Terms of Business

These terms of business apply to every assignment that Loeven Advokatfirma P/S accepts from clients unless otherwise is agreed in writing. Receipt of the assignment

Before we accept an assignment from a client, we will investigate through our internal procedures any conflicts of interests or other incapacity that would prevent us from representing the client.

In the event a conflict of interest or other incapacity should arise during an assignment, resulting in that we are obliged to withdraw from the assignment, we will recommend another attorney.

Proof of identity
Loeven Advokatfirma P/S is as a law firm subject to the rules set out in the Danish Act on Measures to Prevent Money Laundering and Financing of Terrorism. Consequently, we are obliged to obtain and retain information and documentation about the identity of both new and existing clients that have not previously provided such information. Therefore, before we can commence an assignment, the client must provide us their name, address and either their personal registration number (in Danish: CPR) or business number (in Danish: CVR), and show necessary documentation hereof, when starting an assignment with us. With respect to companies and funds, we are additionally obliged to obtain and retain information and documentation about the company or fund’s actual ownership.

Foreign clients shall provide other information identifying the client in the same way the CPR number for persons and CVR number for businesses does. In accordance with the above act, the proof of identity information will be kept for a minimum of 5 years after the client relationship has ceased.

The assignment
Loeven Advokatfirma P/S assignment includes such legal assistance that naturally follows from the character of the assignment. The scope and character of each assignment is agreed with the client, either when commencing the assignment in a formal description or during the assignment.

We are as members of the Danish Bar and Law Society subject to the Society’s rules, and all assignments are carried out in accordance with the code of conduct for attorneys in force from time to time, the articles concerning attorneys in the Danish Administration of Justice Act, and other relevant advice. Our legal assistance is limited to Danish law and EU law.

Fees and payment
Our fees are determined based upon the extent of our services and advice rendered and the value added to the client. The fee will be calculated based on the time spent in connection with our services and the involved persons’ experience and hourly rates, the value and importance to the client, the complexity of the assignment, the results achieved and the liability involved with completing the assignment.

If so requested, we can provide an estimate of the expected fee prior to carrying out an assignment, including information about the expected costs and disbursements. We will on an ongoing basis and as early as possible inform the client in the event that the total fee is expected to exceed the estimate. We will always provide an estimate of the total fee to consumers before accepting an assignment.

Loeven Advokatfirma P/S also offers fixed fee models under certain assumptions that are agreed in writing with the client in advance.

We invoice on a monthly basis for our services. For smaller assignments, we may choose to invoice in connection with finalizing the assignment instead. If a written agreement is made with the client for another invoice frequency, we will invoice in accordance herewith.

In addition to the fee for our services, the client will be invoiced any disbursements and other relevant costs connected herewith. As a starting point, disbursements and costs will be charged separately prior to their due payment unless otherwise agreed with the client.

Payment terms are net cash 8 days from the date of the invoice. In the event of delay in payment, interests will be ascribed to the invoiced amount in accordance with the Danish Interest Act. Non-payment may result in our withdrawal from the assignment and any other assignment that we carry out for the client.

VAT
Loeven Advokatfirma P/S VAT number is DK37349674.

Our fees are subject to VAT in accordance with applicable law.

If the client in their home state is obliged to withhold tax of our fee, the fee shall be automatically increased by such amount that Loeven Advokatfirma P/S following the deducted tax will receive an amount corresponding to the originally invoiced amount before tax.

Client funds
All funds trusted to Loeven Advokatfirma P/S by our clients are managed according to the Danish Bar and Law Society’s rules on client accounts (the client account by-laws). Client funds are deposited in client accounts at our bank and carry interest. The interest rate is currently negative which means that following a withdrawal from the client account, the accrued negative interest will be calculated and invoiced.

Loeven Advokatfirma P/S is not responsible for client funds deposited in client accounts at our bank in the event the bank in question defaults. Client funds deposited in client accounts are subject to regular rules on depositor guarantees. Consequently, client funds are as a starting point covered by up to EUR 100,000 for all of the client’s accounts with the financial institution in question. Information about our regular bank can be obtained from the partner responsible for the client.

Confidentiality
All personnel with Loeven Advokatfirma P/S are subject to a duty of confidentiality concerning our client’s assignments and other affairs. All information received from our clients in connection with our services is covered by our duty of confidentiality as attorneys, and we therefore treat this information with strict confidence.

The confidentiality applies with respect of public law, including the rules on anti-money laundering and financing of terrorism.

Liability
Loeven Advokatfirma P/S is responsible for the advice rendered to our clients in accordance with Danish law, but limited in regards to the agreed scope of our advice. Our liability does not cover operating losses, loss of data, loss of profit, goodwill or other forms of indirect losses.

Our liability for each assignment is further limited to an amount corresponding to the fee for the assignment in question, but in any event a maximum of DKK 10,000,000. The client accepts that claims can only be made against Loeven Advokatfirma P/S and thus not against its individual partners, employees or its general partner.

Other advisors
In the event it is relevant to obtain advice from other advisers, for example concerning foreign legal matters, such assignment will be discussed with the client in connection with the choice of advisor. The client is the principal for such advisors despite that the invoice is addressed to Loeven Advokatfirma P/S. We are not liable for the advice rendered by such advisors.

Conclusion of the client relationship or assignment
Our client relationship ceases when the final invoice for our services is issued, or when so requested by the client. In the event that we on an individual basis no longer believe that we are able to attend to the assignment in the client’s interests, we reserve the right to withdraw from the assignment.

Original documents are normally handed over in connection with the conclusion of the assignment at the latest.

We keep at no further costs proof of identity information and files for 5 years from the conclusion of the assignment.

Intellectual property
Intellectual property to material developed by Loeven Advokatfirma P/S belongs to Loeven Advokatfirma P/S unless specifically agreed otherwise.

Complaints
In the event our advice or fee does not live up to the client’s expectations, we encourage the client to contact the partner responsible for the client relationship. We will hereafter discuss the matter with the client and pursue an amicable solution.

We are subject to the Danish Bar and Law Society’s general rules on complaints. Any complaint about our advice and fee can therefore be submitted to the Danish Bar and Law Society.

Choice of law and jurisdiction
Disputes between a client and Loeven Advokatfirma P/S shall be subject to Danish law only and brought before the Danish courts, which shall have exclusive jurisdiction to try cases concerning claims against Loeven Advokatfirma P/S.