For valuation professionals looking to expand their business, serving as an arbitrator could provide abundant opportunities.
Valuation professionals can serve as arbitrators, expert witnesses or consultants during the arbitration process and can provide valuable input from the preliminary hearing to final award, according to a new book published by the Appraisal Institute.
“Appraisers in Arbitration” by Paula K. Konikoff, JD, MAI, AI-GRS, with contributing author Peter T. Christensen, Esq., provides a thorough introduction to arbitration and explores the various ways valuation professionals can provide services competently and ethically in this growing area of practice.
“Arbitration presents a growing area of opportunity for valuation professionals, as it offers practitioners the chance to expand their services beyond typical appraisal practice,” Appraisal Institute President James L. Murrett, MAI, SRA, wrote in the book’s foreword.
“Appraisers in Arbitration” addresses common arbitration scenarios and real-world examples, and provides guidance to help valuation professionals handle the risks and challenges associated with arbitration. The book’s chapters and discussion topics include:
- What is arbitration?
- What areas of service might valuers provide?
- Arbitration and standards.
- The valuation professional serving as an expert witness; determining what the client needs, serving as an expert witness, writing the expert report, preparing a rebuttal report, presenting oral testimony and charging for services as an expert valuation witness.
- The valuation professional serving as a consultant in arbitration matters.
- The valuation professional serving as an arbitrator, including how to get started.
- The valuation professional serving as an arbitrator, including the preliminary hearing and arbitrator oath and a checklist of items to be addressed at the preliminary hearing.
- The arbitration hearing and final award; specifically, deciding whether to take notes or listen as intently as possible, learning if evidence admissible, the final award and getting paid.
- Vacatur (a Latin term meaning “it is vacated,” referring to a rule or order that sets aside a judgment or annuls a proceeding), including lease language examples.
- Valuation professionals make good arbitrators.
- What are my liability risks? Includes discussion of arbitral immunity, suggestions for decreasing arbitrator risk, expert witness liability in arbitration, limits of witness immunity and how valuation professionals can avoid becoming a defendant for expert witness work.
“Appraisers in Arbitration,” (ISBN: 9781935328728) is a 122-page softcover book. It is available for $60 ($50 for Appraisal Institute professionals). Call 888-756-4624 or order online.