Common use of Description of Work Product Clause in Contracts

Description of Work Product. a. The appraisal must meet the requirements of the Uniform Standards of Professional Appraisal Practice, Uniform Appraisal Standards for Federal Land Acquisitions regulations if applicable and appraisal instructions issued by NRCS including these appraisal specifications. b. The appraisal report may consist of a form report, a narrative report, or a combination of both. c. An appraisal report, as discussed in USPAP Standards Rule 2-2(a), must be provided; restricted appraisal reports are not acceptable. The appraisal report must contain the level of detail, discussion and support necessary for the client and intended users to comprehensively understand the rationale for the opinions and conclusions, including reconciliation of the data and approaches used in the appraisal. This format was formerly known as the “self-contained reporting option” prior to the release of the 2014-2015 USPAP. d. The contract appraiser must personally inspect the subject property and comparable sales. e. The appraiser must talk personally to the property owner or the owner’s agent or representative, and the property owner or the owner’s agent or representative must be given an opportunity to accompany the appraiser during his or her inspection of the subject property which must be documented in the appraisal. f. The Uniform Residential Appraisal Report (URAR) is not acceptable. g. Reports must contain a table of contents and sequentially numbered pages, including addenda. Reports may contain handwritten page numbers. h. Reports must contain the instructions or engagement documents provided to the appraiser. i. Reports must reference all environmental documents utilized by the appraiser in completing the appraisal. The appraiser is a key individual in identifying potential environmental problems that may affect the value of the subject property. j. The appraiser will contact the client to resolve problems, clarify questions, letters of engagement (call orders), or other issues. Issues relating to the appraisal process may be discussed with the NRCS National Appraiser. k. The effective date of the appraisal report is the date of the site visit by the appraiser. l. The appraisal must be in typewritten or legible ink print form or in automated or computerized forms. m. Only reports completed, formatted and submitted on 8½-inch by 11-inch paper will be accepted. An electronic report is also required in pdf format. n. The appraisal report must be bound in a durable report cover with appropriate identification. o. The appraiser must provide at least three originals and electronic copy of the appraisal to the specific organization or eligible entity that may be involved in the specific transaction. Reference these instructions, including exhibits, for details on appraisal reports, appraisal forms required, and required methodology and supporting documentation. p. The eligible entity will provide two originals and an electronic copy to NRCS. One for NRCS, one for the technical review appraiser and an electronic copy for the NRCS National Appraiser and technical review appraiser.