Appraiser Addendum
Banks Technologies, LLC Updated: July 2026
This Appraiser Addendum (this "Addendum") is entered into by and between BANKS TECHNOLOGIES, LLC ("Banks," "Company," "we," "us," or "our") and the applicable appraiser accepting appraisal assignments through the Platform ("Appraiser," "you," or "your"). This Addendum is incorporated into and made part of the General Terms and Conditions between Banks and Appraiser (the "Terms"). Capitalized terms not otherwise defined in this Addendum shall have the meanings assigned to them in the Terms. This Addendum is accepted electronically by checking the acceptance box presented on the Platform, as described in the "Electronic Acceptance" provision below.
Purpose; Scope; Relationship to Terms
The purpose of this Addendum is to establish the additional terms and conditions applicable to Appraiser's participation on the Platform as an independent provider of professional appraisal services. This Addendum supplements the Terms and governs Appraiser's eligibility to receive appraisal assignments, credentialing requirements, professional responsibilities, and obligations arising from Appraiser's participation on the Platform.
Except as expressly modified by this Addendum, the Terms remain unchanged and continue to govern Appraiser's use of the Platform. In the event of a conflict between this Addendum and the Terms, this Addendum shall control solely with respect to matters specifically addressed in this Addendum, including Appraiser eligibility, credentialing, verification requirements, compliance obligations, and Platform-specific responsibilities applicable to Appraisers.
Independent Contractor Relationship; Platform Role
The relationship between Banks and Appraiser as independent contractors is governed by the Independent Contractor Agreement, which is incorporated into the Terms by reference. Nothing in this Addendum modifies or supersedes the Independent Contractor Agreement except to the extent expressly stated herein.
Banks operates solely as a technology platform that facilitates communication, assignment administration, marketplace functionality, and payment processing between independent Appraisers and Clients. Banks does not perform appraisal services, supervise or control Appraiser's professional judgment or appraisal methodology, direct the manner or means by which appraisal services are performed, or guarantee any minimum number of assignments, compensation, Clients, or business opportunities.
Participation on the Platform is non-exclusive. Appraiser may provide appraisal services to other persons or entities, provided that Appraiser complies with this Addendum, the Terms, the Independent Contractor Agreement, applicable law, and any confidentiality or non-circumvention obligations applicable to Platform users.
Professional Independence and Appraisal Responsibilities
Appraiser acknowledges that Services performed through the Platform require independent professional judgment. Appraiser shall perform all appraisal services independently and in accordance with Appraiser's education, training, experience, professional judgment, applicable licensing requirements, the Uniform Standards of Professional Appraisal Practice ("USPAP"), and all applicable federal, state, and local laws and regulations.
Banks shall not direct or attempt to influence Appraiser's valuation conclusions, opinions of value, comparable selection, adjustments, scope of work, methodologies, certifications, analyses, or any other aspect of Appraiser's professional judgment. Banks may provide administrative information, assignment details, scheduling information, Client communications, Platform procedures, or other administrative support, but such communications shall not constitute direction, supervision, or control of Appraiser's professional appraisal activities.
Appraiser remains solely responsible for all appraisal reports, opinions, analyses, conclusions, certifications, adjustments, supporting documentation, work product, and professional services performed through the Platform. Banks does not prepare, review, approve, certify, adopt, modify, or assume responsibility for any appraisal report or professional conclusion prepared by Appraiser.
Credentialing and Eligibility Requirements
As a condition of participating on the Platform and receiving appraisal assignments, Appraiser must satisfy Banks' credentialing requirements and maintain eligibility throughout Appraiser's participation on the Platform. Credentialing requirements may include verification of Appraiser's professional license or certification, confirmation of eligibility through applicable regulatory databases, including the Appraisal Subcommittee National Registry or successor databases, verification of errors and omissions insurance coverage, identity verification, business information verification, and payment account verification.
Appraiser acknowledges that Banks may verify Appraiser's qualifications and eligibility periodically or whenever reasonably necessary to confirm continued compliance with Platform requirements, Client requirements, regulatory obligations, or applicable law. Appraiser shall provide accurate and complete information and documentation reasonably requested by Banks, including licensing information, insurance information, business registration information, identity information, and payment-related information.
Appraiser shall maintain active licenses, certifications, credentials, and qualifications required to perform appraisal services in each jurisdiction in which Appraiser accepts assignments. Appraiser shall also maintain errors and omissions insurance applicable to appraisal services performed through the Platform. Banks does not currently require a minimum errors and omissions insurance coverage amount. Appraiser acknowledges that Banks may request disclosure of available coverage information, including carrier information, policy status, expiration dates, and other reasonably necessary details.
Appraiser shall promptly notify Banks of any event affecting Appraiser's eligibility to perform appraisal services, including expiration, suspension, restriction, revocation, or limitation of any license or certification, cancellation or lapse of required insurance coverage, disciplinary action, regulatory investigation, enforcement action, or other circumstance reasonably affecting Appraiser's ability to perform appraisal services.
If Appraiser's license or certification is scheduled to expire, Banks may restrict Appraiser from accepting new assignments beginning thirty (30) days before the expiration date unless Appraiser provides evidence of renewal and continued eligibility. If Appraiser's required credentials become inactive, suspended, revoked, or otherwise unavailable, Banks may suspend Appraiser's access to the Platform or restrict Appraiser from accepting assignments requiring such credentials.
Banks may conduct credential verification through applicable governmental and industry databases, including the ASC.gov registry or any successor database. Appraiser authorizes Banks to obtain, review, and verify licensing, credentialing, insurance, identity, business, and payment information necessary to determine Appraiser's eligibility to participate on the Platform.
Appraiser acknowledges that credential verification will occur during onboarding and periodically thereafter. Banks may require updated documentation at any time as reasonably necessary to confirm continued eligibility.
Appraiser Representations, Warranties, and Continuing Obligations
Appraiser represents, warrants, and covenants that, throughout Appraiser's participation on the Platform, Appraiser is and shall remain legally authorized and professionally qualified to perform appraisal services in each jurisdiction in which Appraiser accepts assignments. Appraiser represents that all information provided to Banks relating to Appraiser's identity, licensing, certifications, qualifications, experience, insurance coverage, business information, payment information, tax information, and professional history is accurate, complete, and current.
Appraiser further represents and warrants that Appraiser has not been suspended, restricted, excluded, debarred, or otherwise prohibited from performing appraisal services by any applicable licensing authority, governmental authority, regulatory body, or professional organization. Appraiser shall immediately notify Banks of any suspension, restriction, revocation, or other action affecting Appraiser's ability to perform appraisal services, and shall notify Banks within five (5) business days of becoming aware of any investigation, complaint, disciplinary proceeding, enforcement action, or other matter that may reasonably affect Appraiser's participation on the Platform.
The representations and warranties contained in this Section are continuing obligations and shall be deemed reaffirmed each time Appraiser accepts an assignment through the Platform.
Assignment Acceptance and Performance
Appraiser acknowledges that appraisal assignments may be made available through the Platform from time to time and that Banks does not guarantee any minimum number of assignments, minimum compensation, or continued availability of appraisal opportunities. Appraiser shall have sole discretion to accept or decline any assignment made available through the Platform unless otherwise agreed in writing. By accepting an assignment, Appraiser agrees to timely and professionally perform the applicable appraisal services in accordance with the assignment requirements, this Addendum, the Terms, USPAP, applicable licensing requirements, and all applicable laws and professional standards.
Upon acceptance of an assignment, Appraiser shall be solely responsible for all professional services and activities necessary to complete the assignment, including, without limitation, reviewing assignment requirements, scheduling inspections, coordinating access to the subject property, communicating with Clients, property contacts, borrowers, lenders, or other authorized parties, conducting inspections, performing research and analysis, selecting appropriate methodologies and comparable data, preparing appraisal reports and supporting documentation, delivering completed appraisal work product, maintaining assignment records and workfiles, and responding to reasonable requests for clarification, corrections, or revisions to the extent permitted by USPAP and consistent with Appraiser's independent professional judgment.
Appraiser shall provide accurate and timely status updates through the Platform as reasonably requested by Banks and shall promptly notify Banks if Appraiser becomes unable to complete an accepted assignment within the applicable timeframe or anticipates any material delay. Banks may facilitate administrative communications, transmit assignment information, and provide Platform tools designed to assist with assignment management; however, Banks does not assume responsibility for scheduling, inspection coordination, appraisal analysis, report preparation, valuation conclusions, or any other professional obligation of Appraiser.
Appraiser acknowledges that Banks is not responsible for resolving disputes regarding Appraiser's professional services, appraisal conclusions, scope of work, valuation methodology, report content, or compliance with USPAP. Any Client communication or feedback provided through the Platform shall not alter Appraiser's independent professional obligations or responsibility for Appraiser's work product.
Work Product and Responsibility for Services
Appraiser retains ownership of Appraiser's professional opinions, analyses, conclusions, certifications, and appraisal work product, subject to the rights granted herein and any applicable assignment requirements.
Appraiser acknowledges that Banks is not responsible for the accuracy, completeness, timeliness, quality, or professional sufficiency of any appraisal services or work product prepared by Appraiser. Appraiser remains solely responsible for all liability arising from Appraiser's appraisal services, including claims relating to negligence, errors or omissions, professional malpractice, USPAP compliance, licensing requirements, or violation of applicable law.
Fees, Payments, and Taxes
Compensation for appraisal assignments shall be determined in accordance with the applicable assignment terms, Platform disclosures, fee schedules, and the payment provisions contained in the Terms. Appraiser acknowledges that Banks may deduct applicable Platform fees, marketplace fees, adjustments, refunds, chargebacks, reversals, or other amounts permitted under the Terms, this Addendum, applicable assignment terms, or applicable law before remitting payment to Appraiser.
Payments to Appraiser shall be processed through Stripe, Inc. ("Stripe") or another payment processor designated by Banks. As a condition of receiving payments through the Platform, Appraiser shall establish and maintain any required payment account, including a Stripe Connected Account or successor account, and shall comply with applicable payment processor requirements. Appraiser authorizes Banks and its payment processors to process payments and related adjustments necessary to administer Platform transactions.
Appraiser is solely responsible for all taxes arising from compensation received through the Platform, including income taxes, self-employment taxes, business taxes, and other applicable governmental obligations. Banks shall not withhold taxes except as required by applicable law.
Insurance
Throughout Appraiser's participation on the Platform, Appraiser shall maintain all insurance required by applicable law, professional standards, the Terms, this Addendum, or applicable assignment requirements. At a minimum, Appraiser shall maintain errors and omissions insurance applicable to the appraisal services performed through the Platform and shall provide reasonable evidence of such coverage upon request. Failure to maintain required insurance coverage or provide requested insurance information may result in suspension, restriction, or termination of Appraiser's participation on the Platform.
Delegation and Subcontracting
Appraiser may accept or decline any assignment opportunity made available through the Platform in Appraiser's sole discretion. Once Appraiser accepts an assignment through the Platform, Appraiser shall not delegate, subcontract, transfer, assign, or otherwise refer the assignment to another individual, appraiser, firm, contractor, or third party without Banks' and Client's prior approval. Any approved delegation or assistance must comply with USPAP, applicable licensing requirements, professional standards, and applicable law.
Appraiser remains solely responsible for all appraisal services performed in connection with accepted assignments and shall ensure that all Services, communications, deliverables, and other assignment-related activities are performed in accordance with this Addendum, the Terms, and the applicable engagement requirements.
Non-Circumvention
Appraiser acknowledges and agrees that the non-circumvention obligations set forth in the General Terms and Conditions apply to all assignments, engagements, and relationships facilitated through the Platform. Appraiser agrees not to bypass the Platform or avoid fees owed to Banks in connection with assignments obtained through the Platform.
Supplemental Indemnification
In addition to any indemnification obligations contained in the Terms, Appraiser shall defend, indemnify, and hold harmless Banks and its affiliates, owners, members, managers, officers, directors, employees, agents, representatives, contractors, service providers, licensors, and payment processors from and against any claims, liabilities, damages, losses, costs, expenses, investigations, proceedings, settlements, judgments, penalties, and reasonable attorneys' fees arising out of or relating to Appraiser's performance or failure to perform appraisal services, any appraisal report or work product prepared by Appraiser, Appraiser's negligence, misconduct, violation of USPAP, violation of applicable law, failure to maintain required credentials or insurance, or breach of this Addendum or the Terms. Appraiser's indemnification obligations apply regardless of whether the applicable claim is asserted by a client, lender, property owner, borrower, governmental authority, regulatory agency, or other third party.
Suspension and Termination
In addition to the termination rights contained in the Terms, Banks may suspend, restrict, or terminate Appraiser's participation on the Platform if Appraiser fails to satisfy credentialing requirements, fails to maintain required licenses or insurance, provides inaccurate information, fails to comply with USPAP or applicable law, refuses to cooperate with verification procedures, or otherwise creates a reasonable concern regarding Appraiser's eligibility or ability to perform appraisal services.
Termination or suspension does not relieve Appraiser of obligations relating to assignments accepted before termination or suspension, including payment obligations, confidentiality obligations, indemnification obligations, record retention obligations, and responsibility for previously performed appraisal services.
Offset of Held Funds Upon Termination for Cause
General provisions governing the disposition of funds held pending release upon suspension or termination of an account, including for completed, incomplete, and disputed or flagged engagements, are set forth in the Terms.
In addition to the foregoing, where Appraiser's suspension or termination results from Appraiser's fraud, misconduct, or material breach of the Terms or this Addendum, Banks reserves the right to withhold, offset, or apply funds otherwise held for Appraiser's benefit against amounts owed by Appraiser to Banks, including unpaid fees, chargeback recoveries, or collection costs, before releasing any remaining balance to Appraiser.
Electronic Acceptance; Miscellaneous
Except as expressly modified by this Addendum, the Terms remain in full force and effect. By checking the acceptance box presented on the Platform, Appraiser acknowledges that Appraiser has read, understood, and agrees to be bound by this Addendum. Checking the acceptance box constitutes Appraiser's electronic signature and execution of this Addendum and has the same legal effect as an original handwritten signature. At the time of acceptance, the Platform automatically records Appraiser's name as it appears in Appraiser's account and the date and time of acceptance, and Banks will maintain that record as evidence of execution.
The provisions of this Addendum that by their nature are intended to survive termination, including indemnification obligations, payment obligations, confidentiality obligations, record retention obligations, and responsibility for previously performed appraisal services, shall survive termination or expiration of this Addendum.