Under certain specific circumstances a valuation report may be given by a client to a third party for their use. If the purpose of the valuation includes a specific use by a third party, the third party has a right to rely on the validity and objectivity of the valuer's findings as regards the specific stated purpose and intended use for which the valuation was originally made. Members of the Association recognize their responsibility to those parties, other than the client, who may be specifically entitled to make use of their reports.

Confidential Character of a Valuation Engagement

The very fact that a valuer has been employed to make a valuation, is itself a confidential matter. In some instances, the very fact of such employment may be information that a client, whether private or a public agency, prefers for valid reasons, to keep confidential. Knowledge by outsiders of the fact of employment of a valuer may jeopardize a client's proposed enterprise or transaction. Consequently, it is improper for the valuer to disclose the fact of his engagement, unless the client approves of the disclosure or clearly has no interest in keeping the fact of the engagement confidential, or unless the valuer is required by due process of law to disclose the fact of his engagement.

In the absence of an express agreement to the contrary, the identifiable contents of a valuation report are the assets of the valuer's client or employer and, ethically, cannot be submitted to any professional Association as evidence of professional qualifications, and cannot be published in any identifiable form without the client's or employer's consent.

Valuer's Obligation to Give Competent Service

It is not proper for a valuer to accept an engagement to make a valuation of assets of a type he is not qualified to value or in a field outside his Association's membership classification, unless (a) he fully acquaints the client with the limitations of his qualifications or (b) he associates himself with another valuer or valuers who possess the required qualifications.

As a corollary to the above principle, the Association declares that it is unethical for a valuer to claim or imply that he has professional qualifications which he does not possess or to state his qualifications in a form which may be subject to erroneous interpretation.

Valuer's Obligations Relative to Giving Testimony

When a valuer is engaged by one of the parties in a controversy, it is unethical for the valuer to suppress any facts, data, or opinions which are adverse to the case his client is trying to establish; or to over-emphasize any facts, data, or opinions which are favorable to his client's case, or in any other particulars to become an advocate. It is the valuer's obligation to present the data, analysis, and value without bias regardless of the effect of such unbiased presentation on his client's case. Advocacy affects adversely to establish and maintain trust and confidence in the result of professional valuation.

Valuer's Obligation to Document Valuation Testimony

When a member accepts employment to make a valuation, or to testify as to the value of assets before a court of law or other judicial or quasi-judicial forums, the valuer shall, before testifying, complete an adequate written valuation report, or have complete documentation and substantiation available in his files.

Valuer's Obligation Relative to Serving More Than One Client in the Same Matter

When two or more potential clients seek a valuers' services with respect to the same assets or with respect to the same legal action, the valuer may not properly serve more than one party, except with the consent of all parties.

Agreements and Contracts for Valuation Services

It is good practice to have a written contract, or atleast a clear oral agreement, between valuer and client, covering objectives and scope of work, time of delivery of report, and amount of fees. In certain circumstances, it may be desirable to include in the valuation-service contract a statement covering the objective character of valuation findings and a statement that the valuer cannot act as an advocate or a negotiator.