RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of July 28, 2008 No. 161

About approval of the mechanism of conducting examination of reliability of valuation reports

In pursuance of the Resolution of the President of the Republic of Uzbekistan of April 24, 2008 "About further enhancement of activities of the estimative organizations and increase in their responsibility for quality of the rendered services" the Cabinet of Ministers decides No. PP-843:

1. Approve:

Regulations on procedure for the organization of examination of reliability of valuation reports according to appendix No. 1;

Regulations on procedure for the organization work of Commission of experts on conducting examination of materials according to assessment objects in disputable situations on requests of judicial authorities according to appendix No. 2;

structure of Commission of experts on conducting examination of materials according to assessment objects in disputable situations on requests of judicial authorities according to appendix No. 3.

2. To the State Property Committee of the Republic of Uzbekistan together with the interested ministries and departments in a month:

make offers in the Cabinet of Ministers on the changes and amendments in the legislation following from this resolution;

provide reduction of departmental regulations in compliance with this resolution.

3. To impose control over the implementation of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan Azimov R. S.

 

Appendix №1

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of July 28, 2008 No. 161

Regulations on procedure for the organization of examination of reliability of valuation reports

I. General provisions

1. This Provision determines procedure for the organization of works on conducting examination of reliability of valuation reports.

2. In this Provision the following concepts are used:

examination of reliability of valuation reports - the inspection of valuation reports of the estimative organization which is carried out by other estimative organization based on the contract with the customer of examination;

the contractor of examination - the estimative organization which is the member of the registered professional public association of the estimative organizations, attracted to conducting examination based on the agreement;

analytical examination - the examination performed based on data analysis, provided in the valuation report which is carried out for check of compliance of cost type to the purposes of assessment, justification of the data used in assessment, relevance of methodology, accuracy of calculations and observance of requirements of the legislation on estimative activities;

field examination - the examination including analytical examination, and also inspection of the estimated property with departure on object of assessment and, if necessary, inspection of comparable objects of property for confirmation of the data provided in the valuation report;

the expert opinion - the document reflecting results of examination with comments about contents of the valuation report, quality of the conducted researches and reliability of the valuation report in general.

3. Subject of examination of reliability of valuation reports (further - examination) is the valuation report.

4. Examination provides check of reliability of the submitted valuation report regarding:

justification of the used data and inquired;

justification of the applied methods and methods of assessment;

accuracy of calculations;

justification of the analysis, opinions and conclusions;

compliance of the submitted report to requirements of the legislation on estimative activities.

5. The data of evidentiary value containing in the valuation report shall correspond to the following criteria at the same time:

relevancy - availability of communication of quality and quantity characteristics of data and data by means of which assessment procedure, with assessment object is implemented;

admissibilities - data shall be received from reliable confirmable sources;

reliability - the data established by proofs shall be proved so that the customer and other users of results of examination could regard their corresponding to objective truth, that is corresponding to the facts which took place actually;

sufficiency - data allow to interpret fully and objectively results received with their help without attraction of additional information sources and holding additional actions for assessment.

6. Expertize is carried out in case of disputable situations between the customer, other consumers of assessment and the estimative organization which was carrying out assessment or in other cases.

7. The estimative organization which is carrying out expertize determines reliability of the report about assessment, without implementation of repeated (own) assessment and without pronouncement of own conclusion containing assessment project cost.

8. Involvement of the estimative organization to examination of the valuation report executed by earlier this estimative organization is not allowed.

The appraiser who was earlier taking part in creation of the report about assessment cannot be involved in examination of the valuation report.

II. Basis for conducting examination

9. The basis for conducting examination is the contract between the contractor of examination (further - the contractor) and the customer "examinations (the consumer of estimative services) in whom the type of the carried-out expertize shall be specified.

10. Intervention of the customer of examination or other interested persons in activities of the contractor when conducting examination is not allowed.

III. Rights and obligations of the customer of examination

11. The customer of examination has the right:

get from the contractor advice and the necessary methodical assistance concerning conducting examination;

represent to the contractor of the offer, note, explanation concerning examination subject;

obtain information on the course of conducting examination from the contractor.

The customer of examination can have and other rights according to the legislation and the agreement.

12. The customer of examination shall:

represent the materials providing completeness of conducting examination for examination;

pay conducting examination according to the procedure, provided by the agreement.

The customer of examination can perform also other duties according to the legislation and the agreement.

IV. Rights and obligations of the contractor

13. When conducting examination the contractor has the right:

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info