Terms of Business

for Permin & Tholstrup Law Firm (the “Firm”)

These terms of business (the “Terms of Business”) apply to any assignment to provide legal services to any person or entity (a “Client”) undertaken by the Firm (an “Assignment”). By instructing the Firm to undertake an Assignment, a Client shall, unless otherwise agreed in writing, be deemed to have agreed to these Terms of Business, which shall, accordingly, apply to the Assignment and be binding on the Client.

1. Instructions

Assignments will be carried out by the Firm on the basis of, and in accordance with, instructions by the Client, except where such instructions will or may result in a violation of law, bar code rules or other regulations applicable to the Firm, or may otherwise be inappropriate in each case as determined by the Firm in its sole discretion.

2. Conflicts of interest

Prior to accepting an Assignment, the Firm will investigate and determine whether a conflict of interest exists, which prevents the Firm from accepting the Assignment.

The acceptance of an Assignment by the Firm shall not prevent the Firm from undertaking an Assignment from any other person or entity within the same industry as the Client. 

3. Retainer

The Firm is subject to a duty of professional secrecy with regard to any confidential information it may receive in connection with an Assignment. Such duty of secrecy shall, however, not prevent the Firm from working with, and sharing confidential information with, external partners, provided that the Firm requires such external partners to treat the said information as confidential. The duty of professional secrecy in respect of confidential information shall continue to apply after the completion or termination of an Assignment. Notwithstanding any of the above, the Firm’s duty of secrecy is subject to any and all applicable rules and regulations (including money laundering regulation) pursuant to which the Firm is required to provide information to public authorities or others. 

5. Staffing

One or more partners of the Firm will be the primary contact(s) for Clients. The partner in charge of an Assignment decides whether to include other partners, lawyers, consultants, external partners etc. for the purpose of handling the Assignment.

6. Fees

The Firm’s fees will be calculated and invoiced as agreed between the Firm and the Client in respect of the relevant Assignment. If in respect of an Assignment, no specific fee arrangement has been agreed, the Firm’s fee for that Assignment will be determined by the Firm on the basis of an overall assessment of the value to the Client of the Firm’s work, the time spent on the Assignment, the degree of specialist knowledge required, the complexity of the Assignment, the values involved and the potential liability of the Firm related to the Assignment.

In connection with the undertaking of an Assignment, the Firm may provide a prospective Client or Client with a fee estimate or a quote for a fixed fee. Unless otherwise stated therein, fee estimates and fee quotes are exclusive of VAT. When a fee becomes payable, VAT will, where relevant, be added to the relevant fee and charged, together with the VAT exclusive amount. Unless otherwise agreed, fees will be payable at the times and with the intervals deemed suitable by the Firm. 

7. Payment terms

Fees shall be paid at the time and in the manner set out in the relevant invoice. Where the invoice does not state otherwise, fees shall be due and payable on the date falling 30 days after the date of the invoice after which date interest will accrue on any unpaid part thereof in accordance with the terms set out in the relevant invoice. Where the invoice is silent on this applicable interest rate, interest shall accrue at the rate as determined by the Firm, subject always to applicable law.

8. Costs and disbursements

The Firm shall not be required to make disbursements on behalf of a Client. Costs incurred by the Firm in connection with an Assignment, including transport costs and costs associated with anything other than insubstantial copying or printing assignments shall be paid or reimbursed by the Client upon demand.

 

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