Terms of trade

4. Fee

1. The fee for the service appears from the agreement. The fee is either agreed-upon a fixed fee or a fee, which is determined on actual time spend.
2. LSV adjust its fees every 1. of January. The regulation has impact on work started after this date. If an agreement is running from one year to another, the fee can be regulated.
3. Apart from the mention fee in article 4.1, LSV is billing expenses to travels, stay and transport separately to the customer.

5. Terms and conditions of payment

1. At the end of every month LSV forward the statement from the previous period, unless other wised agreed.
2. All payment has to be done electronic:
   
   Bank information:
   Handelsbanken
   Klampenborgvej 221, 1.floor
   DK – 2800 Kgs. Lyngby

   Payment information:
   Reg: 0895 Konto: 1012735
   IBAN – DK7908950001012735
   SWIFT – HANDDKKK
   ACCOUNT – 08950001012735

3. The payment has to be placed no later than 30 days from the billing date. If the payment is not punctual, a charge added to a reminder will be imposed as well as default interest on 10,5% from due date of the invoice until the payment is registered at LSV account.

    

6. Employees et cetera

1. In the agreement it is mentioned who is the responsible partner from LSV and who the responsible leading employee from the customer is.
2. The involved parties are committed to refuse to hire neither employees from the other party nor the other party’s customers, who in any way is involved in the Service, valid from one year after the currency of the Agreement.
3. In the case where a steering committee is being set up to develop or implement the Service, all decision about how the development or implementation of the Service has to proceed, has to be decided by the steering committee.

7. Declaration of secrecy

1. LSV and the customer are obligated to keep the information’s they receive and learn about one another regarding the other party’s organization or the other party’s customer secret. The obligation includes information’s of any technical or commercial sort.
2. LSV and the customer are furthermore committing themselves to instruct their employees, who are participating in the Service, to keep the same level of secrecy.
3. Moreover LSV and the customer are committed not to use or pass on the information mention in article 7.1 after the termination of the agreement. The commitment stands as long as the information’s have a character of trade secret.

8. External assistance

1. As far as LSV finds it necessary, LSV is entitle, with the writing approval from the customer, to engage subcontractors to carry out the Service.

9. Rights

1. The customer has the right of use material, which appears as a part of the execution of the Service, including the final material. This on the other hand does not include any products or methods used in combination with the execution of the Service, and who belong to LSV. The work of LSV can’t be distributed to other than the customer as well as advisors of the latter without previous written approval from LSV.
2. LSV has the ownership of any sort of material, which is emerging as a part of the execution of the Service, including the final material and the temporary material (ex. Sketches, drafts, working paper or similar). All immaterial rights to the result of the Service and eventual partial result belong to LSV.
3. It falls on LSV to make the necessary steps to secure immaterial rights towards third party’s violation.
4. LSV do not accept any responsibility for other parties, who profit by or use the Service or obtain access to the Service. The customer commits themselves to compensate LSV for any obligations, loss, expense or other cost, as LSV reasonably must suffer in regarding to the demands on LSV from any parties as well as demands on LSV as a result of the customers violation of the agreement.
5. In case of the result of the Service is being used for other reasons than the purpose of the agreement, LSV are being eligible to a separate fee, which is being set individually in every case. The customer is obligated to notify LSV about any such intended use and the fee will decay contemporary with the beginning of the extended use.

10. Communication though electronic post (e-mail)

1. The parties may wish to communicate electronically by e-mail during the execution of the service. Exchange of information though e-mail can’t however be guarantee to be neither secure nor faultless and there is a risk that such information’s are being intercept, washed-out, be lost, be destroyed, reach the recipient to late or is being imperfect or in any other way is being influenced in a negative way or is unsecure to use. Therefore the parties are committed to use commercial safe procedure to secure the communication from any of the most commend spread virus as well as secure the integrity of the data, before any information is being send to the recipient, while both parties recognize that any procedure cannot guarantee that the data which is being send is free from virus.
2. The receiver of the e-mail is still required to conduct a virus check of the received material before opening the documents, whatever it is received on a disc or otherwise.

11. Responsibility

1. LSV do not guarantee that any immaterial rights, which appear during the solution of the assignment, do not violate third party’s rights.
2. LSV is not responsible for any mistakes in the final material, which can be ascribed to any of the customer delivered material or information from the customer, cf. article 3.0.
3. LSV do not accept any responsibility for any loss suffer from the customer, which is a direct consequence of our lacking compliance of this agreement or showed negligent in connection with the execution of the assignment as written in the agreement. Our total fee in such losses cannot overcome the amount corresponding to three times the fee of LSV according to the agreement, and it lie with the customer to document any loss.
4. LSV do not accept any responsibility or obligation towards other people, who gets possession of the Service without our approval.
5. LSV is not liable for damages regarding any consequential loss including operational loss, loss in profit and other implicit loss, the customer suffer due to a defect in the conducted assignment.

12. Violation

1. In case one of the parties violate their obligations according to the Service and/or these terms and conditions significant, the other party is qualify for dissolve the agreement without notification.
2. The cancellation may only occur, if the violation has not been closed down within 14 days after the mailing of the written claim. The claim should outline the reason for the violation and that the agreement will be cancelled, if the condition is not legitimate before the termination of the agreement.
3. In case of significant violation, one part is entitled to fee according to normal rights of the Danish law, cf. furthermore article 11.0 regarding responsibility.

13. Termination of the present agreement or cancelation

1. The agreement may be terminated from both parties with a 2 months’ notice. Only written terminations are accepted, and will terminate at the end of the month. Agreements with a duration of 10 og fever days of consulting services cannot be terminated.
2. I case of a termination LSV will receive a fee for the already planed assistant until the end of the notice period, and the customer is entitled to keep the part of the Service, which is received until this point.
3. In case of the need to cancel or change an already planed assistant this can be done with a 30 days notices, but if LSV do not have the opportunity to offer a fee day in the current month, the day will no longer apply, but the fee maintain.

14. Twists

1. Any disagreement or twist between the parties regarding the understanding of the agreement and/or these conditions is being decided through use of Danish law by arbitration, unless the violated party chooses to use the common court. A case of arbitration has to be conducted in accordance with “Regulations for the hearing of cases by the common court of arbitration in Denmark”.