DEFINITIONS OF VALUE
Replacement Value The amount it would cost to replace an item with one of similar and like quality purchased in the most appropriate marketplace within a limited amount of time, under prevailing market conditions.
Fair Market Value The value at which subject or comparable property would sell for on the open market between a willing buyer and a willing seller, both having reasonable knowledge of the facts, and neither being under compulsion to act, under prevailing market conditions within a reasonable period of time.
Market Value The value realized, net of expenses, by a willing seller disposing of property in a competitive and open market to a
willing buyer, both being reasonably knowledgeable of all the relevant facts, and neither being under constraint to buy or sell.
Actual Cash Value Generally synonymous with Market Value in which payment is restricted to cash.
General Statement of Condition The item/s described in the attached SCHEDULE/S are in good condition if no Condition statement is included in the description of the catalogued item.. Always consult the SCHEDULE for exceptions, in which case a Condition statement will be included with the catalogued item.