SOVA TERMS OF BUSINESS

Last Update: 12 June 2024

These Terms of Business ('Terms') outline the basic terms under which SOVA FZ LLC ('SOVA') provides legal, business development and corporate services.

1. Services: SOVA FZ LLC ('SOVA') agrees to provide you with legal, business development and corporate services as requested and agreed upon by both parties.
2. Engagement Letter: A letter of engagement (EL) defines the scope of work, the parties to an agreement, and the fees. As soon as you approve it, EL becomes binding for both parties.
3. Entire Agreement: An EL and these Terms constitute an agreement ('Agreement') between you and us. An EL precedes the Terms if there is any conflict between them.
4. Fees: You shall pay our fees for the services provided at the agreed-upon rates in the EL. We expect you to pay our fees within seven (7) days of the invoice date unless the work depends on receiving your payment, e.g., a fee for a license, company set-up, or a retainer.
5. Late Payment: To align with the prompt payment practices of our clients, we impose late payment fees to cover the cost of carrying delinquent accounts.  Therefore, as permitted by law, we may apply a 0,75% monthly late payment charge to overdue balances, accruing from the bill's due date until full payment (payable at our demand).
6. Expenses: You shall be responsible for any expenses incurred by us in the course of providing the services, including but not limited to court filing fees, courier charges, travel, etc.
7. Taxes: Our fees and costs exclude taxes. All applicable taxes will be reflected in our invoices.
8. Confidentiality: We will keep all information you provide confidential and will not disclose it to any third party without your prior consent except as required by law or court order.
9. Publicity: You allow us to publicly disclose that you are our client and that we do work for you without any sensitive details.
10. Personal Data: We will manage any personal data we receive from you according to applicable UAE law. You should do the same.
11. Subcontractors: We will subcontract at our sole discretion. However, we will be fully responsible for our subcontractors before you.
12. Governing Law: These Terms and the Entire Agreement shall be governed by and construed following the laws of the United Arab Emirates.
13. Dispute Resolution: Any disputes arising from or related to these Terms and the Entire Agreement, including any question regarding its existence, validity or termination, shall be referred to the Dubai International Arbitration Centre (DIAC) and finally resolved by arbitration under the DIAC Arbitration Rules in force on the date of the submission of the request for arbitration ('the Rules'), which Rules are deemed to be incorporated by reference into this clause. The number of arbitrators to be appointed by the Rules shall be one (1).  The legal seat of the arbitration shall be Dubai, United Arab Emirates. The language of the arbitration shall be English.  The arbitrator's decision (s) shall be final and binding upon both Parties.  The cost of the arbitration, including fees and expenses of the arbitrator(s), shall be shared equally by the Parties unless the arbitration award provides otherwise.  Nothing in this clause shall prevent either Party from seeking injunctive or other equitable relief from the courts of the United Arab Emirates in the event of a serious breach or threat of breach of this Agreement. The Parties agree that the arbitration proceedings shall be kept confidential, including all documents submitted by the Parties and any decisions and awards rendered by the arbitrator.  Notwithstanding the above, the Parties may submit to the jurisdiction of the courts of the United Arab Emirates for the enforcement of this arbitration provision, the enforcement of any award, or for any action or proceeding not subject to arbitration as set forth in this Agreement.
14. Severability: If any provision of these Terms is invalid or unenforceable, such provision shall be struck, and the remaining provisions shall be enforced.