501. Basis of relationship.

The engagement or instruction of a valuer is normally a matter of contract between the valuer and the client1. Where the client engages a firm of valuers, the contract is made with the firm and not with the individual who may carry out the valuation2, and the firm is responsible to the client for the due performance of its contractual obligations by its employees and probably for the performance of a person other than an employee to whom it delegates the task of valuation

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