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Terms and Conditions

Terms and Conditions at Sp/f Eli Thorsteinsson advokatur (hereinafter referred to as "the company") apply to all tasks and services unless otherwise agreed upon in writing.

Execution of the Task

The company and the customer continuously agree on the legal assistance and the scope of each task, as well as involvement from both the customer's and any third parties' side.

The company commits to providing qualified legal assistance and service in accordance with agreed terms and timeframes.

All tasks are carried out in accordance with the Administration of Justice Act, other relevant legislation, and the ethical rules of the Danish Bar and Law Society.

The company retains all necessary documents for 5 years from the conclusion of the case. Original documents are returned no later than upon the conclusion of the case.

Customers are granted necessary rights to use all written material provided by the company in connection with a task, but the company retains all copyrights and other intellectual property rights to all delivered material.

Anti-Money Laundering and Data Protection

The company is subject to the provisions of the Anti-Money Laundering Act and must therefore collect and retain identity information about customers in accordance with the law.

Personal data collected under the Anti-Money Laundering Act is only used for the prevention of money laundering and detection of irregularities. This information is not used for commercial purposes.

If the company needs to establish a special client account, it is obliged to disclose the personal data to the financial institution where the account is established so that the institution can fulfill its obligations under the Anti-Money Laundering Act.

The company processes personal data in connection with advice and other services to customers in various contexts. In this regard, reference is made to the company's privacy policy, which can also be found on the company's website.

Remuneration, Invoicing and Client Account

The company determines the fee based on the scope of the task, including work outside normal working hours, the importance of the task to the customer, the value of the service from the company, the responsibility associated with the task, the complexity of the task, the use of specialist knowledge, and the achieved result. In cases decided by administrative authorities and public bodies, in arbitration institutions, and in courts, the company's fee shall at a minimum amount to the amount awarded to the customer in costs.

The customer must pay the expenses associated with the task as well as the expenses incurred by the company on behalf of the customer, including appropriate travel expenses, food and lodging, significant costs for copying and mailing, external transportation costs, and the fee.

When the company engages in a task, it must, upon the customer's request, inform about the expected costs of the fee, if possible for the specific task. If it is not possible to specify the amount of the fee, the method of determining the fee is instead specified, such as the applicable hourly rate. Customers who are consumers receive information about the fee before the task commences.

The company usually issues monthly invoices to the customer. The company may also require that the fee be paid in advance, in whole or in part. In cases of significant external expenses, the company may also require prepayment.

The payment deadline is net 8 days from the invoice date. VAT is added to the fee in accordance with applicable rules.


The company manages all funds for customers in accordance with the rules of the Danish Bar and Law Society and deposits them into a client account at a Faroese financial institution. Interest accrual on the client account belongs to the customer in accordance with the rules of the Danish Bar and Law Society.

The customer must pay interest accrued on balances in a regular client account or a separate client account when accrued with negative interest, as well as any fees imposed by the financial institution managing the account in connection with the establishment, maintenance, or settlement of these accounts.

Balances on the client account are covered by the general limit of EUR 100,000 in the Danish Guarantee Fund (formerly referred to as the Depositor and Investor Protection Fund) for coverage if the financial institution managing the account experiences financial collapse. If the customer has other deposits in the relevant bank besides what is in the client account, the maximum amount mentioned above applies to the total deposit. The company assumes no responsibility for the deposit in the client account if a financial institution gets into financial distress and/or experiences financial collapse.

Confidentiality and Internal Rules

The company is obliged to treat all information from or about the customer confidentially. This entails a special duty of confidentiality, and the company has security measures to handle all confidential information.

The company and Eli Thorsteinsson Attorney-at-Law are subject to special rules in accordance with applicable law regarding the prohibition of using internal knowledge about listed companies and restrictions on trading in listed securities.

Liability, Limitation of Liability, and Insurance

The company is liable for the advice provided in accordance with general Faroese legislation on compensation. The advice is specifically directed towards the specific task and must not be used for other purposes without specific written permission.

The company is covered by professional liability insurance and guarantee coverage with HDI Global Specialty SE, which covers all legal services provided by Eli Thorsteinsson Attorney-at-Law up to DKK 2,500,000 in liability insurance per year and up to DKK 5,000,000 in guarantee coverage per year.

The company and Eli Thorsteinsson Attorney-at-Law are not liable for indirect losses or consequential damages, including loss of business, loss of data, loss of revenue, loss of goodwill, loss of reputation, etc., or losses caused by a financial institution under financial pressure.

The liability insurance does not cover work by other advisers that the company may have referred the customer to or that we have requested to perform parts of the task by agreement with the customer.


When a task, where the company has acted as an advisor, is completed and publicly known, the company has the right to use this as a reference in its marketing.

Choice of Law and Dispute Resolution

All disputes between the customer and the company must be resolved in accordance with applicable Faroese law and under the jurisdiction of the Court of the Faroe Islands.

If the dispute concerns conduct or remuneration, the customer can complain to the Danish Bar and Law Society, Kronprinsessegade 28, 1306 Copenhagen K - otherwise see

Last updated on October 9, 2020.

The above is a translated version of the applicable terms and conditions in Faroese. In case of discrepancies between the above version and the applicable Faroese version, the Faroese version shall prevail.

When referring to legislation, such as the Data Protection Act, the Anti-Money Laundering Act, etc., reference is made to applicable Faroese legislation in the field unless otherwise expressly stated.

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