G&P Corporate Services Ltd Terms of Business

G&P Corporate Services Ltd are pleased to provide legal representation and assistance. This document sets out our Terms of Business and applies to the services provided to our clients by this firm, its attorneys and staff.

Fees Arrangement

Like most firms, G&P Corporate Services Ltd charge for professional services at hourly rates for the attorneys performing the work. Additionally, there is an hourly rate for our paralegal assistance. Details of all hourly rates are available on request. Our rates are reviewed annually at the start of each year and we notify our clients of any rate changes or if any new taxes apply to these fees. Our practice is to record the time spent on Client matters and to let our clients have an itemised statement at the end of each month (or other suitable period) which shows the work performed, the attorney working on the matter, the amount and any disbursements ordinarily charged for. Fees become payable when the fee note is rendered. Our fees are based on prompt payment and interest is payable on fees outstanding for more than 28 days at 2% per calendar month. Where we are instructed by or on behalf of more than one person or company to deal with any particular matter, each person or company for whom we act shall be jointly and severally liable for payment of the full amount of our fees and shall be bound by our Terms of Business. If requested, we will provide monthly estimates of fees or in the event of significant work on a matter. We are conscious of maintaining a control on costs.

Disbursements

In addition to the payment of our fees, our clients are responsible for the payment of all out-of-pocket costs and incidental expenses incurred in connection with our services. Such expenses include, where applicable, court fees, counsel’s fees, telecommunications, copying, printing, travel expenses, transcripts, mailing, courier services, witness expenses, staff overtime costs and other expenses incidental to our representation. Our clients are required further to agree to pay costs arising directly to others upon request by this firm.

Retainer

An initial retainer is required prior to work being undertaken. These monies will be held in our client account and applied against fees. The retainer will need to be replenished periodically to ensure we have sufficient funds in our client account to cover work likely to be undertaken. Such retainer funds will be applied against any balance due for services rendered and any unused portion will be returned upon completion of our assigned work once our fees have been paid.

Indemnity

By G&P Corporate Services Ltd agreeing to accept instruction as attorneys, are clients are required to agree at all times to indemnify G&P Corporate Services Ltd from all loss, liability, actions, suits, proceedings, claims, demands, costs and expenses whatsoever which may be taken or made against G&P Corporate Services Ltd in respect of the firm’s actions on behalf of a client, whether arising from any misstatement or omission in any material information or representation supplied or approved by the client or any matter related to or arising from the engagement of this firm or otherwise, howsoever arising. The terms of this indemnity shall extend to all members of staff of G&P Corporate Services Ltd (present and future) and any legal fees, costs or expenses incurred by this firm arising therefrom and shall extend to any costs incurred in respect of time expended by members of staff in dealing with such matters, whether or not formal proceedings are instituted.

Limitation of Liability

In any action, claim, loss or damage arising out of our instruction by a client, our client is required to agree that G&P Corporate Services Ltd’ liability will be several and not joint and several and you may only claim payment from G&P Corporate Services Ltd proportionate to the share of total liability based on degree of fault. In no event shall G&P Corporate Services Ltd be liable to a client (whether the claim be in tort, contract or otherwise) for an amount in excess of either the total professional fees paid by the client to G&P Corporate Services Ltd during the preceding 12 months from the date of any claim or US$5 million, whichever is the greater. In no event shall G&P Corporate Services Ltd be liable to a client (whether the claim be in tort, contract or otherwise) for any consequential or indirect loss, for any loss of profits or for any similar damages or for any failure to realise expected saving arising from services provided to a client by G&P Corporate Services Ltd.

Working Papers

All correspondence written, created or received and retained by G&P Corporate Services Ltd during the course of the engagement of this firm shall belong to G&P Corporate Services Ltd and our client agrees to this. G&P Corporate Services Ltd reserves the right to retain any document in its possession as security for payment of any outstanding sums owed by a client.

Set-off

Our clients are required to agree that, in the event that fees are owed to G&P Corporate Services Ltd or costs properly due and payable to third parties on behalf of a client are due, G&P Corporate Services Ltd are authorised to make payment of those fees and costs from funds held by G&P Corporate Services Ltd on behalf of our client.

Law and Jurisdiction

All services provided in accordance with the engagement of G&P Corporate Services Ltd are subject exclusively to the laws of the Turks and Caicos Islands. G&P Corporate Services Ltd provide no services outside the Turks and Caicos Islands. Our clients are required to agree to the engagement of G&P Corporate Services Ltd being exclusively subject to the laws of the Turks and Caicos Islands and to the jurisdiction of the Courts of the Turks and Caicos Islands.

Confidentiality and Anti-Money Laundering

In order to comply with this firm’s anti-money laundering policy, we require evidence of every client’s identity including an address and we will take notarised copies of the documents provided. If a client fails to provide such information promptly we may not act for a client or we may have to cease to act for a client. G&P Corporate Services Ltd reserves the right to cease to act for a client if we cannot comply with our anti-money laundering policy. G&P Corporate Services Ltd is subject to confidentiality provisions of the laws of the Turks and Caicos Islands. However, evidence of identity we hold may, from time to time, be made available to third parties with whom we deal on behalf of clients if they require such proof of identity in order to comply with their anti-money laundering and due diligence procedures. Additionally, we may be required by law to provide such information to law enforcement agencies even without our client’s knowledge. By agreement to our Terms of Business, our clients agree to our compliance with such requests.

Termination

Our Terms of Business in no way limit a client’s right to terminate our instruction upon payment in full of any outstanding balance due to us, nor shall G&P Corporate Services Ltd be in any way limited from withdrawing representation. We reserve the right to withdraw representation and our services in the event of non-payment of our fees or for any reason. A client may terminate our services at any time by giving us reasonable written notice. G&P Corporate Services Ltd may cease to act for a client on any matter by giving reasonable written notice if:

1. a client fails to give us proper instructions;
2. a client fails to give us the co-operation which we are reasonably entitled to expect;
3. our continuing to act for a client would be impractical, unethical or unlawful;
4. we are of the opinion that we have a conflict of interest;
5. a client fails to provide us (or to replenish) sufficient money to be held on account; or a client fails to pay our invoices as and when rendered.

 

Agreement to Our Terms of Business

Our clients are required to acknowledge in writing confirmation of their instructions to G&P Corporate Services Ltd on the basis of our Terms of Business contained in a retainer letter.