1. Introduction
These Terms of Service ("Terms") constitute a legally binding agreement between you ("Client", "you", or "your") and Nexiq Pte Ltd ("Nexiq", "we", "us", or "our"), governing your use of our property valuation services in Singapore.
By engaging our services, accessing our website, or using any of our services, you acknowledge that you have read, understood, and agree to be bound by these Terms. If you do not agree to these Terms, please do not use our services.
We reserve the right to modify these Terms at any time. Any changes will be effective immediately upon posting the updated Terms on our website. Your continued use of our services after any such changes constitutes your acceptance of the revised Terms.
2. Definitions
For the purpose of these Terms, the following definitions apply:
- "Agreement" means the engagement letter or service agreement between Nexiq and the Client, along with these Terms of Service and any other applicable documents referenced therein.
- "Client" means the individual, company, or entity that has engaged Nexiq to provide property valuation services.
- "Confidential Information" means any information disclosed by one party to the other, either directly or indirectly, in writing, orally or by inspection of tangible objects, which is designated as "Confidential," "Proprietary," or some similar designation, or that should reasonably be understood to be confidential given the nature of the information and the circumstances of disclosure.
- "Deliverables" means any reports, documents, assessments, valuations, or other materials provided to the Client as part of the Services.
- "Fees" means the charges payable by the Client for the provision of the Services as specified in the Agreement.
- "Intellectual Property Rights" means all patents, rights to inventions, utility models, copyright and related rights, trademarks, service marks, trade, business and domain names, rights in trade dress or get-up, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs, rights in computer software, database rights, topography rights, moral rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications for and renewals or extensions of such rights, and all similar or equivalent rights or forms of protection in any part of the world.
- "Nexiq" means Nexiq Pte Ltd, a company registered in Singapore with its principal place of business at 8 Cross Street, #23-01 Manulife Tower, Singapore 048424.
- "Services" means the property valuation and related services to be provided by Nexiq to the Client as described in the Agreement.
- "Valuation" means the assessment of the market value or other specified value of a property or asset conducted by Nexiq.
3. Our Services
3.1 Scope of Services
Nexiq provides property valuation and related services in accordance with the specific terms agreed upon in the engagement letter or service agreement between Nexiq and the Client. Our services may include, but are not limited to:
- Market value assessments
- Comprehensive property analysis
- Transaction preparation assistance
- Litigation and dispute resolution support
- Portfolio valuations
- Financial and taxation valuations
3.2 Valuation Standards
All valuations conducted by Nexiq will be prepared in accordance with:
- Singapore Institute of Surveyors and Valuers (SISV) Valuation Standards and Practice Guidelines
- International Valuation Standards (IVS) published by the International Valuation Standards Council
- Any other standards specified in the Agreement or required by law
3.3 Engagement Process
Our service engagement typically involves the following process:
- Initial consultation to determine Client requirements
- Issuance of an engagement letter or service agreement outlining the scope of work, timeline, and fees
- Collection of relevant property information and documentation
- Property inspection (where applicable)
- Research and analysis
- Preparation and delivery of valuation report or other deliverables
- Post-delivery consultation (if required)
3.4 Service Limitations
Unless explicitly stated otherwise in the Agreement, our services:
- Do not constitute legal, financial, or investment advice
- Do not include building or structural surveys
- Do not include environmental assessments
- Do not guarantee any specific outcome or result
- Do not include verification of legal title or encumbrances (unless specifically agreed)
Clients are advised to seek appropriate professional advice for matters outside the scope of our valuation services.
3.5 Delivery Timeframes
While we strive to meet all agreed-upon deadlines, delivery timeframes are estimates only and not guaranteed. Factors beyond our control, including but not limited to delayed access to properties, incomplete information, or unforeseen complexities, may affect delivery timelines. We will make reasonable efforts to communicate any significant delays to the Client promptly.
4. Client Obligations
4.1 Information Provision
To enable us to provide the Services effectively, you agree to:
- Provide all information, documentation, and data that is relevant to the Services in a timely manner
- Ensure that all information provided is accurate, complete, and not misleading
- Disclose any known issues, defects, or circumstances that may affect the property's value
- Promptly respond to our requests for additional information or clarification
- Update us about any material changes to information previously provided
We will rely on the information provided by you without independently verifying its accuracy or completeness, unless otherwise agreed in the Agreement.
4.2 Access to Property
Where applicable, you agree to:
- Arrange for our representatives to have reasonable access to the property being valued
- Secure necessary permissions from third parties (e.g., tenants, co-owners) for access
- Provide advance notice of any access restrictions or safety concerns
- Be present or have a representative present during property inspections, if required
4.3 Cooperation
You agree to:
- Cooperate with us in all matters relating to the Services
- Appoint a primary contact person with authority to act on your behalf for service-related matters
- Make relevant personnel available for consultations as reasonably required
- Review and provide feedback on draft deliverables within agreed timeframes
4.4 Use of Deliverables
You agree to:
- Use the Deliverables only for the intended purpose as specified in the Agreement
- Not alter, modify, or partially reproduce the Deliverables without our prior written consent
- Not rely on draft or incomplete versions of the Deliverables
- Acknowledge that the Deliverables are prepared for your exclusive use, unless otherwise agreed
5. Fees and Payment
5.1 Fee Structure
Our fees for Services will be structured as described in the Agreement, which may be based on:
- Fixed fee arrangements
- Hourly rates
- Percentage of property value (subject to regulatory compliance)
- A combination of the above
All fees are exclusive of applicable taxes, such as Goods and Services Tax (GST), which will be charged additionally where applicable.
5.2 Additional Charges
Unless specified otherwise in the Agreement, the following may result in additional charges:
- Significant changes to the scope of Services after the Agreement is executed
- Additional work required due to incomplete or inaccurate information provided by you
- Extended delays caused by factors within your control
- Out-of-pocket expenses, including travel expenses, document production costs, and regulatory fees
- Rush fees for expedited service delivery
We will notify you of potential additional charges before incurring them where reasonably possible.
5.3 Payment Terms
Unless otherwise specified in the Agreement:
- A deposit of 50% of the agreed fee may be required before commencement of Services
- The remaining balance is payable upon delivery of the final Deliverables
- Invoices are due for payment within 14 days of the invoice date
- For engagements lasting more than 30 days, we may issue interim invoices
5.4 Late Payment
If you fail to make any payment due to us by the due date for payment, then, without limiting our remedies:
- We may charge interest on the overdue amount at the rate of 2% per month, accruing daily
- We may suspend the provision of Services until payment is made in full
- We may withhold Deliverables until payment is made in full
- You shall reimburse us for all costs and expenses incurred in collecting overdue amounts
5.5 Fee Disputes
If you dispute any portion of an invoice, you must:
- Notify us in writing within 7 days of receiving the invoice
- Specify the nature of the dispute and provide supporting documentation
- Pay the undisputed portion of the invoice by the due date
We will work with you in good faith to resolve fee disputes promptly.
6. Intellectual Property
6.1 Ownership of Deliverables
Upon full payment of all applicable fees:
- You will own the Deliverables provided to you as part of the Services
- Your ownership is limited to the final version of the Deliverables as delivered to you
- Your ownership does not include our working papers, draft materials, methodologies, or software
6.2 Nexiq's Intellectual Property
We retain all right, title, and interest in and to:
- Our methodologies, processes, techniques, and know-how
- Any improvements or modifications to our existing intellectual property
- Our proprietary software, tools, and systems
- Generic industry information, knowledge, and experience
- Any materials developed independently of the Services
6.3 License to Use
We grant you a non-exclusive, non-transferable license to use our intellectual property incorporated in the Deliverables solely for the purposes specified in the Agreement.
6.4 Publicity and References
Unless you explicitly instruct us otherwise in writing:
- We may list you as a client in our marketing materials without disclosing specific details of the Services
- We may use anonymized and aggregated data from your engagement for research, statistical analysis, and service development
We will not disclose confidential details of your property valuation or transaction without your prior written consent.
7. Confidentiality
7.1 Confidential Information
Each party may disclose Confidential Information to the other party during the course of the Services. Both parties agree to:
- Keep all Confidential Information strictly confidential
- Use Confidential Information solely for the purpose of providing or receiving the Services
- Implement appropriate security measures to protect Confidential Information
- Limit access to Confidential Information to personnel who need to know for the purposes of the Services
- Not disclose Confidential Information to any third party without prior written consent, except as permitted under these Terms
7.2 Exceptions
The confidentiality obligations do not apply to information that:
- Is or becomes publicly known through no fault of the receiving party
- Was known to the receiving party prior to disclosure by the disclosing party
- Is rightfully received from a third party without a duty of confidentiality
- Is independently developed by the receiving party without use of the Confidential Information
- Is required to be disclosed by law, regulation, or court order, provided that the receiving party gives the disclosing party prompt written notice of such requirement
7.3 Professional Obligations
As a professional valuation firm, we may be required to:
- Disclose certain information to regulatory authorities
- Disclose information in compliance with anti-money laundering regulations
- Maintain appropriate records of our Services
- Subject our work to quality assurance reviews
Such activities will be conducted in accordance with our professional obligations and with due regard for confidentiality.
7.4 Data Protection
Any personal data processed in connection with the Services will be handled in accordance with our Privacy Policy and applicable data protection laws.
8. Limitation of Liability
8.1 Professional Standard of Care
We will provide the Services with reasonable skill and care in accordance with the professional standards applicable to property valuers in Singapore. However, we cannot guarantee that the Deliverables will be error-free or that the Services will produce the outcomes or results you desire.
8.2 Disclaimer of Warranties
To the fullest extent permitted by law, we disclaim all other warranties, representations, or conditions, express or implied, including but not limited to implied warranties of merchantability and fitness for a particular purpose.
8.3 Limitation of Liability
To the extent permitted by applicable law:
- Our total liability for all claims arising from or related to the Services shall not exceed the total fees paid by you for the specific Services giving rise to the claim
- We shall not be liable for any indirect, incidental, special, consequential, or punitive damages, including lost profits, lost revenue, or loss of business opportunity
- We shall not be liable for any damages arising from your use of the Deliverables for a purpose other than that specified in the Agreement
- We shall not be liable for any damages resulting from inaccurate or incomplete information provided by you
8.4 Time Limitation
Any claim arising out of or related to the Services must be filed within one (1) year after the cause of action accrues, regardless of when the party making the claim becomes aware of the cause of action.
8.5 Professional Indemnity Insurance
We maintain professional indemnity insurance as required by the regulatory bodies governing our profession in Singapore. Details of our insurance coverage can be provided upon reasonable request.
8.6 Indemnification
You agree to indemnify and hold us harmless from and against any and all claims, liabilities, damages, losses, and expenses (including reasonable attorneys' fees) arising out of or in connection with:
- Your breach of these Terms
- Your use of the Deliverables for a purpose other than that specified in the Agreement
- Inaccurate or incomplete information provided by you
- Third-party claims arising from your use of the Services or Deliverables
9. Termination
9.1 Termination by Client
You may terminate the Services at any time by providing written notice to us. In the event of such termination:
- You will be responsible for paying for all Services performed up to the date of termination
- You will be responsible for any committed costs and expenses that cannot be reasonably avoided
- Any deposit or advance payment may be applied toward these costs
- Remaining unused fees, if any, will be refunded within 30 days of termination
9.2 Termination by Nexiq
We may terminate the Services by providing written notice to you if:
- You fail to pay any amount due under the Agreement within 14 days after the due date
- You materially breach any provision of these Terms and fail to remedy such breach within 14 days after receiving notice of the breach
- You provide inaccurate or misleading information that materially affects our ability to provide the Services
- Providing the Services would create a conflict of interest or compromise our professional independence
- Continuing to provide the Services would violate applicable laws or professional standards
9.3 Effect of Termination
Upon termination of the Services for any reason:
- All rights and licenses granted under these Terms will immediately cease
- Each party will return or destroy all Confidential Information of the other party
- Any provision of these Terms that expressly or by implication is intended to come into or continue in force on or after termination will remain in full force and effect
10. General Provisions
10.1 Entire Agreement
The Agreement, including these Terms, constitutes the entire agreement between you and Nexiq regarding the Services and supersedes all prior and contemporaneous agreements, proposals, or representations, written or oral, concerning its subject matter.
10.2 Assignment
You may not assign or transfer any rights or obligations under the Agreement without our prior written consent. We may assign our rights and obligations under the Agreement to an affiliate or successor entity without your consent.
10.3 Force Majeure
Neither party shall be liable for any delay or failure to perform its obligations under the Agreement (except payment obligations) due to causes beyond its reasonable control, including but not limited to acts of God, natural disasters, pandemic, war, terrorism, riots, civil unrest, government action, labor disputes, or power failures.
10.4 Severability
If any provision of these Terms is held to be invalid, illegal, or unenforceable, such provision shall be modified to the minimum extent necessary to make it valid, legal, and enforceable while preserving its intent, or if that is not possible, the provision will be severed from these Terms without affecting the validity, legality, and enforceability of the remaining provisions.
10.5 No Waiver
No failure or delay by either party in exercising any right under these Terms shall constitute a waiver of that right. No waiver of any provision of these Terms shall be effective unless explicitly set forth in writing and signed by the party granting the waiver.
10.6 Relationship of Parties
Nothing in these Terms is intended to or shall be deemed to establish any partnership or joint venture between the parties, constitute either party an agent of the other party, or authorize either party to make or enter into any commitments for or on behalf of the other party.
10.7 Governing Law
These Terms shall be governed by and construed in accordance with the laws of Singapore, without giving effect to any principles of conflicts of law.
10.8 Dispute Resolution
Any dispute arising out of or in connection with these Terms, including any question regarding its existence, validity, or termination, shall be referred to and finally resolved by arbitration in Singapore in accordance with the Arbitration Rules of the Singapore International Arbitration Centre ("SIAC Rules") for the time being in force, which rules are deemed to be incorporated by reference in this clause. The seat of the arbitration shall be Singapore. The Tribunal shall consist of one arbitrator. The language of the arbitration shall be English.