Member Alert: Formal Advice on Intellectual Property in Valuation Reports
The API were approached by a number of Service Providers and some employee valuer members who were very concerned and sought “guidance” from the API and RICS re Clause 28 of the ANZ Panel Valuers Service Agreement. After a number of discussions, the API and RICS subsequently obtained formal advice from a lawyer who specialises in intellectual property law.
The legal advice obtained, while it addresses specific clauses, notably clause 28 of the ANZ Panel Valuers Service Agreement (PVSA) and its application to commercial property valuation reports, contains excellent coverage of issues that relate to ownership of IP and valuation data which may be of mutual benefit to all stakeholders when negotiating valuation panel agreements. The legal advice assisted with amicable discussions with ANZ on the ownership of Intellectual Property and commercial market data (confidential information) which resulted in an acknowledgement by ANZ that the Panel Valuers Service Agreement (PVSA), recently issued to various ANZ panel valuation firms, has some clauses which have the potential to be interpreted more broadly than ANZ intended.
It would not be in the public interest, and the API and RICS would be concerned, if valuation firms agreed to terms (such as the transfer IP and confidential data) which subsequently lead to the valuations being non-compliant with the requirements of the International Valuation Standards set by the IVSC and that of the API and RICS. This is not in the public interest or that of ANZ, RICS or API. Hence there is mutual benefit to all parties to resolve the issues that confront us.
We ask that valuation members review the legal advice located here.
Chief Executive Officer