Legal Research -negligence against valuer
Budget: $250 – $750 SGD
lender lends money to a company based on a valuation report on the company' s plant and machinery. Valuer knew that the report was needed for financing purpose and was asked to prepare a forced sale value of the plant. When the Company defaulted, the lender tried to sell the plant but the amount that they received was far less than the valuation. Lender know seeks to sue valuer for overstating the valuation. Valuer relying on the limiting conditions on the report which state that :-
1. The Valuer is not responsible to any third party;
2. The Valuer's responsibility is only limited to the client ( ie the company);
3. in the event that liability is fond on the Valuer, it shall be limited to the fee paid for the valuation report.
I need to know how cases in the Commonwealth deal with these issues, esp since the lender is not the contracting party.
1. The Valuer is not responsible to any third party;
2. The Valuer's responsibility is only limited to the client ( ie the company);
3. in the event that liability is fond on the Valuer, it shall be limited to the fee paid for the valuation report.
I need to know how cases in the Commonwealth deal with these issues, esp since the lender is not the contracting party.