The Business Valuation Engagement Letter is a crucial document used when engaging professional valuation services in Saudi Arabia. It is required whenever a company seeks a formal business valuation for purposes such as mergers and acquisitions, financial reporting, dispute resolution, or strategic planning. The document must align with Saudi Arabian legal requirements, particularly those established by TAQEEM (Saudi Authority for Accredited Valuers), and typically incorporates international valuation standards. This engagement letter serves multiple purposes: it establishes the professional relationship between the valuation firm and the client, outlines the scope and methodology of the valuation, details deliverables and timeline, specifies fees and payment terms, and addresses key aspects such as confidentiality and limitations. It's essential for protecting both parties' interests and ensuring clarity in the professional engagement.
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1. Addressee and Date: Formal business letter heading with client details and date
2. Introduction: Identifies the parties and expresses appreciation for the opportunity to provide valuation services
3. Purpose and Scope: Clearly defines the purpose of the valuation and its intended use, including the business interest being valued
4. Valuation Date: Specifies the effective date of the valuation
5. Professional Standards: References to TAQEEM standards and other applicable professional standards being followed
6. Methodology: Overview of the valuation approaches and methods to be used
7. Information Requirements: List of documents and information required from the client
8. Timeline and Deliverables: Expected duration of the engagement and description of the final deliverables
9. Professional Fees: Fee structure, payment terms, and any additional costs
10. Team and Qualifications: Introduction of key team members and their relevant qualifications
11. Confidentiality: Confidentiality obligations and handling of sensitive information
12. Limitations and Assumptions: Key limitations, assumptions, and caveats of the valuation
13. Acceptance: Instructions for accepting the engagement and space for signatures
1. Conflict Resolution: Include when specific dispute resolution procedures are required, particularly for high-value engagements
2. Third Party Reliance: Include when the valuation report may be shared with specific third parties
3. Special Considerations: Include when there are unique circumstances affecting the valuation (e.g., minority interests, lack of marketability)
4. Previous Valuations: Include when there have been prior valuations of the same business
5. Regulatory Compliance: Include when the valuation must comply with specific regulatory requirements (e.g., CMA regulations)
6. Travel Requirements: Include when site visits or international travel is necessary
7. Language Requirements: Include when reports need to be provided in multiple languages
1. Fee Schedule: Detailed breakdown of fees, payment milestones, and additional costs
2. Information Request List: Comprehensive list of required documents and information
3. Team Structure: Detailed organization chart and team member profiles
4. Professional Credentials: Copies of relevant TAQEEM certifications and other professional credentials
5. Valuation Methodology: Detailed explanation of valuation approaches and methods to be used
6. Project Timeline: Detailed project schedule with key milestones and deliverables
7. Terms and Conditions: Standard terms and conditions of the valuation firm
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