Terms of business

Our terms of business will apply to any assignment undertaken by Skau Reipurth & Partnere Advokatpartnerselskab (“SR&P”), unless otherwise agreed in writing.

1. Conflicts of interest or loyalty

In accordance with the rules of the Danish Bar and Law Society and our conflict of interest procedures, we ensure that there is no conflict of interest or loyalty before we finally undertake/accept an assignment. If a conflict of interest or impartiality should arise during a case, causing us to discontinue our work, we will be pleased to recommend another law firm.

2. Proof of identity and money laundering

Like other law firms, SR&P is subject to the Danish Act on Measures to Prevent Money Laundering and Financing of Terrorism (the Danish Money Laundering Act). Accordingly, we are to a certain extent obliged to obtain and keep proof of identity on any client.

We are also obliged to examine transactions if there is any suspicion that such transactions are related to money laundering or financing of terrorism. In this respect we are also obliged to inform the Public Prosecutor for Serious Economic and International Crime or the Danish Bar and Law Society.

SR&P considers the client’s submission of proof of identity as a consent to SR&P’s disclosure of such information to other advisors and financial institutions etc in order for them to comply with their obligations under the Danish Money Laundering Act.

Under the Danish Money Laundering Act the proof of identity will be retained for a period of minimum five years after the end of the business relationship. In respect of proof of identity for natural persons such proof will be deleted five years after the end of the business relationship or after the date of the occasional transaction.

3. Fees and payment

Legal fees are based on various parameters such as the time spent, the expertise and experience of the attorneys involved, the complexity of the assignment and its importance to the client, the values involved, the result achieved and the liability exposure. Our fees are exclusive of relevant costs and disbursements.

It can be very difficult to estimate the fees when we are given an assignment. However, upon request – and always in consumer cases – we provide an estimate of and information regarding the expected fees, costs and disbursements, and we will inform the client as early as possible if the total fees are likely to exceed the estimate.

4. Invoicing

We usually invoice the client, when the assignment has been completed. Ongoing assistance and assignments of long duration are invoiced at regular intervals, typically once a month, unless otherwise agreed. The terms of payment are date of invoice plus ten days, and VAT is added according to applicable rules.

5. Disbursements

Disbursements and relevant costs associated with services rendered are charged separately to the client.

6. Security deposit

We will generally ask the client to pay a deposit to cover disbursements, costs and a fee fixed according to the circumstances.

Prepaid fees, disbursements or costs are paid into our client account, and the amount is used to settle future invoices, disbursements and costs, unless otherwise agreed.

7. Confidentiality

All SR&P employees are subject to a duty of professional secrecy. Any information from or regarding clients of SR&P which we receive in connection with an assignment is treated as confidential, unless it appears from the circumstances that such information is not of a confidential nature.

8. Insider trading

Furthermore, all SR&P employees are subject to the applicable legislation on the prohibition against disclosure of inside information regarding listed companies and restrictions on trade in listed securities as well as to SR&P’s internal rules.

9. Use of our advice

Our advice is specific to each individual assignment and, accordingly, must not be used for any other purpose without our express prior consent. Unless other-wise agreed, we are only liable to the client for services rendered.

10. Completion of the assignment

SR&P completes the assignment at the point of its natural conclusion or when the client requests that the case be closed. However, we reserve the right to discontinue our assistance immediately if, despite reminders, the credit period of our invoices has been exceeded considerably, or if the client becomes insolvent. We also reserve the right to withdraw from a matter if, in exceptional cases, we no longer wish to be responsible for handling the case or if we believe that it is in the best interests of the client that our cooperation ends.

Original documents are usually surrendered on or before completion of the assignment, and we keep the files on record for at least five years from the date of invoice.

11. Complaints

SR&P is subject to The Danish Bar and Law Society’s general rules on complaints.

If the client is not satisfied with our assistance or our fees, we will ask the client to contact the partner in charge of the matter or the partner responsible for the client relation.

Complaints about our assistance or our fees can be brought before The Danish Bar and Law Society, Kronprinsessegade 28, 1306 Copenhagen K. For more in-formation see www.advokatnaevnet.dk.

12. Governing law and venue

Any dispute between a client and SR&P shall be decided by the Danish courts in accordance with Danish law.

13. Liability, limitation of liability and insurance cover

SR&P is liable for our advice to clients in accordance with the general rules of Danish law, and we have taken out professional liability insurance with a well-esteemed insurance company.

The liability for the services provided is limited to the policy limit under our professional liability insurance. The coverage for each attorney at SR&P is annually DKK 2,500,000. Additionally, the coverage for all attorneys at SR&P is collectively maximized to an annual amount of up to DKK 150,000,000 (the covered amount will be decreased with payments made under the insurance). We are not liable for any consequential loss, including, but not limited to, loss of profit, data, goodwill, reputation, etc., or any other indirect loss.

14. Client funds

Funds deposited in a client account with our bank will be managed under applicable rules. Interest accrued is paid to the client and any negative interest must be paid by the client.

SR&P is not liable for client funds deposited in client accounts with our bank if the bank in question becomes distressed. Client funds deposited in client accounts are covered by the general rules on depositor guarantees and will as a starting point be covered by a maximum coverage of EUR 100,000 for all accounts that the client have with the bank in question. Unless otherwise agreed with the client SR&P will use our usual bank which is Danske Bank. We will provide information on our usual banks on inquiry to the partner in charge of the inquiring client.