Business Terms

Validity

These Business Terms are valid from 1 october 2022 and apply to all advisory services provided by INNOVA ADVOKATFIRMA Advokatpartnerselskab, CVR 32278582, Mindet 2, DK-8000 Aarhus C (“INNOVA”) to a client subsequent to this date unless otherwise agreed in writing.

These Business Terms may be subject to change. INNOVA’s business terms applicable from time to time will be available at INNOVA’s website, https://www.innova-law.com

Danish law

INNOVA’s lawyers are all qualified to provide advisory services covered by Danish law. INNOVA’s advisory services are limited to Danish law, unless otherwise explicitly agreed in the individual assignment.

Fees

As a main rule, INNOVA’s fees are fixed in accordance with time spent handling the assignment.

Hourly rates

The hourly rates are subject to regulation every 1 January with the increase in the Danish private sector wage index for the year prior to the regulation.

Depending on the nature of the assignment, the fee may be subject to regulation in connection with the final invoicing of the assignment and thus deviate from the time spent handling the assignment.

The most significant parameters in this relation will be the outcome and complexity of the assignment; the responsibility involved in undertaking the assignment; the level of expertise required and the time pressure.

In cases decided by administrative bodies, arbitration tribunals or the courts, INNOVA’s fee shall not be less than the amount awarded to the client in costs.

Transportation, board and lodging etc. will be invoiced separately without surcharge. Mileage will be invoiced in accordance with the Danish state’s fixed tax-free mileage allowance plus VAT. Major copying and production jobs as well as external shipping costs are invoiced in addition to the fee.

Generally, cases will be invoiced when they are terminated. INNOVA attempts to invoice quarterly in case of longterm cases as well as in fixed client relationships. Invoices will be accompanied by a description of the work carried out, normally in the form of a statement of legal fees.

Based on the principle of invoicing according to time spent handling the assignment, clients may at any time and without any notice request that INNOVA terminates or suspends case administration. The relevant assignment will then be invoiced according to time spent handling the assignment at that time. Similarly, INNOVA reserves the right to withdraw from an assignment, where this is deemed to be in the client’s and/or INNOVA’s interest and in compliance with the rules laid down by the Danish Bar and Law Society.

Terms of payment

The payment deadline for our invoices is generally eight (8) days from the invoice date. In case of late payment, interest will be charged in accordance with the provisions of the Danish Interest Act.

Retainer

Depending on the nature of the assignment, the commencement of an assignment may be subject to payment of a retainer. As a general rule, retainers will be charged from first time clients as well as from clients without a fixed place of business in Denmark.

Client funds

Funds paid to INNOVA are deposited in a client account in a bank in Denmark in accordance with current client account rules and will be administered and yield interest in accordance with applicable rules stipulated by the Danish Bar and Law Society.

As at 1 June 2015, new rules apply to coverage of deposits in the event of a bank failing. The former rules regarding full coverage of deposits made to lawyers’ client accounts have been revoked, and now the same rules apply to client accounts as to ordinary bank accounts. This means that clients with funds in own accounts as well as in INNOVA’s client account in the same bank can only recover a total maximum of EUR 100,000
via the guarantee scheme.

Unless otherwise agreed in writing, funds paid to INNOVA as fiduciary funds will be deposited in a client account in a bank in Denmark selected by INNOVA. Clients who have a particular interest in the choice of bank for the purpose of deposit of fiduciary funds are encouraged to contact INNOVA in writing no later than simultaneously with the receipt of the fiduciary funds.

INNOVA assumes no liability for any loss as a result of the deposit of fiduciary funds in a client account if the relevant bank is or becomes distressed.

The client shall pay interest charged to a separate client account as a result of the negative interest rate applied to the separate client account, as well as any fees charged by the financial institution maintaining the account in connection with the opening, maintenance or closure of a separate client account.

Insurance, liability and limitations of liability

INNOVA is liable for advisory services provided to the client in accordance with the general rules of Danish law.

INNOVA is covered by a professional liability insurance taken out with a recognised insurance company. The insurance covers INNOVA partners and employees and their liability for any capital loss suffered by third party, including clients, caused by negligence on the part of INNOVA or any party for whom INNOVA is liable; or caused by negligent omission in relation to INNOVA’s provision of legal services.

INNOVA’s liability insurance for advisory services provided to clients is limited to twenty-five (25) times the charged legal fee; however, limited to a maximum of DKK 30,000,000 per assignment and DKK 40,000,000 per client for claims for damages filed by any client per calendar year and the following calendar year. Multiple assignments in the same case complex will be regarded as one (1) assignment.

Please note that it is possible for INNOVA, according to specific agreement, in concrete cases to increase the liability insurance coverage and hence the above-mentioned limitations of INNOVA’s liability, where a client requests INNOVA to undertake additional liability in relation to a specific assignment.

Where INNOVA provides advisory services to more clients having common or comparable interests in a coherent assignment, such services will be regarded as if they had been provided for one single assignment so that the total amount of any damages payable by INNOVA to all such clients is limited to a maximum of DKK 30,000,000. Similarly, such clients will be regarded as if they were one (1) client in respect of the above DKK 40,000,000 limitation of liability.

The client shall only be entitled to file a claim for damages against INNOVA and the partner responsible for the relevant assignment and hence not against INNOVA’s other partners or employees.

INNOVA, its partners and employees shall not be liable for any consequential loss or other indirect loss, including loss on operations, profits, loss of data, goodwill, image etc.

INNOVA, its partners and employees shall not be liable for any errors committed by advisers recommended by INNOVA, nor will INNOVA, its partners or employees be liable for any errors committed by sub-contractors to whom INNOVA has outsourced parts of the assignment subject to agreement with the client.

Money laundering and filing

INNOVA is subject to the provisions of the Danish Act on Measures to Prevent Money Laundering and Financing of Terrorism (currently Consolidated Act No. 316 of 11/03/2022, “the Anti-Money Laundering Act”).

According to section 4 of the Anti-Money Laundering Act, there are specific requirements to the manner in which clients must identify themselves and to which type of information lawyers must procure when entering into a business relationship with a client and/or when transactions are conducted on behalf of a client.

In consequence of the above legal provision, INNOVA’s clients will be requested to provide documentation in order to meet the identification requirements imposed by the above-mentioned act. The identity information provided will be disclosed as appropriate to the financial institution where INNOVA may establish a separate client account.

Personal data obtained under the Anti-Money Laundering Act and related regulations will be processed solely for the purpose of preventing money laundering and terrorist financing. INNOVA is obliged to notify the Money Laundering Secretariat immediately if INNOVA knows, suspects or has reasonable grounds to suspect that a transaction, funds or an activity is or has been related to money laundering or terrorist financing.

Notification will be made without the client being informed. Information obtained will be retained for a minimum of five (5) years.

Personal data will be deleted after five (5) years from the end of the case.

The client’s personal data will be processed in accordance with INNOVA’s Privacy Policy, which is available on INNOVA’s website, www.innova-law.com. Closed cases will be filed electronically for five (5) years unless another filing method has been agreed between INNOVA and the client. Original documents are returned at the latest at the end of the case.

Application of INNOVA’s advisory services

INNOVA’s advisory services are directed at the specific assignment and cannot be applied to any other purpose without INNOVA’s prior written consent. INNOVA shall only be liable for advisory services provided to INNOVA’s client, and no third party is entitled to rely hereon unless agreed in writing.

Clients will be assigned the necessary rights to use the written material provided by INNOVA to the client in connection with the assignment; however, INNOVA has and will retain all copyrights and other intellectual property rights to the material.

Confidentiality and Marketing

INNOVA is obliged to keep all information about the client confidential.

All employees of INNOVA are bound by a duty of confidentiality, according to which the disclosure of client information can only take place in connection with the protection of the client’s interests.

When a task in which INNOVA has participated as an advisor has been completed and made public (e.g. by issuing a press release), INNOVA is entitled to use the case as a reference in a marketing context.

INNOVA’s lawyers

All INNOVA’s lawyers are licensed by the Ministry of Justice and are members of the Danish Bar and Law Society. INNOVA and the individual lawyers are subject to supervision by the Danish Bar and Law Society, including supervision of the compliance of INNOVA and the individual lawyers with the rules applicable to the legal profession, including the rules on good legal practice. Information about the Danish Bar and Law Society, including contact details, is available at the Danish Bar and Law Society’s website.

Complaints about lawyers’ fees and/or conduct can be brought before the Disciplinary Board. Information about the Disciplinary Board, including contact details, is available at the Disciplinary Board’s website.

Applicable law and venue

INNOVA’s advisory services and these Business Terms are subject to Danish law.

Where a client is dissatisfied with the advisory services provided by INNOVA or the charged legal fee, the client is encouraged to contact the partner responsible for the specific assignment seeking to resolve any differences amicably.

Any dispute may be brought before the competent Danish court.

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Aarhus, 1 October 2022
INNOVA ADVOKATFIRMA advokatpartnerselskab