Taqeem stresses the obligation to adhere to the contract for providing evaluation services, and the evaluation report form when preparing reports
Date 14 November، 2023
The Saudi Authority for Accredited Valuers “Taqeem” confirmed to all accredited evaluators and workers in evaluation facilities in various branches of valuation (real estate, economic establishments, machinery and equipment, movable property, precious metals and precious stones), that they must adhere to the two models of the contract (providing evaluation services) between the customer and the evaluation facility, and the form (evaluation report) issued by the evaluation facilities, starting from 1/1/2024
This comes in implementation of the provisions of Article (Twenty-Eighth/16) of the Executive Bylaws of the Accredited Valuers Law: “In implementation of the stipulation of Article (Fifteenth) of the Law that the accredited evaluator must abide by the duties specified under the laws and regulations governing the work of the Authority, the accredited evaluator must practice the profession in accordance with the following: 16. Commitment – to the minimum – contained in the forms of the evaluation report and the evaluation services contract
The Authority added that the (evaluation services contract) represents the minimum that must be adhered to by the evaluation facilities, and the evaluation facilities can add other clauses in the contract, taking into account that the mandatory clauses contained in this form are not violated, and it also indicated that it does not mean in any way to suffice in the (evaluation report) with the requirements contained in the approved form without the other requirements contained in the provisions and rules governing the evaluation profession according to each branch of evaluation and the nature of each evaluation process, as well as the accredited evaluator must also assess the condition of each asset and its need for additional elements not included in the approved form in accordance with the provisions and rules governing the valuation profession
This circular comes as an affirmation of the role of the Authority in regulating the evaluation profession, controlling the quality of the performance of its practitioners and raising their professional competence, in accordance with what is set by the international evaluation standards approved by the Authority, as the Authority seeks to achieve its vision in improving the quality of the evaluation profession in the Kingdom and raising the level of its members, believing in the important role played by the evaluator in decision-making, contributing to the preservation of rights, and achieving justice among beneficiaries, by providing professional services and high-quality evaluation reports, enhancing confidence in the market, and creating An attractive environment for investment