Terms of business
These terms apply in the professional relationship between the client and Advokatskrivstovan (Corporation number 309273) unless something else has been agreed.
Conflict of interest
According to the rules of The Law Society (Advokatsamfundet) and our rules concerning conflict of interest we check and make sure that there are no conflicts of interest before we accept a case. If it is later known that there is a conflict of interest we will end our services and recommend other counsel.
Identification and anti money laundering
The law on anti money laundering applies for law offices in the Faroe Islands. Therefore it is our duty to identify and store information about the identity of our clients.
We are also obligated to investigate transactions if there is a suspicion that the transactions are in connection with money laundering or terror financing. In this regard we are also obligated to inform the public prosecutors office for financial crime (SØIK) or the law society.
Legal fees
When assesing the fees for an assignment we take numerous factors into consideration. For example:
- time spent,
- attorneys’ expert knowledge,
- the complexity of the case,
- the monetary values involved in the case,
- the result and
- the responsibilty of solving the case
Our legal fees do not include relevant expenses for example real estate registration fees.
When we start our work, it can be difficult to asses the final legal fees. However, we can always make an assesment of the legal fees if it is requested by the client. If the fees against our expectations turn out to be higher than our first assesment, we will let the client know immediately.
Payment terms
In general we will send an invoice when the case is closed. Invoices for consultancy services over a longer period of time will be sent with reasonable intervals. The payment terms are 30 days from the date of the invoice. VAT will be added to the invoice according to faroese law.
Advokatskrivstovan reserves the right to ask for a deposit before we take on an assignment.
Client accounts
Advokatskrivstovan administers client funds according to the law. The funds are in special client accounts. Interest rates (positive and negative) are earned and paid for by the client.
Funds on client accounts are protected according to the law on deposit and investor guarantee. The protection is limited to 100.000 EUR per client per financial institution. Advokatskrivstovan is not responsible for the loss of funds on client accounts if the financial institution goes bankrupt.
Confidentiality
All employees at Advokatskrivstovan are bound by rules of confidentiality. Every information from or about a client of ours that we receive in relation to a case will be handled according to the rules on confidentiality.
Use of our services
Our services are targeted specific cases and can therefore not be used for other purposes without our consent. Advokatskrivstovan is only responsible for services in specific cases.
In general Advokatskrivstovan only provides services concerning faroese law. If the assignment needs counseling on foreign law, we advice the clients to seek legal counsel in the relevant countries.
Advokatskrivstovan solves the cases according to the rules on ethical behavior according to the law.
Advokatskrivstovan works on the case until it is solved or to a point where the client requests that we end our services. Advokatskrivstovan has the right to end the professional relationship if invoices are not paid according to our rules or the client goes bankrupt. Advokatskrivstovan also has the right to end our services if we feel that we no longer can take responsibility for the specific case or we feel that it is in the best interest of the client that the professional relationship ends.
Complaints
Advokatskrivstovan is bound by the danish law society’s rules on complaints. If the client is dissatisfied with our services the client can contact the relevant attorney.
If the client is still dissatisfied a complaint can be sent to:
Kronprinsessegade 28, 1306 København K.
Email: klagesagsafdelingen@advokatsamfundet.dk
Website: www.advokatsamfundet.dk/Advokatnaevnet.aspx
Jurisdiction
Any dispute between a client and Advokatskrivstovan shall be solved according to faroese law.
Liability and insurance
Í/F Advokatskrivstovan, its partners and staff are liable for the advisory services provided in accordance with the general rules of Faroese law.
The liability of Í/F Advokatskrivstovan, its partners and staff is, however, limited to a maximum amount of DKK 15 million per assignment.
Í/F Advokatskrivstovan, its partners and staff are not liable for any consequential loss or other indirect loss, including operating loss, loss of data, profits, goodwill, image, etc.
Í/F Advokatskrivstovan, its partners and staff are not liable for any errors committed by advisers recommended by Í/F Advokatskrivstovan, nor is Í/F Advokatskrivstovan, its partners or staff liable for any errors committed by sub-contractors engaged by Í/F Advokatskrivstovan with the prior agreement of the client.
Í/F Advokatskrivstovan, its partners and staff have taken out professional indemnity insurance with a recognised insurance company.