Terms of engagement
The following outlines the standard terms and conditions of engagement that apply to all Property Foundation contract research unless other terms are agreed before the work starts between The Property Foundation and the client.
Confidentiality: The Property Foundation undertakes to accord the research the degree of confidentiality required by the client. If the client makes a public statement based on but contradictory to the research findings The Property Foundation reserves the right to advise all parties of the actual report content and findings.
Intellectual Property: All rights to the intellectual property developed in the course of providing the services under this Agreement and all data and factual information that The Property Foundation collects and for which the client has paid, will belong to the client.
Disclaimer: While The Property Foundation will use the highest professional standards of analysis and all reasonable endeavours in undertaking the work and producing the report to ensure the information is as accurate as practicable, the Institute, its contributors, employees, and Board shall not be liable (whether in contract, tort (including negligence), equity or on any other basis) for any loss or damage sustained by any person relying on the work whatever the cause of such loss or damage.
Liability: In the event that the exclusion of The Property Foundation’s liability set out above is held inapplicable or unenforceable, The Property Foundation’s liability under or in connection with, or arising out of any use, reproduction or modification of the work (by the client of any other person) is limited to the contract fee paid by the client for the work.
Terms of Payment: Payment is required on all invoices in full and within 14 days of the invoice date. All fees and other costs will be stated as net of GST. All fees and costs are payable in New Zealand dollars unless agreed otherwise by The Property Foundation.
Timing of Payments: For jobs with a value of $15,000 (net of GST) or more, the client agrees 25% of the full contract fee shall be due on the signing of this Agreement. This will be invoiced by The Property Foundation.
Penalty Interest: The Property Foundation reserves the right to charge penalty interest on overdue amounts to reflect the cost of late payments to The Property Foundation. Interest will be calculated from the day after payment was due until the day payment is made at the current 3 month deposit rate offered by the National Bank.
Arbitration: If there is a dispute between The Property Foundation and the client in relation to this Agreement, or any other matter arising from it, the Parties will in good faith in the first instance use their best endeavours to resolve the dispute themselves. If they cannot resolve it then they agree to explore whether it can be resolved by an alternative resolution technique. If the dispute still remains unresolved both parties agree to refer the matter to arbitration by a sole arbitrator under the provisions of the Arbitration Act 1996.
Legal basis for Agreement: This agreement is governed by New Zealand Law, and the New Zealand courts have jurisdiction in respect of this Agreement.
The Client engages The Property Foundation to provide the services described and The Property Foundation agrees to perform the services for the fee and any extra costs identified above. Both parties agree to be bound by the provisions of this agreement and any special terms noted. Once signed this Agreement will replace all or any oral agreements previously reached between the parties.
The Property Foundation, its contributors, employees and Board shall not be liable for any loss or damage sustained by any person relying on information obtained from this website, whatever the cause of such loss or damage.