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Service Level Agreement

1. Independent Contractor Relationship

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The relationship between Arrow Management and the Appraiser shall be one of independent contractor status. Arrow Management will not be responsible for any salary, benefits, tax withholdings, or other obligations associated with employment. This agreement does not establish a partnership, joint venture, or employee relationship. Both parties agree that each will act independently and bear full responsibility for their respective actions.The Appraiser agrees to take full responsibility for and protect Arrow Management from any claims, losses, or expenses related to tax obligations, benefits, or withholdings that arise from this independent contractor relationship.

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2. Services Provided

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The Appraiser agrees to deliver real estate appraisal services and any other related tasks requested by Arrow Management. These services will include, but are not limited to, those outlined in Section A: Service Requirements. The Appraiser shall perform all duties as a professional, dedicating the necessary time and resources to complete assignments without requiring direct oversight. The Appraiser will supply all materials and tools needed to perform the services agreed upon.

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3. No Guarantee of Assignments

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Arrow Management does not guarantee the Appraiser a specific number of appraisal assignments under this agreement. Assignments will be offered based on Arrow Management’s needs and at its sole discretion.

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4. Scope of Work

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The Appraiser agrees to prepare and submit appraisal reports that meet or exceed the standards required by applicable federal and state laws, including FIRREA and USPAP, as well as guidelines issued by relevant bodies such as FNMA, FHLMC, FDIC, OTS, OCC, NCUA, and FHA.

If the Appraiser becomes aware of any complaints or issues raised by any party (including property owners, occupants, or borrowers) suggesting that the appraisal services provided to Arrow Management have violated any fair housing or anti-discrimination laws, the Appraiser must promptly notify Arrow Management and fully cooperate in any ensuing investigation.

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5. Insurance Coverage

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By entering into this agreement, the Appraiser agrees to maintain adequate errors and omissions insurance, with coverage of no less than $300,000. Proof of insurance coverage must be provided for all states where services are rendered.

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6. Confidentiality Obligations

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During the execution of services under this agreement, the Appraiser may be exposed to sensitive personal and proprietary business information belonging to Arrow Management, its clients, and consumers.

  • Definition of Confidential Information: This includes, but is not limited to, personally identifiable information such as names, addresses, contact details, financial data, and other sensitive information. It also covers proprietary information regarding Arrow Management’s business operations, strategies, and methodologies.

  • Safeguarding Information: The Appraiser agrees to treat all Confidential Information with the highest level of confidentiality and to implement all necessary measures to protect it. Confidential Information must not be disclosed to any third party or used for any purpose other than fulfilling the obligations of this agreement, unless authorized in writing by Arrow Management or required by law.

  • Security Incidents: The Appraiser must immediately notify Arrow Management of any unauthorized access, disclosure, or breach of Confidential Information. A detailed written report must be submitted, and the Appraiser must take all necessary actions to address the breach and prevent further unauthorized access.

 

 

7. Detailed Performance Metrics

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To ensure the highest quality of service, the following performance metrics have been established. These metrics are designed to assess the Appraiser's performance and ensure compliance with Arrow Management’s standards.

  • Turnaround Time:

    • Standard Interior Orders: Appraisal reports for interior products are expected to be delivered within five business days from the date of assignment acceptance. If the Appraiser anticipates that they will be unable to meet this deadline, they must notify Arrow Management as soon as possible, and no later than 24 hours before the deadline, providing a reason for the delay and an updated expected delivery time. Arrow Management reserves the right to reassign the order or take other appropriate actions based on the Appraiser’s notification.

    • Standard Exterior Orders: Appraisal reports for exterior products are expected to be delivered within four business days from the date of assignment acceptance. Should the Appraiser be unable to meet this deadline, they are required to inform Arrow Management immediately, and no later than 24 hours before the deadline, with an explanation for the delay and a revised delivery schedule. Arrow Management may choose to reassign the order or take necessary actions depending on the circumstances.

    • Rush Orders: For assignments marked as "Rush Orders," the appraisal report must be completed and delivered within the expedited timeframe specified by Arrow Management. If the Appraiser cannot meet the rush deadline, they must notify Arrow Management as soon as possible, ideally at the time of assignment acceptance, so that alternative arrangements can be made.

    • Quality Control Corrections: Any corrections requested by Arrow Management following a quality control review must be completed and resubmitted within 24 hours of notification.

  • Quality Control Expectations:

    • Accuracy: All appraisal reports must be thorough and accurate, providing a fair and credible valuation based on the available data. Reports should adhere strictly to USPAP and other relevant guidelines.

    • Compliance: Reports must comply with all applicable laws, regulations, and guidelines. Non-compliance will result in the report being returned for correction.

    • Presentation: Reports should be well-organized, free from typographical errors, and presented in a professional format. Any discrepancies or unusual findings must be clearly explained within the report.

  • Review Process:

    • Arrow Management will conduct a comprehensive review of all submitted reports to ensure they meet the required standards. This review includes checking for accuracy, compliance, and overall presentation quality.

 

8. Communication Protocols

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Effective communication is critical to the success of our partnership. The following communication protocols have been established to ensure clarity and prompt resolution of any issues:

  • Primary Communication Channels:

    • Email: Email will be the primary method of communication for all assignment-related updates, status reports, and inquiries. All emails should be sent to Info@arrowmanagementllc.com, and the Appraiser should ensure that email notifications are monitored regularly.

    • Phone: For urgent matters or time-sensitive issues, the Appraiser may contact Arrow Management via phone at 410-461-1015. Phone communication should be used primarily for issues that require immediate attention.

    • Order Management System: All assignment acceptances, status updates, and report submissions should be processed through the designated order management platform(s) specified by Arrow Management. The Appraiser is responsible for ensuring that the platform(s) are updated promptly to reflect the current status of each assignment.

  • Response Times:

    • The Appraiser must respond to all communication from Arrow Management within one business day during regular business days. This includes inquiries, requests for information, and status updates.

    • Any anticipated delays or issues that could affect the timely completion of assignments must be communicated to Arrow Management as soon as they are identified.

  • Regular Status Updates:

    • For ongoing assignments, the Appraiser is required to provide regular status updates to Arrow Management at key milestones, including when the inspection is scheduled, when the inspection is completed, and when the report is in progress. These updates should be communicated through the order management system.

 

9. Review and Approval Process

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  • All appraisal reports will be subject to a quality review by Arrow Management and the client.

  • A report will be considered final only after it has been reviewed and approved by the client.

  • If additional information or revisions are needed, the Appraiser must provide these within one business day of the request. If the revisions or additional information cannot be completed within one business day, the Appraiser must notify Arrow Management immediately, providing a new expected completion timeframe.

 

10. Penalties and Remedies

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  • Delayed Submission:

    • If the appraisal report is submitted after the agreed deadline, Arrow Management reserves the right to reduce the Appraiser’s fee by $50.00 for each day the report is late.

  • Non-Compliance:

    • If the report fails to meet the required quality or regulatory standards, payment may be withheld until the necessary corrections are made. If the issues are not resolved within 72 hours of notification, Arrow Management may choose not to compensate the Appraiser for the assignment.

 

11. Roles and Responsibilities

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  • Arrow Management’s Role:

    • Provide the Appraiser with clear instructions and all necessary information for each assignment.

    • Review submitted reports in a timely manner and communicate any necessary changes or feedback.

  • Appraiser’s Role:

    • Execute all services in line with the terms of this SLA and applicable standards.

    • Ensure timely delivery of accurate and compliant appraisal reports.

    • Maintain open and effective communication with Arrow Management regarding the status of assignments.

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12. Termination of Agreement

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  • This SLA may be terminated by either party with [30] days’ written notice.

  • Arrow Management reserves the right to immediately terminate this agreement if the Appraiser fails to meet the performance standards outlined herein.

 

13. Dispute Resolution

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  • Any disputes arising under this agreement will be addressed through negotiation between the parties. If a resolution cannot be reached, the parties agree to submit the matter to mediation before pursuing any legal action.

 

14. Section A: Service Requirements

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The following services are to be provided by the Appraiser under this agreement:

  1. Order Management:

    • Accept or decline appraisal orders within 24 business hours of receipt.

    • Contact the borrower or primary contact and set an inspection date within 36 hours of assignment.

  2. Report Submission:

    • Complete and submit the appraisal report within 48 hours following the inspection date.

    • Respond to any quality control requests within 24 hours and make necessary corrections.

  3. Turnaround Times:

    • Standard Interior Products: Five business days.

    • Standard Exterior Products: Four business days.

    • Quality Condition Corrections: One business day.

  4. Additional Requirements:

    • Maintain timely communication with Arrow Management regarding the progress of assignments.

    • Ensure all appraisal reports are submitted through Arrow Management’s designated order management system.

Real Estate Appraisal Services in Ellicott City MD

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Phone:

(410) 461-8443

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Office Address:

8370 Court Ave

Unit 104

Ellicott City, MD 21043

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