General conditions

1. Buma | Algera Notariaat B.V. is a private limited company, whose object is to practise notarial law as well as to provide advice on notarial law. The company has its registered office in Amsterdam. A list will be sent on request of persons who through their companies have shares in Buma | Algera Notariaat B.V. and who are also referred to as ‘partners’.

2.  These general conditions are applicable to all instructions accepted by Buma | Algera Notariaat B.V. as well as any subsequent instructions and all other work.

3.  Notwithstanding Section 404 of Book 7 of the Dutch Civil Code, all instructions are accepted and carried out by Buma | Algera Notariaat B.V., even if it is the intention, tacit or otherwise, that an instruction is to be carried out by a particular person.

4.  The undisputed receipt of a deed, including the draft of a deed, drawn up by Buma | Algera Notariaat B.V. implies an acknowledgement that an instruction is given.

5. 1. Unless agreed otherwise in writing, the fee will be will be calculated based on the number of hours worked, multiplied by the applicable rates as will be periodically determined by Buma | Algera Notariaat B.V.

   5.2. The costs paid by Buma | Algera Notariaat B.V. on behalf of the client (including but not limited to general office expenses such as postage, telephone, fax and photocopying costs etc.) will be charged separately.

   5.3. Invoices must be paid within fourteen (14) days of the invoice date, unless agreed or stated otherwise. If the client fails to pay within this term it will be in default and statutory default interest in accordance with Section 119(a) of Book 6 of the Dutch Civil Code will be payable. If collection measures against the defaulting client are taken, the costs in connection with this collection will be charged to the client.

6. Any liability of Buma | Algera Notariaat B.V. is limited to the amount paid out under the professional liability insurance policy in the matter concerned, plus the amount of the excess which under the policy conditions is not borne by the insurer.

7. If and in so far as no payment is made for whatever reason under the terms of the above-mentioned professional liability insurance, this liability will be limited to three times the fee charged by Buma | Algera Notariaat B.V. for carrying out the instruction concerned. The limitation or exclusion of liability referred to in this article does not apply insofar as the loss is the consequence of deliberate recklessness or the intentional failure of Buma | Algera Notariaat B.V.

8.  The choice of third parties to be engaged by Buma | Algera Notariaat B.V. will, wherever possible, be made in consultation with the client and exercising due care. Buma | Algera Notariaat B.V. is not liable for any failures of these third parties. The client authorizes Buma | Algera Notariaat B.V. to accept any limitations of liability stipulated by third parties on its behalf.

9. The performance of the instruction given will be solely on behalf of the client. Third parties may not derive any rights from the contents of the work carried out.

10.  If the client provides third parties with the contents of the work carried out for it by Buma | Algera Notariaat B.V., the client will be obliged towards Buma | Algera Notariaat B.V. to make clear to that third party that such work was carried out under the terms of these general conditions. If a third party makes use of the contents of this work in any way, this third party will be bound by the contents of these general conditions.

11.  1. If the client or a third party has any complaint about the performance of the instruction, it must inform Buma | Algera Notariaat B.V. of this in writing, giving reasons, within two months of discovering the shortcoming, at least after the shortcoming could have reasonably been detected. Failure to do so will mean that the client may no longer rely on the fact that the instruction was carried out carelessly or inadequately.

    11.2. All legal actions and defences of the client, based on facts that would justify the assertion that the instruction was carried out carelessly or inadequately, will lapse after one (1) year after notification given in accordance with paragraph 1.

    11.3. The client is required to indemnify Buma | Algera Notariaat B.V. against all claims of third parties and to reimburse Buma | Algera Notariaat B.V. all reasonable costs of defence against such claims.

12.  These general conditions have also been stipulated for the benefit of those who are involved in the performance of the instruction on behalf of Buma | Algera Notariaat B.V.

13. These conditions have also been drafted in the English language. In the event of any discrepancy between that text and the Dutch text, the latter will be binding.

14.  The agreement between the client and Buma | Algera Notariaat B.V. will be governed by Dutch law. Any disputes will be exclusively resolved by the competent court in Amsterdam.

15.  Our firm shall only commence the execution of an assignment if the investigation into possible PEPs, UBOs and the (enhanced) client investigation and the origin of funds has been completed and our firm sees no reasons to proceed with refusal of service as referred to in Article 21, paragraph 2 of the Notary Public Act.

16. We emphasize that we give precedence to the legal obligations under the WWFT over the obligation of secrecy under the Notaries Act.

17.  We will charge the costs involved in complying with the WWFT to the client in the manner described in the offer made to him, and, if and insofar as the assignment is based on an hourly rate, this work will be carried out and invoiced partly on the basis of the hourly rate.

18. These General Terms and Conditions have been filed with the Registry of the District Court of Amsterdam and can also be consulted at www.banotariaat.nl.

8th of July 2021, Buma | Algera Notariaat B.V.