General Terms & Conditions (latest update September 2025)

Ekonomik Accountants d.o.o. hereinafter to be referred to as “the accounting firm”, is a limited liability company established under the laws of Montenegro, with registered seat in Podgorica, Trg Bozane Vucinic 10/1, 81000 registered at the trade register with tax identification number 02468522.

These general terms and conditions govern the provision of services by the accounting firm and relate to all associates, shareholders, directors, legal representatives, employees, and others, who are in whatever way working directly or indirectly for the accounting firm.

In performing the assignments, the accounting firm shall abide the regulations and legislation concerning the protection of personal data in accordance with its privacy statement as accessible on the accounting firm website. We may update our privacy policy from time to time. You are advised to review this privacy policy periodically for any changes.

1.

The accounting firm shall provide qualified personnel and all other resources necessary for the execution of the accounting and adherent services, promptly and correctly, in accordance with the law on accounting and auditing of Montenegro, international accounting standards, international financial reporting standards and in accordance with other relative legislations.

2.

The client acknowledges to understand that laws, regulations, governmental rule books and procedures may be subject to change, and it might influence change in relation to the contracted services and established processes.

3.

The performance of the services rendered is exclusively for the benefit of the client. Third parties have no rights or claims whatsoever related to the performance of the services.

4.

Any liability of the accounting firm shall be limited to the amount that is paid out under the professional liability insurance policy, plus the amount of the own risk deductible that is not payable by the insurer under the conditions of the policy. If for whatever reason no amount is paid out under the insurance policy, all liability is limited up to the amount that the accounting firm has billed in the respective calendar year of the claim. Any claim against the accounting firm and/or against the parties mentioned in article 21 of these general terms and conditions expire and are waived 12 months after the claimant-party is aware or should have been aware of the fact which caused the damage.

5.

The client is obligated to provide all the data and information requested by the accounting firm, as well as the data and information that the client can reasonably know that the accounting firm needs for the correct performance of the services under the agreement.

6.

The client shall supply all relevant data in a timely manner respecting a relevant period that will allow the accounting firm an adequate time to perform the services.

7.

The client acknowledges that it is fully responsible for the veracity, accuracy, completeness, and accuracy of the documentation submitted to the accounting firm, also if this data and information have been provided through a third party or originate from a third party.

8.

The accounting firm will not prepare nor change source documents or originating data. All transactional data should be properly categorized, described, and approved by the client prior to being sent to the accounting firm for processing.

9.

The client shall provide the accounting firm with the transactional data on a regular basis in the form of scanned copies while the originals will remain the responsibility of the client.

10.

The client is obliged to immediately inform the accounting firm with respect to facts or circumstances that could be important in connection with the performance of the agreement.

11.

The accounting firm has the right to suspend the performance of the agreement until the time that the client has fulfilled the obligations referred to in the clauses 5, 6, 7, 8, 9 and 10. Potential extra costs and other damages that may arise when client has not fulfilled the obligations referred to in these clauses are for the expense and risk of the client.

12.

Payments to the accounting firm must be made in the manner as stated in the invoice. If a payment is not made, the client shall be in default by operation of law and shall owe overdue payment interest equal to the applicable statutory interest, starting 30 days from the stated payment date in the invoice. All costs of eventual collection measures are born by the client.

13.

In case payments are overdue for more than 30 days from the stated payment date in the invoice, the accounting firm has the right to terminate the agreement or suspend the performance of the agreement until the time that the client has fulfilled its payment obligations.

14.

The Client acknowledges and agrees that all accounting fees under this shall be subject to annual adjustment to reflect changes in economic conditions and service costs. The adjustment shall be based on the official Consumer Price Index (CPI) published by the Statistical Office of Montenegro (MONSTAT) or, if unavailable, another recognized inflation index for Montenegro or the Eurozone. The accounting firm shall notify the client in writing. The adjustment shall take effect on January 1 of each calendar year, using the most recently published index figure available at that time. In addition to annual CPI adjustments, if there are significant changes in legislation, tax regulations, or mandatory compliance obligations that materially affect the cost of providing accounting services, the accounting firm reserves the right to reasonably adjust fees outside the annual indexation schedule. If the CPI or referenced index ceases to be published, is substantially modified, or no longer reflects actual cost developments, both Parties agree to negotiate in good faith to adopt a comparable index or adjustment mechanism.

15.

The client is responsible for obtaining licenses, consents, approvals, permits and other documents in case the business activities require such acts by Montenegrin regulations and the client acknowledges to be solely responsible for any damage that might occur in the absence of these acts.

16.

The accounting firm cannot be held responsible in any way for decisions or delays in requests or any other decisions solely made by the Montenegrin authorities in relation to the contracted services stipulated in the agreement.

17.

The client is responsible in the broadest sense for its business activities and decisions and acknowledges that the information and documentation given to the accounting firm will not be independently verified by the accounting firm.

18.

In providing the accounting firm with personal data, the client shall abide by the General Data Protection Regulation and other applicable regulations and legislation concerning the protection of personal data.

19.

If necessary, the client and the accounting firm shall conclude a processing agreement.

20.

The accounting firm shall take suitable technical and organisational measures to secure the personal data against destruction, loss, and unauthorised access.

21.

The client agrees to the fact that, to provide and optimise the service and insofar it is necessary for the performance of their duties, the accounting firm is authorised to use the services of third parties. The accounting firm will work with third parties in the context of ICT service providers, such as accounting software suppliers, identification, AML software and other relevant compliance or software suppliers and administration tools and will share personal data with third parties in this context. The accounting firm is not liable for any shortcomings on the part of such third parties and the client herewith holds the accounting firm harmless against all claims of third parties.

22.

The exclusion of liabilities described in these General Terms and Conditions apply without exception to the improper functioning of equipment, software, databases, registers, or other means used by the accounting firm in the performance of its services as well as to any interception of audio and/or data transmissions by telephone, e-mail, or other carrier of communications. All e-mail, data transmissions, audio transmissions, mobile and telephone communications are unencoded unless the client explicitly requests such in writing.

23.

The accounting firm shall protect the confidentiality of the information of the client which has become available to the accounting firm during its performance of services in accordance with the clauses in these General Terms and Conditions.

24.

Notwithstanding the clause 23 above, the accounting firm may disclose and report or use confidential information without the client’s prior written consent to the extent that such information is already publicly available or becomes publicly available, other than through the wrongful act or omission of the accounting firm or is required to be disclosed or reported under applicable laws or by any order, decree, regulation or rule of any court or state, Montenegrin, or international body.

25.

If the accounting firm is obliged to disclose or report confidential information to a court or state, Montenegrin or international body, the accounting firm shall promptly so inform the client, unless such disclosure to the client is prohibited or restricted by applicable legislation or the court or state, Montenegrin, or international body.

26.

The provision of services by the accounting firm shall be exclusively governed by Montenegrin law. Disputes shall be exclusively resolved by the competent Montenegrin court.

27.

If the agreement is terminated, the general terms covering the liabilities of the accounting firm and the client will survive and remain in full force between the client and the accounting firm.

28.

The accounting firm is authorised to remove and destroy files and the documents contained therein from its archives without notice, in the event 5 years or more have passed after the relevant case, handled by the firm and/or by the parties mentioned has been closed.

29.

These general terms and conditions have been drafted in the English language and do apply without exception, except when agreed differently by written agreement between the parties. The English text of the terms and conditions shall prevail over any translation of the text. These general terms and conditions are also available for inspection at the entrance desk of the office of the accounting firm in Podgorica, Trg Bozane Vucinic 10/1.

Podgorica, latest update September 2025