Global Accounting Solutions

Global Accounting Solutions
GAS Terms and Conditions: Defaulted Fees for Accounting Services / Liquidated Damages
Last updated 1st January 2009

General Notice
Global Accounting Services (GAS) clients are kindly advised that we maintain a strict policy with regard to late payments of fees incurred in relation to the accounting services (i.e. online or paper-based tax return submissions) provided by us (GAS) to our clients (You).

Payment of Fees
As a general rule, our accounting services fees, as set in our fees schedule or as individually agreed with individual clients, are due at the time of processing of the tax return in our office. In exceptional circumstances, and only after a prior agreement to this effect, the accounting services fees may be paid to us within 30 days following the submission of the respective tax return of the client or at the time of our clients’ receiving of the tax overpayment, whichever occurs first.

Statutory Interest and Liquidated damages
Where we (GAS) have not received our accounting fees for the accounting services rendered to our clients as per the terms described above under Payment of Fees section GAS shall be entitled to charge, without further notice to the defaulted client, statutory interest over the amount of the defaulted fee for a period of 6 (six) calendar months from the moment in which the obligation for payment of the fee arose. Where the defaulted fee and the incurred interest has not been settled within the said 6-month period, GAS shall be entitled to liquidated damages and accordingly levy a charge of 2.5% over the defaulted fee and incurred interest per calendar day until such time as the debt is settled in full. Liquidated damages shall be imposed only as a result of each day by which the initially agreed date of payment is exceeded, without a notice of default being required in this connection. Liquidated damages shall be withheld from clients’ tax overpayments transferred into GAS’ bank accounts, or recovered from the Clients in another manner.

Aggregate Liability
Each party's maximum aggregate liability for all claims relating to an accounting service provided pursuant to GAS Services Schedule, whether for breach of contract or in tort, including negligence, shall be limited to 100% of the amount of either the client’s tax overpayment for the previous tax year under which the service that is the subject matter of the claim is rendered or the respective accounting fee (whichever is higher).