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General terms & conditions

  1. PURPOSE

These General Terms and Conditions of the Société Anonyme [public limited company] Monaco United Advisors Multi Family Office SAM (hereinafter referred to as "Us" or "Provider") apply to the Services that we provide to You (hereinafter referred to as "You" or the "Customer").

 

The Provider shall, as part of its obligation to exercise its best efforts, provide all of the human, technical and intellectual resources at its disposal in order to successfully complete the Assignment set by the Customer, in accordance with the Customer’s instructions and according to the terms they have agreed upon together. The Services performed by the Provider as part of the Assignment with which it has been entrusted shall be based on the best possible analysis of the facts, information and documents of which it is made aware or that are made available to it by the Customer at the time of said Services.

 

These General Terms and Conditions and the Engagement Letter form the Contract between the Provider and the Customer and have the purpose of setting out the terms and conditions under which the Provider shall deliver the Services to the Customer.

 

These General Terms and Conditions apply in full to the Customer and they are the key and decisive conditions together with the Engagement Letter and they shall take precedence over any other General Terms and Conditions and documents issued by the Customer, irrespective of the terms.

 

These General Terms and Conditions exclude the application of any other document issued by the Customer, in particular and not limited to its own General Terms and Conditions. They shall take precedence over any contradictory provisions that may be stipulated in the Customer’s General Terms and Conditions.

 

 

2. DEFINITIONS

For the purposes of the Contract, the below definitions shall apply, whether they are written in upper case, lower case and/or singular or plural:

 

Customer: refers to any natural or legal person that enters into a Contract with the Provider

 

Contract: refers to the Engagement Letter and these General Terms and Conditions that are intended to define the applicable terms and conditions for the Services carried out by the Provider for the benefit of the Customer.

 

Engagement Letter: refers to the letter and its appendices that define the Services and make reference to the General Terms and Conditions.

 

Party or Parties: refers to the Customer and the Provider referred to individually as PARTY and jointly as PARTIES.

 

Provider: refers to the public limited company Monaco United Advisors Multi Family Office SAM, whose registered office is in Monaco (98000) at 9, boulevard Albert 1er located in ‘L’Albatros’, registered on the Monaco Register of Trade and Commerce under number 18S07668.

 

Services/Provisions/Assignments: refer to the Services described in the Engagement Letter that the Provider agrees to carry out for the Customer. It should be noted however that the Provider may refuse to carry out any provision of services requested by the Customer, without the need to provide any justification thereof.

 

 

3. CONTRACT LENGTH

These General Terms and Conditions shall apply for entire length of the performance of the Services set out in the Engagement Letter.

 

The Contract is deemed to have been accepted by the Customer when the Customer sends the Engagement Letter and these General Terms and Conditions signed by the Provider by e- mail, fax or post. The Customer’s acceptance is firm and final. It should be noted that the start of the Contract shall be suspended until the above-mentioned formalities have been completed and the Deposit has been paid by the Customer as provided for under the Financial Conditions article of this document.

 

By accepting the Contract, the Customer acknowledges that it has read these General Terms and Conditions and that it accepts them fully. These conditions shall automatically extend to all past and future Services.

 

The Engagement Letter and these General Terms and Conditions form the entire agreement between the Parties.

 

At the end of the contract, the Provider shall return to the Customer any documents in its possession or under its control that belong to the customer. The Provider may nevertheless keep a copy of any document that it has prepared or any document on which the Services are based for the purposes of professional documentation subject to current legislation.

 

 

4. CONTRACTUAL DOCUMENTS

The contractual relationship between the Customer and the Provider is governed by the Contract, which is made up of the following documents: The Engagement Letter and these General Terms and Conditions of the Provider.

 

If any modification of the Contract is desired, then a request must be made to the other Party in a sufficiently precise manner and it must be in writing to allow the other Party to assess the impact of the requested change on the implementation of the Services to be delivered. It should be noted that if the change is not recorded in writing, each Party shall continue to act in accordance with the last accepted version of the Contract.

 

However, in the event that the Parties modify the contractual documents in place, they shall be signed by each Party and shall then be included in the Contract. Each new version of a document recorded in this way shall invalidate and replace the previous version. In any event, it may only be modified by a written supplementary clause, signed by each Party.

 

In the event of discrepancy, or even contradiction between the various provisions of several contractual documents, the order of precedence shall be that of the above list, in the order in which they are listed.

 

The Contract defines the entire agreement in place between the Parties and shall replace any other written or verbal agreement that may have been made between them with the same purpose.

 

 

5. DELIVERY OF SERVICES

The Services shall be delivered, where appropriate, by post or by e-mail, according to the Customer’s preference to the address stated in the Engagement Letter. The Customer may not reject partial deliveries.

 

The Services shall be delivered to the Customer in an indicative period, specified where applicable in the Engagement Letter.

 

Upon delivery of the Services, the Customer may express any reservations within forty- eight (48) hours.

 

In the absence of any reservations being made within the above-mentioned forty-eight (48) hour period, the definitive version of the Service is considered to be that tacitly received by the Customer.

The Customer agrees that the Services may only be used by the persons for whom they are intended and only for the purposes for which they have been prepared. The Customer agrees not to send any Service or copy to any Third Party without the Provider’s prior written consent. The Customer shall release the Provider from any liability to any Third Party to whom the Services may have been sent or of which the Third Party may be in possession.

 

As part of the performance of the Provider’s services, the Provider may respond informally to requests made by Customers in telephone conversations or in meetings with the Customer. Given that this may be an instant reply to a complex problem regarding which the Provider has not received full and relevant information, the Provider may not be held liable. The Customer agrees not to make any decision or take any action based on such a response that has not been confirmed in writing by the Provider.

 

The Provider must inform and submit to the Customer proposals of any type (letter, report or any other document). These           proposals         shall     not       represent         the Provider’s definitive opinion and conclusions, which shall only be included in a final report. The Customer shall not hold the Provider liable if it makes a decision or fails to make a decision based on such proposals.

 

 

6. PROVIDER’S OBLIGATIONS

The Provider makes a commitment that the quality of its Services shall comply with the provisions of the Contract and with current professional practices and based on its understanding of the law, case law and applicable regulations at the time that the Services are performed.

 

The Provider is bound by a general obligation to make its best effort in the performance of the Contract. Any obligation of results is excluded from the Contract between the Parties.

 

The Provider shall act under the framework of the Contract as an independent Provider of services, and nothing in the Contract nor in the relationship between the Parties may be interpreted as creating a relationship of dependence or association between the Customer and the Provider or the latter’s employees. The Parties expressly agree that the staff of each of the Parties shall under all circumstances remain under the hierarchical and disciplinary authority of said Party. The Provider shall be free to assign the staff required for the performance of the Contract on the understanding that these employees of the Provider shall under all circumstances remain under the hierarchical and disciplinary authority of the Provider, who shall, as their employer be responsible for the administrative, financial and social management of said employees that are taking part in the performance of the Contract.

 

The Provider agrees to respect the confidentiality obligations to which it is bound under Data Protection Law.

 

 

7. CUSTOMER’S OBLIGATIONS

The Customer agrees to make available to the Provider all of the information and documentation necessary for the Provider to be able to perform the Services for which it is responsible.

 

The Customer agrees to be honest, precise, truthful and thorough in the information and documents sent to the Provider. And more generally, the Customer also guarantees the accuracy of the data supplied to the Provider.

 

The Customer agrees to act in good faith with the Provider in order to allow it to carry out all of the Services that it is in charge of under favourable conditions, in particular by sending it useful information and replying in a timely manner to questions asked by the Provider.

 

The Customer agrees to inform the Provider of any change likely to affect the conditions of performance or the fees of the contract.

 

The Customer agrees to make the payments owing for the Services performed by the Provider within the time frames and according to the conditions set out in the Contract.

 

In cases where the Customer appoints a Third Party to perform Services that are likely to affect the performance of our Services, the Customer agrees to be responsible for the management of the Third Party and the quality of its Services.

 

 

8. FINANCIAL CONDITIONS

8.1 Rates

The various Services set out under the Contract shall be performed in exchange for the payment of fees excluding disbursements, set in agreement with the Customer.

 

The fees shall be set in euros and shall cover all of the Services set out under the Contract. Any complementary, modifying or additional service shall be subject to a supplementary clause to be signed by both Parties and an additional invoice.

 

In the event of a related request (understood to be any activity stemming from the Services carried out) the Parties shall meet in order to establish such a Contract.

 

In exchange for carrying out these Services, the Provider shall receive fees that may be:

  • A flat-rate fee.

  • An agreed percentage of any amount saved, secured or recovered thanks to our help.

  • At an hourly rate.

 

8.1.1 Hourly rate

The default hourly rates invoiced by the Provider are as follows:

 

  • Tax Partner : € 350 excl.tax (Three hundred and fifty euros excluding tax)

  • Senior Tax Consultant : € 300 excl.tax (Three hundred euros excluding tax)

  • Junior Tax Consultant : € 250 excl.tax (Two hundred and fifty euros excluding tax)

  • Legal Partner : € 350 excl.tax (Three hundred and fifty euros excluding tax)

  • Senior Legal Consultant : € 300 excl.tax (Three hundred euros excluding tax)

  • Junior Legal Consultant : € 250 excl.tax (Two hundred and fifty euros excluding tax)

  • Administrative Assistant : € 180 excl.tax (One hundred and eighty euros excluding tax)

  • Personal Assistant : € 150 excl.tax (One hundred and fifty euros excluding tax)

 

Please note that these hourly rates shall be applied in the absence of any agreement on a flat rate fee at the time of commencement of the Services. The hourly rates are applied in indivisible fifteen minute blocks. Hourly rate fees are payable at the time of commencement of the Services.

 

8.1.2 Flat-rate fee

The applicable flat rates shall be those mentioned in the Engagement Letter. No reduction, discount or rebate shall be given to the Customer. Rates are fixed and definitive and are understood to be in euros excluding tax. The Customer states that it is aware that the Rate referred to in the Engagement Letter only covers the Services specified in said Engagement letter. The flat rate fee is payable at the time of commencement of the Services.

 

8.1.3Performance-related fees

Performance-related fees are compensation indexed against all amounts awarded, saved, secured or recovered for the benefit of the Customer thanks to the full or partial intervention of the Provider in any proceedings or in any dispute.

 

Performance-related fees are payable from the time that the decision to intervene becomes enforceable or at the time of signing a settlement or any other form of agreement bringing an end to proceedings. From the moment that, for any reason whatsoever, the Provider is unable to carry out its Assignment, until the planned result is obtained, the Provider shall receive hourly fees instead of the performance-related fees, irrespective of the outcome of the proceedings.

 

8.1.4 Taxes

Where applicable, value added tax at the rate in force shall be added to the fees.

 

8.1.5 Expenses and disbursements

The fees do not include the expenses incurred for the purposes of carrying out the Assignment. They shall be invoiced in addition to the fees, without margin, and are detailed in the fee notes. Unless agreed in advance with the Customer, the Provider shall not make advance payment of significant expenses and disbursements (fees of experts, court bailiffs, registration or transfer fees, signature authentication, apostilles or legalisation etc.).

 

Furthermore, certain Assignments may involve travel that has not been mentioned in the Engagement Letter.

 

In this case, the expenses not specifically included in the fees set out above, paid for by the Provider and incurred  while  performing  the Services, shall be reinvoiced to the Customer, who shall accept them as part of these conditions.

 

Finally, administration costs (document processing, secretarial work, printing, photocopying, binding, stamps, filing etc.) shall be paid by the Customer in addition to the fees at a rate of two percent (2%) of the total amount of the fees excluding tax.

 

8.2 Invoicing-Payment

  1. Deposit

The Provider shall send the Customer a deposit invoice for fifty percent (50%) of the total estimated fees. The Customer agrees to receive invoices electronically. The deposit is payable by bank transfer, cheque or by card payment, using the account details at the bottom of the invoice. Any bank charges for the payment are fully payable by the Customer.

 

8.2.2 Payment terms

Invoices shall be issued on a regular basis for the fees, expenses and disbursements. They are payable in cash upon receipt of the invoice, by bank transfer, by card payment or by a cheque issued by a bank in the Principality of Monaco.

 

Pursuant to applicable regulations, in the event of a delay in payment the Customer shall be liable to pay late payment interest of three (3) times the legal annual interest rate published in the Official Journal of the Principality of Monaco on the unpaid amount, without the need for any formal notice. This interest shall be calculated from the receipt of the invoice and shall end once that the amount in question is transferred from the Customer’s bank. This interest shall be paid against a specific invoice from the Provider and shall be payable upon receipt of the e-mail.

 

In the event of non-payment, the Provider may cease to perform the Services under the terms set out under regulations in force in the Principality of Monaco and detailed below.

 

8.2.3 Non-payment

The payment dates agreed upon may not be postponed for any reason whatsoever, including in the event of any dispute. Any sum that is not paid by its due date shall lead as of right, and without formal notice, to the application of late penalties calculated based on a rate equal to three times the legal interest rate. This penalty shall not affect the requirement to pay the principal amount owed. Furthermore, any delay in payment shall lead to the Customer who is in breach being charged recovery fees of 40 euros, the requirement to immediately pay an outstanding sum irrespective of the payment deadlines agreed upon, increased by compensation of twenty percent (20 %) of the sum, based on a penalty clause, as well as the option to unilaterally terminate the contract due to wrongdoing by the Customer. Furthermore, fifteen (15) days after receipt by the Customer of a formal notice requesting payment of the fees owed has gone unheeded, the Customer agrees not to use the Service in any way. Failing this, the Customer must pay the Provider the sum of ten thousand euros (€10,000) under the penalty clause, without prejudice to any compensation that the Provider may claim.

 

 

9. LIABILITY

For the purposes of this Article, the definitions below shall apply, whether the terms appear in upper case, lower case and/or singular or plural:

 

Personal Injury: Any physical, mental or psychological harm suffered by an individual, including food poisoning.

 

Intangible damage: Any harm or damage other than Personal Injury or Physical Damage and in particular suffering such as: deprivation of use, interruption of a service provided, downtime, loss of production, loss of profit, and additional fees.

 

Physical damage: Any degradation, alteration, loss, disappearance or destruction of any item or substance, or any physical harm to animals, or any theft of property, for whatever reason.

 

Harmful event: Event that caused the damage incurred; a group of harmful events, proven or alleged, that have the same technical cause are considered as a single harmful event.

 

Professional misconduct: Any wrongful act, proven or alleged, committed during performance of the Services provided, in particular any: (a) error of fact or error of law, (b) omission, non-performance, forgetfulness, negligence, recklessness, non-compliance or inaccurate statement, (c) breach of legal, regulatory, administrative and/or statutory provisions.

 

9.1 Nature of the Provider’s Obligations

The Provider undertakes to take due care and diligencewhenprovidingtheServicesofa qualitythatcomplieswiththespecificationsof these General Terms and Conditions and the termssetoutintheEngagementLetter.The Providerisonlyboundbyanobligationto makeitsbest effortswith the Services thatare thesubjectofthisdocument.TheServices shall beperformed in aspecificcontext that is uniquetotheCustomer.TheProvidershallnot be heldliablefor use ofthe Servicesbythe Customerorforadifferentoutcomeofthe ServicestothatinitiallystatedbytheCustomer when entering into the Contract.

 

9.2 Force majeure – Misconduct by the Customer:

The Provider shall not be held liable in the case of a force majeure event or any misconduct by the Customer, as defined in this article:

 

  1. Force majeure:

Force Majeure refers to any event that is uncontrollable,  insurmountable,  unforeseen and out of the control of either of the Parties, making it impossible to perform or continue with the Services.

 

Cases of force majeure that may be invoked against Customer include but are not limited to the following: any obstacle, limitation or problem with computer displays, bug causing system failure, disruption caused by fire, epidemic, explosion, earthquake, collapse of facilities, flood, power cut, war, embargo, law, injunction, demand or request from any government, requisition, strike, boycott, or other circumstances outside of the Provider’s control. In such circumstances, the Provider shall be released from performing its obligations within the scope of this obstacle, limitation or disruption.

 

In the case of a event, each Party shall attempt to resolve the situation as quickly as possible before applying the Termination article of this document.

 

It should be noted that the Provider may not be held liable if the non-performance of one of its obligations described in the Contract is caused by a event.

 

  1. Misconduct by the Customer:

Under these General Terms and Conditions, the following shall be considered as misconduct by the Customer that may be invoked against it: any misuse of the Services, misconduct, negligence, omission or infringement on its part or that of its employees, failure to respect the Provider’s recommendations.

 

As a result of which, the Provider or anybody working for it may not be held liable by the Customer in the event of misconduct by the Customer. Furthermore, the Provider may not be held liable if the Customer has not sent the information or documents necessary to complete the Assignment or has sent it late, or has sent incomplete or erroneous information and documents. The Provider is under no obligation to verify or seek independent verification of the information or documents sent by the Customer.

 

Furthermore, the Provider may not be held liable for any damage or loss of any kind in the case that the Customer uses one of its services, projects, recommendations or opinions in another context or for another purpose than that for which this service, project, recommendation or opinion was made or given.

 

Neither the Provider nor any of its members may be held liable for use by a third party of any of its Services, projects, recommendations or opinions made or given by the Provider as part of the Assignment undertaken for the

 

9.3 Liability

The Provider may only be held liable in the event that it is found guilty of professional misconduct that has caused personal, direct and actual damage to the Customer in accordance with the following terms and limits:

 

The Provider shall in no event assume any liability for intangible damage whether or not it is a consequence of Personal Injury and/or Physical Damage such as for example and not limited to: any financial or commercial damage, depreciation of an asset, loss of profit, loss of revenue or opportunity, operating loss, downtime, loss of information or data, harm to the brand’s image, commercial difficulties, loss of earnings, losses suffered by a third party, independently of whether it was reasonably predictable or not, originating from or a result of the Contract.

 

The Provider may not be held liable in the event of a change in the law, regulations or their interpretation that takes place after the date of implementation of the Services.

 

The Provider may not be held liable for the depreciation of an asset entrusted by the Customer for its management.

 

The Provider may not be held liable for exercising its professional activity on the internet, intranet, extranet and/or via the Provider’s internet site, website or web address as well as by the sending of e-mails or electronic documents.

 

The Provider may not be held responsible for any IT failure (breakdown, bug, error, etc.) when carrying out its professional activity and in particular but not limited to the sending of its Services by e-mail.

 

The Provider is only liable for the tasks expressly placed under its control in the Contract. It shall not for example be held responsible in any way whatsoever for the use by the Customer or by a third party, of the results of its Services.

 

Should the Customer prove that it has suffered actual, direct personal damage, the Provider’s liability is limited as follows:

 

  • Contracts for which the amount paid excluding tax is less than five thousand euros (€5,000), the Provider’s total liability may not exceed ten percent (10%).

 

  • Contracts for which the amount paid excluding tax is greater than five thousand euros (€5,000), the Provider’s total liability may not exceed five percent (5%).

 

Finally, no liability claim may be made against the Provider by the Customer more than one year after the start date of the Services in question.

 

9.4 No recourse

In any event, the Customer waives any right to recourse against the Provider in the following cases:

 

The Customer shall bear the cost of any accidents that may occur to staff that it employs, whatever their cause. The Customer waives the right to recourse against the Provider for any personal injury or death of its employees’ subject to the rights of the concerned parties or beneficiaries and those of social security or any similar body in a foreign country.

 

  • The Customer shall bear the cost of damages and losses caused to its property and/or that it rents and/or that it is responsible for and more generally, everything that is located  within  its  property  (personal or professional) or under its care. The Customer waives the right to recourse against the Provider for any physical damage affecting such property.

 

  • The Customer waives any right to recourse against the Provider for any intangible damage, whether or not it is a consequence of Personal Injury and/or Physical Damage, such as such as for example and not limited to: any financial or commercial damage, depreciation of an asset, loss of profit, loss of assets, loss of production, loss of revenue or opportunity, operating loss, harm to the brand’s image, commercial difficulties, loss of earnings, losses suffered by a third party, independently of whether it was reasonably predictable or not, originating from or the result of the Contract and even if it is caused by professional misconduct of the Provider or the staff for which it is responsible.

 

Each of the PARTIES shall fully bear all of the direct or indirect financial consequences of common civil liability law that it may incur, due to any personal injury and physical damage caused to a third party to the contract between the Customer and the Provider while performing its duties under the Contract.

 

The Customer undertakes to apply these waivers to its Subcontractors, if necessary a recourse waiver shall be signed.

 

 

10. INSURANCE

The Parties undertake to take out civil liability insurance for their staff and everything located within their premises (personal or professional) or under their care, and to have taken out and kept up to date any compulsory insurance under Monacan law.

 

 

11. SUSPENSION-INTERRUPTION- TERMINATION

 

  1. The customer has the right to end at any time in writing the Assignment given to the Provider.

 

  1. In the event of non-payment of invoices for fees and expenses by the deadlines stipulated in these General Terms and Conditions, the Provider reserves the right to suspend performance of the Contract and shall inform the Customer of this.

 

  1. The Provider has the option to end its Assignment, in particular if the Customer has hired a Third party to perform the same Services, or if the hiring of this Third party is, or may be a source of conflict of interest for the Provider, or due to a breach by the Customer or any other event set out in this document and pursuant to the legislation in force.

 

  1. In the event that one of the Parties fails to respect its obligations under the Contract, and fails to remedy the situation within thirty (30) days of receipt of the registered letter with acknowledgement of receipt giving notification of the failures in question, the other Party shall be legally entitled to terminate the Contract, subject to any damages and interest that it may be entitled to claim for said failures.

 

In the event of personal bankruptcy, and/or a declaration of suspension of payments, receivership or legal liquidation, the Contract shall be automatically terminated under the conditions set out in the applicable Law.

 

In the event that the Contract is terminated for any reason whatsoever, all sums invoiced to the Customer by the Provider before the effective date of this termination shall still be owing.

 

In the event of early termination, by the Customer and/or the Provider for a reason attributable to the Customer or a regulatory reason such as a violation of the law or the regulations within a jurisdiction, the latter must pay the Provider all sums as if the Contract had been performed for its full term. This means the sum of unpaid Services on the date of the early termination as well as the Services not yet performed until the end of the original Contract end date and expenses incurred, on the effective date of the termination.

 

  1. In all cases of suspension, interruption or termination, the Customer shall still be obliged to pay for all of the Services delivered by the Provider, as well as any expenses and disbursements that it has incurred prior to notification of the suspension, interruption or termination.

 

 

12. INTELLECTUAL PROPERTY- EXCLUSIVE RIGHTS

The Provider is the holder of all moral and economic rights for all of the Services. In any event, the Provider shall retain ownership of the methods, knowledge and procedures developed or implemented by the Provider in order to carry out the Services.

 

The Provider is free to use them for the benefit of a third party, in particular other Customers. The Provider grants the Customer non- exclusive and non-transferable personal use of the documents created by the Provider while performing the Contract and of any service, strictly limited to the Customer’s own needs and for the purpose defined in the Engagement Letter. Consequently, in any event, the Customer may only use the result of the Services for its own needs and for the purpose defined in the Engagement Letter.

 

Each Party shall retain the intellectual property that belongs to it prior to the start date of the Contract.

 

Unless otherwise agreed, the Provider shall retain ownership of the results of the Services (in particular and not limited to documents, studies etc.) made available to the Customer by the Provider while performing the Contract. All related rights are and shall remain the property of the Provider.

 

The Customer is forbidden from making the information available to third parties, directly or indirectly, whether or not in return for payment, in any form whatsoever and for any reason whatsoever.

 

 

13. CONFIDENTIALITY

Pursuant to Monacan rules governing Multi Family Office’s business activity, all documents and information collected by the Provider while completing its Assignment are strictly confidential. They may only be disclosed under the conditions set out by these rules or in cases where their disclosure is necessary for successful implementation of the Services, or due to legal, accounting or regulatory requirements beyond the control of or imposed on the Party that has received the information.

 

All information sent to one of the Parties by the other, before or after the Contract start date, has been or is sent confidentially and may only be used for the purposes of the contract. None of this information, including, in particular the existence and the terms of the Contract, may be disclosed to third parties by the receiving Party or by its agents or employees, without the prior written consent of the other Party, unless this disclosure is necessary due to legal, accounting or regulatory requirements beyond the control of or imposed on the party that has received the information. The provisions of this Article shall survive upon the expiration, resolution or termination of the Contract, whatever the cause and for a duration of five years to be counted from this event.

 

The Parties shall take all necessary steps to ensure that their employees, their subcontractors and their suppliers respect the confidentiality requirements described.

 

 

14. LEGISLATION CONCERNING MEASURES AGAINST MONEY LAUNDERING, THE FINANCING OF TERRORISM AND CORRUPTION

The Provider, acting as Multi Family Office, is subject to legislation concerning measures against money laundering, the financing of terrorism and corruption (Law No. 1.362 of 03/08/2009 concerning the combatting of money laundering, the financing of terrorism and corruption).

 

As a result, the Provider must fulfil all legal requirements and those of the Monacan regulatory body for monitoring the circulation of money, known as the Service d'Information et de Contrôle sur les Circuits Financiers (SICCFIN) to gather the following information from the Customer before entering into any commercial contract:

 

Natural person:

  • Certified copy of a valid identity document

  • Proof of address

  • Reference letter (Bank, Legal or accounting professionals)

 

Legal entity:

  • Certified copy of a valid identity document of the financial beneficiary (the legal representative(s) and shareholder(s).

  • Company registration certificate

  • Articles of Association

  • Reference Letter (Bank, Legal or accounting professionals).

 

 

This information shall be held for the duration of the Services and when they end, pursuant to the legislation in force.

 

 

15. PROTECTION OF PERSONAL DATA

The Provider, acting as Multi Family Office shall be subject to the provisions of law 1.165 of 23 December 1993 and its related amendments and orders.

 

The Provider shall collect the Customer’s personal data and process it for the following purposes:

  • Administration of customer files;

  • Administration of customer case files;

  • Customer identification in accordance with the legal requirements relating to the combatting of money laundering, financing of terrorism and corruption;

  • Administration of work-related e- mails;

  • Administration of work-related telephone conversations.

 

The Customer’s data may be sent to as part of the processing and payment of fees: Banks, Accountants and Account Auditors. The Customer’s data may also be sent to any lawfully authorised administrative or legal authority, as well as to the IT provider for the purposes of electronic storage and/or backup.

 

The Customer’s information shall in no case be sent to third parties for any purpose other than those stated above.

 

The Customer shall have the right to access and update its personal data, and to oppose its collection and its processing for legitimate reasons pursuant to the aforementioned legislation.

 

Where the collection and processing of the Customer’s data is required in order to manage the case file, or where the collection and handling of the Customer’s data is necessary to comply with legal or regulatory requirements, any opposition by the Customer shall result in the Customer not being able to recommence a business relationship with the Provider and/or for the Services planned under the Contract to be performed.

 

The Customer may assert its rights by writing to Monaco United Advisors Multi Family Office SAM, at 9, boulevard Albert 1er located in ‘L’Albatros’, Monaco (98000) for the attention of Aurore SHAKI or by e-mail by writing to ashaki@monacomfo.com.

 

 

16. SUBCONTRACTING

The Provider is entitled to subcontract all or part of the Contract and shall remain liable to the Customer for the performance of the Contract.

 

 

17. NON-SOLICITATION OF STAFF CLAUSE

The Customer agrees to not to call upon, recruit or have another person recruit, directly or indirectly, a member of the Provider’s staff or that of a subsidiary of the Provider, for the entire duration of the Contract length or within twenty-four (24) months of the end of the contract, irrespective of the reason or the cause.

 

In the event of failure to respect this undertaking, the Customer shall pay the Provider, without prejudice to the application of any non-compete clauses in the contract of the employee in question, compensation equal to the amount of gross payments, including all expenses, made for the salary in question for the twenty-four (24) months prior to his departure.

 

 

18. NON-WAIVER

Should either of the Parties fail to invoke one or several of the provisions of the Contract this shall in no event imply that this Party has waived its rights to invoke it at a later date.

 

 

19. PARTIAL INVALIDITY

In the event that one or several of the provisions is invalid, or becomes fully or partially invalid at a later date, the validity of the other provisions of the Contract shall not be affected. In such circumstances, the Parties shall hold amicable discussions to replace the invalid provision with a valid provision that has an effect that is as close as possible to the provision deemed invalid.

 

 

20. APPLICABLE LAW-JURISDICTION

The Contract shall be subject to Monacan Law. The Parties shall attempt to reach an out-of- court settlement of any disputes relating to the drafting, the interpretation, or to the performance of the Contract. If such a settlement is not reached within ten (10) days of the date of the Registered Letter with Acknowledgement of Receipt referring to the subject of the dispute being sent by the first Party to act to the other Party, the matter shall be settled by the Magistrates’ Court of the Principality of Monaco.

 

 

21. NOTIFICATION AND ADDRESS FOR SERVICE

Any notification or writ of summons referred to must be sent, unless otherwise provided for in the Contract, in a Registered Letter with Acknowledgement of Receipt to the Parties’ address given in the Engagement Letter and shall be considered as validly acknowledged from the time of receipt by the receiving PARTY.

 

The Provider must be notified by post or by e- mail of any change of address and/or more generally of contact details (e-mail, telephone or other) of the Customer. In the latter case, the change shall only be effective once a document has been countersigned by the Parties.

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