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Regulation On independent valuation of a certificate (document) confirming membership in the system of club holiday (timeshare)
Agreement
Regulations
Regulation On independent valuation of a certificate (document) confirming membership in the system of club holiday (timeshare)
Regulation On independent valuation of a certificate (document) confirming membership in the system of club holiday (timeshare)
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Regulation On independent valuation of a certificate (document) confirming membership in the system of club holiday (timeshare)
I. General conditions
1. The Regulation defines the order and conditions of independent valuation of the certificate (document) confirming a club holiday membership (timeshare).The requirements of the Regulation on performing independent valuation of a certificate (document) confirming a club holiday membership (timeshare) (further referred to as object of valuation) are applied irrespective of requirements of the state – location of the property or owner of the property strictly under the Regulation.
2. The independent valuation of the object of evaluation (further referred to as valuation) is performed by XANTO TRADING LLP or organizations obtaining a special permission to perform this activity from XANTO TRADING LLP (further – valuator) due to applications of civil legal relationship participants interested in the valuation (further – valuation clients).
3. The main aim of the valuation is activity of valuators on defining the price of the object of valuation under the Procedure of valuation of cost of certificate (document) confirming membership in the system of club holiday (timeshare) (Application 1 to the Regulation).
In pursue the aims of the valuation the cost of certificate (document) confirming membership in the system of club holiday (timeshare) is the most probable price at which this object of valuation may be sold in the open competitive market when both parties of the purchase act reasonably, possessing all necessary information and no extraordinary circumstances influence the cost of the deal, that is in cases if:
— One party is not obliged to sell the object of valuation and the other party is not obliged to buy it;
— The parties of the deal are well aware of the subject of the deal and act in their interest;
— The object of valuation is offered to the open market through public offer typical for the same objects of valuation;
— The cost of the deal is a reasonable cost of the object of valuation and there was no constraint to perform the deal from any of the parties;
— The payment for the object of valuation is expressed in some currency.
The following is to be defined to achieve the aims of the valuation:
1) legal details of the organization (management company, resort) – the issuer of the certificate (document) confirming the membership in the system of club holiday (timeshare);
2) data on holders of the certificate (document) confirming the membership in the system of club holiday (timeshare);
3) the organization providing the membership in the system of club holiday (timeshare) (resort, management company, market agent) and its status;
4) data on real assets which are the object of membership in the system of club holiday (timeshare);
5) data on the period of using the real assets which are the object of membership in the system of club holiday (timeshare);
6) data on membership in the system of club holiday (timeshare).
In pursue the aims of the valuation the cost of certificate (document) confirming membership in the system of club holiday (timeshare) is the most probable price at which this object of valuation may be sold in the open competitive market when both parties of the purchase act reasonably, possessing all necessary information and no extraordinary circumstances influence the cost of the deal, that is in cases if:
— One party is not obliged to sell the object of valuation and the other party is not obliged to buy it;
— The parties of the deal are well aware of the subject of the deal and act in their interest;
— The object of valuation is offered to the open market through public offer typical for the same objects of valuation;
— The cost of the deal is a reasonable cost of the object of valuation and there was no constraint to perform the deal from any of the parties;
— The payment for the object of valuation is expressed in some currency.
The following is to be defined to achieve the aims of the valuation:
1) legal details of the organization (management company, resort) – the issuer of the certificate (document) confirming the membership in the system of club holiday (timeshare);
2) data on holders of the certificate (document) confirming the membership in the system of club holiday (timeshare);
3) the organization providing the membership in the system of club holiday (timeshare) (resort, management company, market agent) and its status;
4) data on real assets which are the object of membership in the system of club holiday (timeshare);
5) data on the period of using the real assets which are the object of membership in the system of club holiday (timeshare);
6) data on membership in the system of club holiday (timeshare).
4. The losses of the valuation client resulted from illegal activities of the valuator or undue fulfillment of its duties by this organization are to be compensated under the civil laws of the country where the valuation was performed.
II. Organization of the valuation
5. The valuation is conducted by a valuator in compliance with the technical task (inquiry) of the valuation client (Application #3 to the Regulation).
6. The technical task (inquiry) for the valuation contains the following:
1) The valuation client (for legal entities – full name and address; for physical persons – surname, name, patronymic, passport details and place of residence);
2) Name of the valuator;
3) Reasons for the valuation (the circumstances that required the valuation);
4) Time limits of the valuation;
5) Materials provided for the valuator (including the certificate (document) which confirms membership in the system of club holiday (timeshare) as well as any other additional documentation containing information related to the real assets which are the object of the membership in the system of club holiday (timeshare), etc.).
1) The valuation client (for legal entities – full name and address; for physical persons – surname, name, patronymic, passport details and place of residence);
2) Name of the valuator;
3) Reasons for the valuation (the circumstances that required the valuation);
4) Time limits of the valuation;
5) Materials provided for the valuator (including the certificate (document) which confirms membership in the system of club holiday (timeshare) as well as any other additional documentation containing information related to the real assets which are the object of the membership in the system of club holiday (timeshare), etc.).
7. In case of additional or repeat valuation to the technical task the previous valuation report is applied (or valuation reports on impossibility of providing the valuation report) as well as materials relating to:
— The organization (management company, resort) – the issuer of the certificate (document) confirming the membership in the system of club holiday (timeshare);
— holders of the certificate (document) confirming the membership in the system of club holiday (timeshare);
— organizations providing the membership in the system of club holiday (timeshare) (resort, management company, market agent);
— real assets which are the object of membership in the system of club holiday (timeshare);
— holders of the certificate (document) confirming the membership in the system of club holiday (timeshare);
— data on the period of using the real assets which are the object of membership in the system of club holiday (timeshare);
— data on membership in the system of club holiday (timeshare).
— The organization (management company, resort) – the issuer of the certificate (document) confirming the membership in the system of club holiday (timeshare);
— holders of the certificate (document) confirming the membership in the system of club holiday (timeshare);
— organizations providing the membership in the system of club holiday (timeshare) (resort, management company, market agent);
— real assets which are the object of membership in the system of club holiday (timeshare);
— holders of the certificate (document) confirming the membership in the system of club holiday (timeshare);
— data on the period of using the real assets which are the object of membership in the system of club holiday (timeshare);
— data on membership in the system of club holiday (timeshare).
8. Additional valuation is conducted in case of incomplete or not clear enough valuation report of the valuator. Incomplete is the valuation report based on investigation of not all data provided to the valuator or not containing full answers under article 3 of the Regulation. The valuation client may apply to the same or different valuators to perform additional valuation under article 2 of the Regulation.The repeat valuation may be conducted (assigned to be performed) by a different valuator under article 2 of the Regulation in case of insufficient valuation report or any doubts of its propriety.
9. Authenticity of certificates (documents) provided by participants of foreign economic activity – valuation clients to the valuators shall be certified in a proper way.
10. Time limit of the valuation is set by the valuator by agreement with the valuation client basing on labour-intensiveness of the work to be performed and taking into account the amount of materials provided for materials investigation.
11. If the valuator requires additional materials from the valuation client the valuation is suspended till the required materials are provided or refused to be provided.
12. Information constituting state, commercial or other secret protected by law shall not be breached, used by valuator officials for private purposes and transferred to third parties, except for cases provided by the law of the country – location of the valuator and the Regulation.
13. The valuation client pays for the valuator services as well as compensates other expenses of the valuator connected with the valuation under the agreement signed with the valuator.
14. The valuator registrates and registers all concluded agreements on the valuation, issued by the valuator and notifications on impossibility of making a valuation report.
Documentation on the valuation is stored by the valuator for three years.
Documentation on the valuation is stored by the valuator for three years.
III. Performing the valuation
15. Materials provided to the valuator for the valuation are registered in a stated order and delivered to valuation specialists assigned from the staff of the valuator. The specialists possess required knowledge in the corresponding sphere of science and engineering and have the right to perform valuation under the attestation results (further referred to as specialists).
• The chief of the valuator selects, approves the specialists and the procedure of their activity.
• Groups of valuators on separate areas of valuation may be organized to perform valuation of elaborated objects of valuation.
• The valuator is entitled to apply to freelance scientists and specialists who are out of staff of the valuator in agreement with the valuation client. The valuation freelancers perform their valuation activity under the Regulation.
• The chief of the valuator selects, approves the specialists and the procedure of their activity.
• Groups of valuators on separate areas of valuation may be organized to perform valuation of elaborated objects of valuation.
• The valuator is entitled to apply to freelance scientists and specialists who are out of staff of the valuator in agreement with the valuation client. The valuation freelancers perform their valuation activity under the Regulation.
16. The chief of the valuator is responsible for providing the valuation in strict compliance with the Regulation as well as normative-technical and guide-methodical documents regulating XANTO TRADING LLP valuation activity.
17. The chief of the valuator:
1) receives materials provided to the valuator for the valuation;
2) approves the schedule of the valuation and assigns (in a written form) one or several specialists to perform it;
3) explains rights and duties to the specialists, informs on responsibility for refusal to issue the valuation report or issuing the knowingly false valuation report;
4) provides the specialists with required additional information;
5) is aware of the procedure and results of the research performed by the specialists, provides them with required scientific-technical and methodical assistance, monitors the time limits of the valuation;
6) provides protection of limited access information submitted for the valuation;
7) at the end of the valuation checks the completeness of the research performed, sufficiency of the summary made by the specialists and correctness of the valuation report;
8) sends the valuation report with all materials to the valuation client.
The chief of the valuation is entitled to grant his duties to a subordinate.
1) receives materials provided to the valuator for the valuation;
2) approves the schedule of the valuation and assigns (in a written form) one or several specialists to perform it;
3) explains rights and duties to the specialists, informs on responsibility for refusal to issue the valuation report or issuing the knowingly false valuation report;
4) provides the specialists with required additional information;
5) is aware of the procedure and results of the research performed by the specialists, provides them with required scientific-technical and methodical assistance, monitors the time limits of the valuation;
6) provides protection of limited access information submitted for the valuation;
7) at the end of the valuation checks the completeness of the research performed, sufficiency of the summary made by the specialists and correctness of the valuation report;
8) sends the valuation report with all materials to the valuation client.
The chief of the valuation is entitled to grant his duties to a subordinate.
18. If materials provided for the valuation are drawn with violations of the Regulation, the chief of the valuation or any person assigned by him (further referred to as the head of the valuation) reports to the valuation client on this fact as soon as possible. If the valuation client does not take any measures to remove the violations the head of the valuation is entitled to return the materials within one month without the valuation. The report of the specialist on impossibility of making the valuation report is attached. The materials may be returned together with providing written notice on incorrectness of the materials if violations cannot be removed without obtaining additional materials.
19. The specialist starts the valuation after he receives the written order of the head of the valuator and the technical task (inquiry) to perform the valuation as well as all received materials.
20. The valuator (specialist) is entitled to:
1) Use independently methods of valuating valuation objects in compliance with XANTO TRADING LLP valuation standards;
2) Require full access to documentation necessary for the valuation from the client when performing obligatory valuating of valuation object;
3) Obtain explanations and additional data required to perform the valuation;
4) Require from third parties orally or in writing the information necessary for evaluating the valuation object except the information constituting state or commercial secret; the valuator mentions in the report the fact that the refusal to provide such information influences authenticity;
5) Attract other valuators or specialists to take part in evaluating the valuation object on the contractual basis when required;
6) Refuse performing valuation of the valuation object if the valuation client has violated the terms of the agreement, has not provided necessary information on the valuation object or not provided working conditions appropriate for the agreement;
7) Report to the head of the valuator on impossibility of making the valuation report if the matters to be investigated are out of the area of his special knowledge;
8) Make a special opinion attached to the valuation report;
9) Require expenses compensation connected with valuation of the valuation object and pecuniary recompense for valuating valuation object under the court, arbitration or arbitral decision.
1) Use independently methods of valuating valuation objects in compliance with XANTO TRADING LLP valuation standards;
2) Require full access to documentation necessary for the valuation from the client when performing obligatory valuating of valuation object;
3) Obtain explanations and additional data required to perform the valuation;
4) Require from third parties orally or in writing the information necessary for evaluating the valuation object except the information constituting state or commercial secret; the valuator mentions in the report the fact that the refusal to provide such information influences authenticity;
5) Attract other valuators or specialists to take part in evaluating the valuation object on the contractual basis when required;
6) Refuse performing valuation of the valuation object if the valuation client has violated the terms of the agreement, has not provided necessary information on the valuation object or not provided working conditions appropriate for the agreement;
7) Report to the head of the valuator on impossibility of making the valuation report if the matters to be investigated are out of the area of his special knowledge;
8) Make a special opinion attached to the valuation report;
9) Require expenses compensation connected with valuation of the valuation object and pecuniary recompense for valuating valuation object under the court, arbitration or arbitral decision.
21. The valuator (specialist) has to:
1) Follow the requirements of the Regulation as well as standards and rules of valuation activity confirmed by XANTO TRADING LLP when performing valuation activity;
2) Observe the rules of business and professional ethics established by XANTO TRADING LLP (further referred to as business and professional ethics rules);
3) Report the valuation client on impossibility of participation in the valuation due to the circumstances preventing objective valuation;
4) Provide security of the documents received from the valuation client and third parties during the valuation;
5) Provide valuation client with the information on having a special permission from XANTO TRADING LLP to perform such a valuation activity ;
6) Not to disclosure confidential information received from the valuation client during the valuation;
7) Give explanations if required on the matters concerning prepared report on valuation and actions performed.
1) Follow the requirements of the Regulation as well as standards and rules of valuation activity confirmed by XANTO TRADING LLP when performing valuation activity;
2) Observe the rules of business and professional ethics established by XANTO TRADING LLP (further referred to as business and professional ethics rules);
3) Report the valuation client on impossibility of participation in the valuation due to the circumstances preventing objective valuation;
4) Provide security of the documents received from the valuation client and third parties during the valuation;
5) Provide valuation client with the information on having a special permission from XANTO TRADING LLP to perform such a valuation activity ;
6) Not to disclosure confidential information received from the valuation client during the valuation;
7) Give explanations if required on the matters concerning prepared report on valuation and actions performed.
IV. General requirements to the report on valuating the valuation object
22. The written report on valuation is drawn at the end of the valuation with corresponding results.
23. The specialist makes the conclusion on behalf of XANTO TRADING LLP based on research conducted in compliance with his special knowledge and is personally responsible for the conclusion.
If several specialists perform the valuation they consult before making the valuation report. The valuation report is signed by all specialist of the same specialization in case of complete agreement.
If several specialists perform the valuation they consult before making the valuation report. The valuation report is signed by all specialist of the same specialization in case of complete agreement.
24. The report on valuating the valuation object (further referred to as report) shall provide no dubious understanding or misunderstanding. The report shall contain the date of valuating the valuation object, valuation standards used, aims and tasks of valuating the valuation object as well as other data required for full and non-dubious understanding of the results of valuating the valuation object reflected in the report.
25. The report shall contain criteria of valuating the valuation object under the Procedure of defining the cost of certificate (document) confirming membership in the system of club holiday (timeshare) (Application #1 to the Regulation).
26. The report includes:
— Date of comprising and serial number of the report;
— Reason for evaluating the valuation object by the valuator;
— Place of composing the report;
— Exact description of the valuation object, and concerning the valuation object which belongs to a legal entity – details of the legal entity and book value of the valuation object;
— Valuation standards to define corresponding type of cost of the valuated object, explanation of their usage during valuating the valuation object of data mentioning the sources of receiving, as well as assumptions taken during valuating the valuation object;
— Sequence of defining the cost of valuation object and its final value as well as limitations and limits of applying the previous result;
— Date of defining the cost of valuation object;
— List of documents used by the valuator which establish quantitative and qualitative characteristics of valuation object.
— Date of comprising and serial number of the report;
— Reason for evaluating the valuation object by the valuator;
— Place of composing the report;
— Exact description of the valuation object, and concerning the valuation object which belongs to a legal entity – details of the legal entity and book value of the valuation object;
— Valuation standards to define corresponding type of cost of the valuated object, explanation of their usage during valuating the valuation object of data mentioning the sources of receiving, as well as assumptions taken during valuating the valuation object;
— Sequence of defining the cost of valuation object and its final value as well as limitations and limits of applying the previous result;
— Date of defining the cost of valuation object;
— List of documents used by the valuator which establish quantitative and qualitative characteristics of valuation object.
27. The reference to materials of the previous valuation may be made during additional valuation if the specialists used the results of the previous research.
28. The reasons of deviation comparing with the results of the previous research are mentioned in the report of the repeat valuation.
29. The conclusions of the specialist (specialists) are in the form of answers to the questions in the order as they are mentioned in the standard report on valuation (Application #2 to the Regulation).
30. The report may also contain other data which the specialists consider important for the completeness of presenting used method of calculating the cost of each valuation object which are formulated at the end of the conclusion.
31. In case of the valuation conducted by several specialists specialized in various areas of knowledge final results are signed by the specialists who participated in cooperative valuation of the research results and came to the unanimous conclusion. If the specialists failed to come the unanimous conclusion they shall formulate independent results in the final report. In this case each specialist has to explain the reasons of his disagreement with other specialists’ opinions. The specialists may take into account results made by other specialists when making their own independent results. This should be mentioned in the results explanation.
32. The report is signed (approved) by the head of the valuator and sealed with valuator seal.
33. The notice on impossibility of making the report is signed (approved) by the head of the valuator and sealed with valuator seal.
34. The copy of the report (notice on impossibility of making the report) is submitted to the valuation client by the valuator.
35. The certificates (documents) which confirm the membership in the system of club holiday (timeshare) which were under valuation with corresponding notes of the specialist shall be returned to the valuation client together with the conclusion (notice on impossibility of making the conclusion).
36. XANTO TRADING LLP is entitled to make amendments and additions to the Regulation unilaterally. Amendments and additions to the Regulation shall be obligatory to all subjects of legal civil relations participating in the expertise under the Regulation. Amendments and additions to the Regulation shall be published on the official site XANTO TRADING LLP.
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