Conditions of Accountancy
services agreement

Definition and interpretation

Agreement – the present agreement.

DD – Due Diligence.

KYC – know-your-customer.

MLR – the Law on the prevention of money laundering and terrorism and proliferation financing.

KYC questionnaire: Client CV and company activities form – information about the Customer and business, part of a Due Diligence procedure.

The purpose of KYC and DD procedures are to prevent the risks arising from the MLR.

GDPR – personal data protect regulation Law.

The subject of the agreement

The Customer entrusts and agrees to pay and the Service Provider undertakes to provide the Customer with accounting services according to Appendix.

Rights and obligations of the Service Provider

Manage the Customer accounts and records in compliance with the legislation of the Republic of Latvia (LR).
Prepare necessary reports  for the State Revenue Service (VID) and Statistics department, and turn them in within the timeframe required by law.
Ensure accounting and storing of data until the Agrement expires.

Not to disclose the company commercial information to third party except as provided in the legislation of the Republic of Latvia.

The Service Provider shall not be responsible for failing to comply with deadline if the Customer has been submitted necessary documents with delay according to the Appendix No1.

The Service Provider shall not be responsible for preparing and submitting inaccurate data if the Customer has not submitted all the necessary documents within a specified time or submitted incorrect documents.

Regarding MLR the Service Provider must refuse to provide service if the Customer refuses to provide necessary Due Diligence documents requested by the Service Provider.

The Service Provider shall process the received Customer data in accordance with the GDPR.

Rights and obligations of the Customer

The Customer shall:

To provide to the Service Provider any necessary Due Diligence and KYC procedures documents for proper and timely fulfillment of the Agreement.

Timely provide the Service Provider with all necessary documentation and information.

The Customer  is responsible for completeness and compliance of documents, information submited to the Service Provider with the requirements of the laws and regulations of the LR and the provisions of Agreement.

Pay for the services provided by the invoices of the Service Provider.
Observe the terms of this Agreement.

The Customer acknowledges that the Service Provider has an obligation to comply with the laws of the Republic of Latvia and agrees that the Service Provider obligations have not been breached in relation to legally justified works or omissions.

The Customer agrees that the Service Provider, in the capacity of data controller, is entitled to process data obtained from the Customer regarding GDPR

Payment arrangements and format

The Service Provider prepare an invoice for provided services to the Customer in accordance with Appendix.

The first payment should be paid as advanced payment for  first months, setting a minimum monthly fee for sercive provided.

If volume of work has been changed the Service Provider prepares additional invoice for provided services in accordance with Appendix.

The current invoice is prepared at the end of the corresponding month.

The invoice has been paid through the bank within 5 (five) days from the date of issue.

In the case of timely non payment of the invoice, the Service Provider is entitled to request a fine of 0.35% of the invoice amount for each day overdue.

The Service Provider can  review prices indicated in the Appendix by informing the Customer and signing a new Appendix by the Parties. On the date of signature of the new Annex, the previous Annex shall expire.

Confidential Information

The Service Provider and the Customer hereby understand that all information relating to the Parties, andwhich results from the cooperation shall be confidential and shall not be disclosed to third parties without the consent of the other Party, except for information relating to the requirements of MLR.

Unforeseeable conditions

Neither of the Parties to the Agreement shall be responsible for failing to comply with this Agreement if it was due to Force Majeure or other previously unforeseeable and unavoidable circumstances which directly affect the fulfilment of the obligations of this Agreement or any change in the laws or regulations restricting or prohibiting the fulfilment of the obligations of the Parties referred to in this Agreement.

Where possible, an appropriate statement from the national authority certifying the existence of force majeure must be attached.

Termination of the Agreement

The Agreement enters in force upon signing and is valid until  __ or until the Parties have settled all mutual obligations.

After expiry of the term the Agreement is considered to be automatically prolonged, unless either of the Parties object.
Agreement may be terminated by either Party on written notice to the other Party within 30 (thirty) days in advance.
Upon expiry of the Agreement the Service Provider returns to the Customer all of Customer business related documents, logs, records and other data. Documents are transferred with preparing and signing a transfer act.

Proceeding of disputes

Any disputes arising in the course of performance hereof shall be settled by negotiations between

the Parties. If the Parties cannot reach an agreement by negotiation every Party has the right to bring an action before a court of the Republic of Latvia.

Additional provisions

During the term of the Agreement all accounting documents of the Customer can be stored at the Service Provider. Agreement for it is set out in Appendix.
If the documents are kept to the Service Provider, the storage is determined by the Service Provider.
This Agreement has been printed in two original copies, one for each of the Parties and both having equal legal force.