises, to remove any of the Goods supplied and resell them;
  5. If any of the Goods become part of a product or mass (through, or by whatever process) such that the identity of those Goods is lost in the product or mass, the security interested created by this clause continues in the product or mass in accordance with the PPSA.
  6. If any of the Goods are installed in, or affixed to, and become an accession to, other goods, the security interest continues in the accession in accordance with the PPSA.
Liens
1. All Goods delivered to or in our possession, for repair or servicing are subject to a lien for any sums owing by you to us, for repairs or servicing carried out on the Goods. Where we retain a lien over any of your Goods and you are more than three months overdue with any monies owing, we without further notice may sell the Goods in such a manner and such terms as we thing fit, and may from sale proceeds repay the amounts owing to us for work done, and any expenses of sale.
Risk and Delivery
1. Unless otherwise agreed, you shall be responsible for the cost of and arranging transportation of all Goods. If we are delivering the Goods to you, we will use our best endeavors to see that deliveries are made according to schedule, but shall not be responsible for delivery delays due to causes beyond our control.
2. Risk in respect of the Goods sold shall pass to you when the Goods are delivered to you or your earner, or the time you pay for the Goods, whichever is the earlier, Risk in the Goods in our possession for servicing, remains with you. It is your responsibility to insure the Goods, even if we have arranged transportation of the Goods.
Warranties
1. Details of warranties available, if any, will be provided upon request but are subject to clauses 8.2 And 8.3. Except to the extent of written warranties given by us to you, all warranties and representations in respect of Goods sold or services supplied are excluded, including (to the extent permitted by law) those expressed or implied by law. Where any written warranty conflicts with clauses 8.2 or 8.3 the provisions of clauses 8,2 and 8.3 as applicable shall apply.
2. We shall not be liable:
  1. Where you have altered or modified the Goods, mis-applied the Goods, or have subjected them to any unusual or non-recommended use, servicing or handling;
  2. For loss caused by any factors beyond our control;
  3. For any indirect or consequential loss of any kind;
  4. For any second hand Goods;
  5. Where the terms of any written warranty have not been complied with, or any manufacturers’ handbook provided to you has not been complied with.
3. Our total liability under any warranty for defective or damaged Goods supplied by us or in relation to the provision of services is limited at our option to either
  1. Replacing or repairing the defective or damaged Goods; or
  2. Refunding the price of the defective or damaged Goods or provision of service.
4. In the event of a short delivery or errors in dispatch which would be apparent by inspection on delivery, we will accept no liability unless notified by you in writing within three days of delivery.
5. If permitted under our parts return policy, Goods may be returned to us. These must be returned freight paid. Where we elect to repair defective Goods, we will use all reasonable endeavors to repair the Goods, as soon as possible, but will not be liable for any delay in completing the repairs.
General Terms
1. Mediation
  If a dispute arises, the parties will try to settle the dispute by mediation before reporting to litigation or arbitration. Any party may initiate mediation by giving written notice to the other. Mediators should be agreed upon by parties, but if the parties cannot agree on one within seven days after the mediation has been imitated, then the mediator shall be appointed by the chairperson of LEADR.
2. Cancellation
  You may not cancel any order for Goods or part of it without our written consent. If you do so, in addition to any other rights we may have, we may retain any deposit paid. We shall have the right to cancel any orders for Goods which we have accepted, if due to circumstances beyond our control it would be impractical or unreasonable to fill the order, if any information supplied by you is materially incorrect, or if in our opinion a satisfactory servicing or repair cannot be achieved.
3. Waiver or variation
  Waiver or variation of these Terms by us will only be effective if given in writing by an authorized person. If we waive any of these Terms the waiver will not affect our rights under these Terms at any future time.
4. Governing law
  These Terms will be interpreted in accordance with and governed by the laws of New Zealand and the New Zealand courts will have non-exclusive jurisdiction in respect of all matters between us.
5. The Privacy Act
  You and any guarantor (if relevant) authorize us to collect and hold personal information from any source we consider appropriate to be used for the purposes of determining credit worthiness, for communicating promotional activities and product information, for debt collection purposes, or for any other related purpose. You farther authorize us to disclose personal information held by us for the purposes set out above to any other parties. You understand that you have a right of access and may request correction of personal information held by us about you.
6. Consumer Guarantees Act (CGA)
  If the CGA applies, these terms and conditions shall be read subject to your rights under the CGA, provided that where you are acquiring goods or services for business purposes the CGA shall not apply.
PPSA
1. Security:
  You acknowledge and agree that:
  1. By assenting to these Terms, you grant a security interest (by virtue of the retention of title clause in clause 5 of these Terms) to us in all Goods previously supplied by us to you (if any) and all after acquired Goods supplied by us to you (or for your account); and
  2. These Terms shall apply notwithstanding anything, express or implied, to the contrary contained in your purchase order.
2. Financing Statement:
  You undertake to:
  1. Sign any further documents and/or provide any further information (which information you warrant to be complete, accurate and up-to-date in all respects) which we may reasonably require to enable registration of a financing statement or financing change statement on the Personal Property Securities Register;
  2. Not register a financing change statement or a change demand in respect to the Goods (as those Terms are defined in the PPSA) without prior written consent; and
  3. Give us not less than 14 days prior written notice of any proposed change in your name and/or any other changes in your details (including, but not limited to. changes in your address, facsimile number, trading name or business practice).
3. Waiver and Contracting Out:
  1. Unless otherwise agreed to in writing by us, you waive the right to receive a verification statement in respect of any financing statement or financing change statement relating to the security interest.
  2. To the maximum extent permitted by law, you waive your rights and, with our agreement, contract out your rights under the sections referred to in sections 107 (2) To (e) and (g) to (I) of the PPSA.
  3. You agree that noting in sections 114 (a), 133 and 134 of the PPSA shall apply to these Terms and, with our agreement, contract out such sections.
  4. You and we agree that section 109 (1) of the PPSA is contracted out of in respect of particular Goods if any only for as long as we are not the secured party with priority over all other secured parties in respect of those Goods.