The Bangladesh Survey & Valuation Companies, Firms and Individual Concerns Association Bye- Laws on Code of Business Conduct BSVCFICA is committed towards the enhancement and growth of the Valuation Profession of Bangladesh. BSVCFICA members recognize that for sustainable long term growth of this sector, they must conduct their Valuer Profession with a high degree of professionalism, fairness, integrity and ethics. In recognition of the member’s responsibility and obligation to Customers, Land Owners, fellow members, the public and the country, the Executive Committee the Bangladesh Survey & Valuation Companies, Firms and Individual Concerns Association 2019-2022 exercising the power conferred upon it under clause VI. B of the Memorandum and Articles of Association of the Bangladesh Survey & Valuation Companies, Firms and Individual Concerns Association incorporated under the companies ACT, 1913 (new 1994) does hereby approve and adopt the Bye-Laws on Code of Valuer Profession Conduct with the tenets set forth hereunder to be followed by its members.

Valuation of the Code of Valuer Profession Conduct by any member of BSVCFICA shall be considered to be prejudicial and detrimental to the interest of the Valuation Sector and the association and the Executive Committee may issue a show cause to the offending member. Such notice shall specify the date, place and time of hearing so as to allow the member an opportunity to defend himself before the Executive committee. If the Executive Committee finds enough grounds to conclude that the said member has violated the Code of Valuer Profession Conduct as outlined in this Bye-Laws, then the Executive Committee may impose an appropriate financial penalty on the said member or may even suspend or cancel the membership of the offending member provided that the meeting of the Executive Committee so convened shall be attended by at least two-third members of the Executive Committee and four fifth of the members present shall vote in favour of the resolution. Such cancellation of the membership of an offending member may be intimated to the public through media.

A. Code of Valuers Profession Conduct with Customers:
01. BSVCFICA members shall not commence or run Valuation work of the Fixed Assed & Building Must be approval from the appropriate authority of the Government like RAJUK, CDA, KDA, RDA FSCD etc.
02. BSVCFICA members will Evaluation any Valuation of an apartment or plot of land, Building, Commercial Space, Retail Shop, Industrial Assets, Machineries & Equipments, Vehicle, aircraft, Vessels, Jams,& Jewellar & other Fixed asset with proper profession as Engineer(Civil/ Mechanical/Power/Electrical/ Surveyor/ Aircraft Engineer/ Naval Engineer/ captain / Naval Engineer/ architect / any Valuer Professional who is expert in that filed with Bachelor Degree(Law/Finance/Geography/ Science base Subject ) plus five years Experience

03. BSVCFICA members may issue Valuation of Certificate and may execute Ref. Market Value with Bangladesh Valuation Standard (BVS), International Valuation Standard Council (IVSC) , to their format

The said deed of agreement must also outline the consequence of the project being abandoned by the BSVCFICA member. The procedure for settlement of dispute between the customer/ BSVCFICA member through mediation as stipulated in section E of this Bye-laws must be mentioned.

04. The gross area of the flats as mentioned in the deed of agreement shall mean the area of the apartment measured from outside perimeter of the apartment plus the proportionate share of the common area meaning stair landing area, reception area, committee room area, drivers waiting room, mosque etc.

05. BSVCFICA members will not change or substitute the apartment or plot of land originally allotted to the customer without the customer’s written consent.

06. BSVCFICA members will received payment by A/C payment with VAT

07. BSVCFICA members will deliver the Report with the customer as per the schedule date of handover mentioned in the deed of agreement. In case of delay in the handover to compensation as per work order..

08. Provided however that such delay in handover Report is not due to circumstances beyond the control of the BSVCFICA member such as natural disasters, political turmoil, unusual rise in the prices of the building material, delay in getting utility connection from the concerned authority or other force majeure.

09. BSVCFICA member shall not be held responsible for the failure of government agencies to provide the necessary utility services e.g. gas, water sewerage, electricity etc. However, BSVCFICA member must be able to prove that he did apply to the concerned Govt. agency for the necessary utility services on time

10. Notwithstanding the Value of the Assets may be allow 15 to 20% Below & Up as per present Market value, the BSVCFICA member may

11. BSVCFICA members shall use construction materials as specified in the brochure or deed of agreement with the customer subject to the availability of such materials in the market. In case of non availability of the specified construction material, equivalent standard construction material must be used.
12. If the customer wishes to supply his own Valuation Value & Photo to the BSVCFICA member during the Reporting, BSVCFICA member may not accept this request of the customer if the construction schedule of the BSVCFICA member so permits and provided the customer supplies the finishing materials as per the schedule date given by the BSVCFICA member
13. In case the BSVCFICA member fails to complete the Report and handover to the customer within time of the schedule time of completion (barring circumstance beyond the control of the BSVCFICA member like force majeure)

14. BSVCFICA member shall send notice to the customer for making report for all Documents for Verify.

15. Upon completion of Reports, the BSVCFICA member shall hand over a set

B. Code of Business Conduct with Owners Property / Banks:

01. In case of outright purchase of a piece and parcel of land for development of an apartment complex or land development project, BSVCFICA members shall conduct due diligence to ensure that the land is dispute free, unencumbered and the seller has clear title to the land.
02. The BSVCFICA member shall make report to the Banks/ Customer.
03. BSVCFICA member must be Care full Market Valuation by any Method.
04. BSVCFICA member shall use Formula & Technical Knowledge with as specified For Standard Valuation and also Follow Guide line of BVS, IVSC & Code of Contract
04. The approximate valuation always not Real Value it is an approximate value but it will be ethical,
05. In case the Land Owner is more & please check al document for real valuation
06. BSVCFICA member shall not liability for any investment.
07. BSVCFICA member shall not change or substitute the Report originally
08. BSVCFICA member shall deliver the valuation as per Legal opinion.
09. BSVCFICA must be liability for his own report.
10. BSVCFICA member may arrange to Market value one or more of the,
11. BSVCFICA member may charge a commission from the valuation.
12. The deed of agreement between the BSVCFICA member and the Banks must stipulate the procedure for settlement of any dispute between the Bank and BSVCFICA member.
13. In the event that the BSVCFICA member is forced to abandon a work to circumstances beyond his control e.g. natural calamities, act of Allah, political turmoil or other force majeure then the two parties shall first try to resolve the dispute through mediation as outlined in section E of this Code of Business Conduct.

C. Code of Business Conduct with other BSVCFICA members:

01. BSVCFICA members will conduct their business with honesty and integrity and refrain from any practice detrimental to the reputation of Valuation Sector thereby causing harm to fellow BSVCFICA members.
02. BSVCFICA members shall not make derogatory remarks or statements about any other fellow BSVCFICA member.
03. BSVCFICA member shall always endeavor to extend cooperation to a fellow BSVCFICA member and try to enhance the unity of the BSVCFICA members.
04. BSVCFICA members shall not try to lure away another BSVCFICA member’s employee by offering higher benefits. While giving employment to the employee of a fellow BSVCFICA member, it will be ensured that the employee obtains a final clearance from his/her previous employer.
05. In case of dispute between BSVCFICA members which can not be solved bilaterally, the matter must first be referred to the mediation cell of BSVCFICA as stipulated in Section E of this Bye-laws before any litigation procedure is initiated by either party.
06. BSVCFICA member shall not make any negotiation with owner of Assets/ Property in connection with any particular valuation for the purpose of where any other BSVCFICA member has already entered into an agreement for the Valuation.

D. Code of Business Conduct with the Public:

01. BSVCFICA members shall deal with the public honestly, diligently and cordially.
02. BSVCFICA members shall ensure that wherever they are carrying out their valuation Report, a friendly and cordial relationship is maintained with the neighbors and the local community.

03. BSVCFICA members will be socially responsible citizens and ensure that their project premises is kept clean and free from any health hazards and that there is no environmental damage to the surrounding area.
04. BSVCFICA member will follow the government guidelines with regards to water bodies.
05. BSVCFICA members shall always present a true picture in all their valuation and representation to the public. Care and candor must be exercised so that any party interested in receiving or otherwise benefiting from the BSVCFICA member’s offer will have a clear understanding of the offer.
E. Settlement of dispute through mediation:
BSVCFICA will do all that is possible to ensure a fair and amicable settlement through mediation of any dispute relating to a BSVCFICA member. The mediation cell shall be formed comprising of 5 (five) members out of which 2 (two) members shall be from BSVCFICA Executive Committee, two members shall be from the general BSVCFICA membership and one member shall be a prominent citizen of the country. The disputing parties shall equally share the cost of mediation and BSVCFICA will try to ensure that the dispute is resolved in the quickest possible time.