Vendor agreements with "hold harmless"

[Pamela Crowley (Florida)]

I've always thought, "well, it must be OK because everybody else is doing it", is one of the all time dumbest excuses for doing something stupid and/or illegal.

 

[Mr Rex]

I've always thought, "well, it must be OK because everybody else is doing it", is one of the all time dumbest excuses for doing something stupid and/or illegal.

I agree, but the AMCs would be fools not to all put in place Hold Harmless Agreements and other ridiculously onerous requirements on appriasers between now and 1/1/09. They have been handed a knife, and the authority to use it to gut the Residential Appraisal profession.

 

[DTB]

I agree, but the AMCs would be fools not to all put in place Hold Harmless Agreements and other ridiculously onerous requirements on appriasers between now and 1/1/09. They have been handed a knife, and the authority to use it to gut the Residential Appraisal profession.

I prefer to reverse the situation with guile and good ole chutzpah! Buying their misvalued REOs makes me smile.

 

[Mr Rex]

I prefer to reverse the situation with guile and good ole chutzpah! Buying their misvalued REOs makes me smile.

Headed that way in a much bigger way, been dabbling, time to make some real money, with the only person telling me to hurry we have a closing coming up, is me.

 

[Roscoeman]

Apology

I was advised that the new user agreement had not been removed from their website. Sorry!

It is now at the bottom of the page, by All Rights Reserved.

Wonder why that is?

 

[Bearslide]

I was advised that the new user agreement had not been removed from their website. Sorry!

It is now at the bottom of the page, by All Rights Reserved.

Wonder why that is?

Probably hoping out of sight, out of mind..............yo-ho...........

 

[Mr Rex]

I wish Danny W as quasi spokesperson for AP would explain why AP needed to make this change on the heels of the VA portal meetings. If I have missed it, a post # would suffice. Thanks in advance.

 

[Bearslide]

We know how busy you must be, Danny, but you keep missing this.

What an appraiser's E&O insurance does not cover is the additional, potential liability that the appraiser promises to assume in the indemnity language of the agreement -- the part, for example, that obligates an appraiser to pay for AppraisalPort's fees, costs, damages, etc. if AppraisalPort is sued (even if due to AppraisalPort's own negligence). Such potential liability for the appraiser would not exist in most cases except for the contractual promise made in the agreement and is potentially subject to exclusion. Like all professional liability policies of which I am aware, an appraiser's policy does not cover liabilities assumed by contract. Under this customary exclusion in professional liability policies, the additional contractual obligation assumed by the appraiser is not covered to the extent it exceeds the liability that would exist without the contractual obligation. But, again, as mentioned above, the appraiser's insurance is not voided and remains in place.

Having made the above clarification, I also want to state strongly that I consider AppraisalPort's terms and conditions to be grossly unfair to appraisers. The agreement contains the most one-sided indemnity provision that I have read in appraisal-related agreements -- going so far as to require appraisers to indemnify AppraisalPort for its own sole negligence. I would urge appraisers to show their dissatisfaction to AppraisalPort and Fannie Mae.

Peter Christensen

Yo-ho.........

 

[Pam Weed]

Some very good comments made by General Counsel, Peter Christensen for LIA.
http://appraisalnewsonline.typepad.com/appraisal_news_for_real_e/2008/08/the-end-is-just.html

Thanks for posting this Workbox. Interesting comments from LIA. One thing is for sure; we now know what we didn't know.

... and a bottle of rum

 

[Bearslide]

Webb

Good points.

I wonder if we are speaking out about this to the wrong people. FNC could give a rats A_s about me or you, except if we are late paying the freight.

Speaking of freight, is this not what we are speaking about anyway. They are a freight carrier. They are damaging our products on the way to the customer. The customer des not know the freight is damaged because the "rules sets" checking process says its ok.

Maybe we should organize and speak our concerns to OUR CLIENTS! Screw FNC, they are not essential in other words, They can and should be relaced for a better one.

Seriously, we need as a group say something to one client, then another and another. The client and the appraisers are using a faulty delivery system.
FNC is interfering with OUR commerce.

We could suggest an alternative method or delivery system.

Any suggestions?

Aye, matey.....Now you've got it..................

http://www.youtube.com/watch?v=es5PyEUF8WE&feature=related