4. Fees, etc.
4.1 Poul Schmith determines the fee on the basis of an overall assessment, including the use of resources, the time spent, the special expertise used, whether the assignment was carried out within very tight time limits or outside normal hours of business, the liability involved in the matter, the size of the subject matter, the importance of the matter to the client and the results achieved. We may ask the client to pay a deposit on our fee.
4.2 In addition to the fee, the client is required to pay any costs and expenses incurred by us in the performance of the assignment, including but not limited to duties and charges, travel and subsistence expenses and certain copying and delivery expenses. Whether the amount will be disbursed by us on behalf of the client, or we will ask for prepayment of the amount, will depend on the size of the amount.
4.3 The terms of payment are net 21 days from the date of invoice. In case of late payment, we will charge interest in accordance with the provisions of the Danish Interest Act (renteloven).
4.4 Upon request, the client may receive a fee estimate before we start work on an assignment if this is possible considering the nature of the assignment. In consumer matters we will always inform the client about our fees before starting work on an assignment.
4.5 Poul Schmith will manage all client funds in accordance with the regulations of the Danish Bar and Law Society. Any interest on the client account will thus accrue to the client and, likewise, we will recover interest charges on the client account from the client in the case of negative interest.
4.6 Amounts held in client accounts are subject to the general cap of EUR 100,000 laid down in the Danish Depositor and Investor Guarantee Act (lov om en indskyder- og in-vestorgarantiordning) in the event of the financial breakdown of the account-holding bank. The cap applies to the total deposit in the bank in question. If the client holds other deposits in the bank than the funds deposited in the client account, the cap will thus apply to all deposits in total. Poul Schmith is not liable for the deposits in client accounts if a bank defaults.
4.7 If, as part of the execution of the case, a customer wishes to use a collective client account with Poul Schmith, we are obliged to provide identification information about the customer and any beneficial owners to the account-holding bank, as the customer is considered the beneficial owner of the funds, and the bank is required by applicable law to perform customer due diligence procedures on the beneficial owners of the funds in the omnibus client account. The type of case is irrelevant; what matters is whether Poul Schmith's collective client account is used. The obligation therefore also applies if the case is not covered by the Money Laundering Act. Poul Schmith must therefore, in accordance with the legislation, obtain identity information and relevant data for identity verification on the customers who have funds in the omnibus client account. Poul Schmith must then make this identity information available to the bank. This applies both when the customer deposits funds into the omnibus client account and when customers receive funds from third parties via the omnibus client account, e.g., payment from third parties in connection with settlements or similar.