Terms & Conditions

TERMS AND CONDITIONS OF BUSINESS OF INDEPENDENT AVERAGE ADJUSTERS LTD

1. DEFINITIONS

For the purpose of these terms and conditions of business the “Company” means the company Independent Average Adjusters Ltd., including its personnel, instructed by the Client to provide its services to it. The “Client” means any party at whose request or on whose behalf the Company undertakes to provide services and/or carries out an assignment.

2. PROVISION OF SERVICES

The Company shall provide services solely in accordance with these terms and conditions of business. If the same are not agreed upon, please cancel any instructions you may have given or refrain from providing further instructions. No cancellation of any terms of engagement shall be effective unless it is made in writing.

i. Due Care

The Company, including its personnel, shall use reasonable care, diligence and skill in the performance of the assignment to the best of its ability.

ii. Limit of Liability

The Company, including its surveyors, directors, employees and signatories, shall be under no liability for any loss or damage howsoever caused, unless same is proved to have resulted solely from the gross negligence or willful misconduct of the Company.

iii. Information

The Client shall provide the Company with all information, instructions and assistance reasonably necessary to enable the Company to perform the assignment. The Client further recognizes that the Company will rely on such information, instructions and assistance when performing the assignment.

iv. Acting for other Clients

Unless otherwise agreed in writing with the Client, the Company will not be prevented or restricted by anything contained in the terms of engagement from acting in connection with the same assignment for other clients, whose interests will not be conflicting to the Client’s interests.

3. PAYMENT

The Client shall pay the Company’s fees, disbursements, expenses in respect of the engagement in accordance with the agreement between the Company and the Client.

i. Irrevocable Payment Authority

The Client shall sign and deliver to the Company an Irrevocable Payment Authority, for submission to Client’s brokers in respect of adjustment fees and expenses.

The Company may present said signed Irrevocable Payment Authority to the Client’s brokers and collect its payment.

4. Confidentiality

The Company will keep confidential all information obtained by the Client, except insofar as the Company is required by law or other regulatory process to disclose details of the Client’s dealings with the Company. This does not apply to documents or information which the Company obtains or develops independently of the assignment or other work done for the Client or which are already in the public domain.

5. Termination

Without prejudice to any legal right, the parties may terminate the engagement, by giving at least five (5) business days notice to the other party, in case that party is rendered unable to pay its debts or is in receivership, administration or / liquidation or in case the said party is in breach of any of the Company’s terms and conditions of business and having received written notice to such effect requiring said party to remedy such breach within a reasonable time, the party has failed to remedy the breach.

6. Waiver and Amendment

No waiver or amendment to any terms of the engagement will be effective unless it is made or confirmed in writing and signed by both the Company and the Client.

7. Partial Invalidity

In the event that any of these terms are or become partially or wholly invalid the remainder of these terms and conditions shall remain in force.

8. Governing Law and Jurisdiction

The terms of engagement shall be governed by and interpreted in accordance with Greek law and the parties to such terms agree that any unresolved dispute or difference arising in connection with the terms of engagement shall be subject to the exclusive jurisdiction of the Piraeus Court in Greece.