Terms and conditions

  1. General – the Office

Obolos is a limited liability company under Belgian law, with its registered office at Vrijheidslaan 27, 9000 Ghent, with company number 1002.402.156 and with VAT number BE1002.402.156 (hereinafter the “Firm”). All partners, employees and trainees of the Firm (hereinafter the “lawyers of the Firm”) are lawyers in Belgium and are registered with the Bar Association, Ghent Bar.

  1. Applicability

These general terms and conditions (hereinafter the “Terms and Conditions”) apply to all services provided by the Firm to any natural or legal person calling upon or using the services of the Firm (hereinafter the “Client”). Unless otherwise agreed in writing, the Firm is the sole contracting party with the Client, even if the Client only contacts one or more particular lawyers of the Firm.

The Terms and Conditions form an integral part of the contractual relationship between the Firm and the Client and, as a framework agreement, apply not only to the Client’s initial engagement with the Firm but also to all subsequent engagements, unless otherwise agreed in writing.

The Terms and Conditions take precedence over any contrary general terms and conditions of the Client in case of conflict, unless otherwise agreed. Such deviations must always be express and in writing and will furthermore only replace the provision(s) from which they deviate; the other provisions of the General Terms and Conditions will remain unaffected by them and therefore remain fully applicable.

The contract between the Firm and the Client is concluded upon commencement of the services by the Firm, i.e. when the assignment is entrusted by the Client to the Firm or one of its lawyers. The Client is deemed to accept the Terms and Conditions without reservation unless he/she expressly notifies in writing within a period of eight (8) calendar days after commencement that he/she does not agree with them

  1. Object of the services

The services of the Firm may include, inter alia, consultancy, assistance in negotiations, drafting of contracts, assistance in disputes before all courts of Belgium, acting as agent.

The parties will agree on the exact subject matter of the Firm’s services at the start of the contractual relationship and/or upon entrusting a (new) assignment, and may expand and/or modify it, if necessary, at a later date by mutual agreement. The Client agrees that the determination of the exact subject matter of the services and the possible extension(s) and/or modification(s) thereof may be done in a form free of form and consequently may, inter alia, appear from correspondence between the Firm and the Client and from the (tacit) acceptance of assignment and/or payment of invoices.

The services provided by the Firm are, except when explicitly agreed otherwise in writing or when the specific nature of the entrusted assignment proves otherwise, a best efforts contract. The Firm’s liability is to be assessed accordingly.

  1. Contracting party – performance of the contract

The services or certain parts thereof, unless the Client expressly objects, will be (re)distributed by the Firm internally among its lawyers.

The Client undertakes to provide the Firm at the commencement of the contract and, if necessary, during its performance with all information that is useful or necessary or that it may reasonably assume (after the information provided by the Firm regarding the services to be provided) to be useful for the optimal performance of the services by the Firm. Furthermore, the Client will always provide the Firm with all requested information. The Client warrants the accuracy, completeness and reliability of the information provided by him/her. The Firm cannot be held liable for any damages resulting from incorrect or incomplete information provided by the Client.

The Firm reserves the right, in case the Client, after multiple requests, fails to provide the aforementioned requested data within a reasonable period of time, to suspend the performance of the contract and to invoice the services already rendered.

  1. Reliance on third parties

The Firm reserves the right to engage the services of one or more third parties when necessary or at least useful for the provision of the services requested by the Client. If the Client has its own preference as to the third party to be engaged, it should notify the Firm in due time.

The Firm is not liable for services, acts and/or omissions by third parties involved in the services.

  1. Fee

The Firm will charge its services, administrative costs and any costs advanced to the Client periodically or per assignment by means of an invoice. Pending a detailed final invoice, the Firm reserves the right to charge a commission for services or costs yet to be done.

If all or part of the services delivered and invoiced by the Firm to the Client are for the benefit of another person, it is the Client’s responsibility to charge the relevant services and the corresponding amount appropriately to such other person.

In principle, the invoice shall be divided into the following items: (1) fees and (2) expenses. Further details of the services rendered and costs incurred shall be sent to the Client upon first request. The amounts of both items shall furthermore be increased by the applicable VAT rate, being currently 21%, in case of VAT liability.

The Firm charges its basic fees according to hourly rates, which vary according to the lawyer handling the case. The applicable hourly rates can be requested free of charge. The Firm may adjust the hourly rate generally or for certain lawyers every six months. The following elements may justify an additional fee: the importance and nature of the case, the favourable result, the urgency or specificity of the assignment and the experience of the handling lawyer.

No general administrative costs will be charged. Specific fees or exceptional administrative costs will be charged separately. For example, costs advanced by the Firm to third parties whose services it has relied on in accordance with the General Terms and Conditions will be charged under the item costs based on the actual costs borne.

No general administrative costs will be charged. Specific fees or exceptional administrative costs will be charged separately. For example, costs advanced by the Firm to third parties whose services it has relied on in accordance with the General Terms and Conditions will be charged under the item costs based on the actual costs borne.

  1. Default

Except in case the Client is a consumer in the sense of the Belgian Code of Economic Law, he/she will automatically and without formal notice be liable to pay default interest calculated at the rate foreseen in the Act of 2 August 2002 on combating late payment in commercial transactions and a fixed compensation equal to ten percent (10%) of the principal amount, without prejudice to the Firm’s right to recover the full legal costs from the Client in case of legal recovery. Also, in such case, the Firm is entitled, without notice, either to suspend the performance of its services until all amounts due have been paid in full or to terminate the contract with the Client with immediate effect. It shall not be liable for any damage that would result from the suspension of its services or the termination of its agreement with the Client.

If, on the other hand, the Client is a consumer within the meaning of the Code of Economic Law, in the event of non-payment within a period of fourteen (14) calendar days after notice of default, he/she will owe default interest calculated at the rate provided for in the Act of 2 August 2002 on combating late payment in commercial transactions. In addition, if the balance due is less than or equal to EUR 150, the client will owe a fixed compensation of EUR 20. In case the balance due is between EUR 150.01 and EUR 500, liquidated damages of EUR 30 plus 10% of the amount due on the tranche between EUR 150.01 and EUR 500 will be due. In case the balance due exceeds EUR 500, a lump-sum compensation of EUR 65 plus 5% of the amount due on the tranche above EUR 500.01 with a maximum of EUR 2,000 shall be due. The above is without prejudice to the Firm’s right to recover all legal costs from the Client in case of legal recovery. In addition, if the Client remains in default for a period of fourteen (14) calendar days following a notice by the Firm, the Firm is entitled to either suspend its services until all amounts due have been paid in full or to terminate the contract with the Client with immediate effect. It shall not be liable for any damages that would result from the suspension of its services or the termination of its agreement with the Client.

If the Firm represents the interests of several Clients in a particular case, all such Clients are jointly and severally liable to pay the fees and costs relating to that case (plus the aforementioned surcharges and additional costs, if any), regardless of to which Client the Firm has invoiced the relevant case.

  1. Third party funds

Unless instructed otherwise by the Client, the Firm will forward all amounts received on behalf of the Client to the Client within as short a period as possible. In case the Firm is unable to forward such amounts within such short period, it will inform the Client that it has received such amounts on behalf of the Client and inform him/her of the reason why it cannot/will not yet forward the amounts received.

The Firm reserves the right to withhold sums from the amounts it receives on behalf of the Client for the purpose of discharging the amounts that the Client still owes it at that time.

When the Firm receives amounts from the Client on behalf of (a) third party (parties), it will forward such amounts to such third party (parties) within the shortest possible period of time.

  1. Liability

In case of a breach of the Firm’s services, including professional misconduct by the Firm’s lawyers who perform their services in the name and on behalf of the Firm, the Client can (in the first instance) only hold the Firm liable. In case the law would allow the Client to sue one/more of the Firm’s lawyers, all provisions of the Terms and Conditions will apply to them.

The professional liability of the Firm and, if applicable, the lawyers of the Firm, is limited to the amount actually covered under the professional liability insurance. The Client may take cognizance of the cover provided by the insurance policies taken out upon first request.

Each of the lawyers in the Firm is insured for their professional liability by means of a collective policy taken out by the Ghent Bar Association with Amlin Insurance SE (as principal insurer), established at 1030 Brussels, Koning Albert II-laan 37, and with co-insurers Zurich Insurance plc, Belgium Branch and KBC Insurance NV, established at 1930 Zaventem, Da Vincilaan 5 and 3000 Leuven, Professor R. Van Overstraetenplein 2. This guarantee is limited to EUR 2,500,000 per claim, with a deductible of EUR 2,500 per claim. For trainee lawyers, the aforementioned deductible amounts to EUR 1,250 per claim and EUR 300 for cases pursuant to an appointment by the BJB (both for trainee lawyers and lawyers on the legal register). The Client can always obtain a copy of these and other additional professional policies taken out by the Firm or one of the Firm’s lawyers by written request.

The professional liability insurer territorially covers the consequences of acts committed throughout the world, for activities carried out by the insured from the Office based in Belgium, subject to the exceptions and clarifications included in the policy. However, are not insured claims brought against the insureds in the US or Canada, or under the laws or jurisdiction of the US or Canada.

If, for any reason, no payment can be made through the professional liability insurer, the liability of the Firm and the Firm’s lawyers, is anyway limited to a maximum of double the fees charged with a maximum of EUR 50,000.

The foregoing limitations of liability of the Firm and the Firm’s lawyers shall apply unless otherwise required by mandatory statutory provision.

The Client accepts the insurance policies, both ordinary and professional, of the Firm and the Firm’s lawyers as sufficient. However, if the Client wishes the Firm or any of the Firm’s lawyers to take out additional insurance policies, the Firm and the Client must enter into a prior agreement to that effect. Unless otherwise agreed, the premium for this additional insurance contract will be borne by the Client and charged to him/her.

The limitations of liability provided for in this article shall always be interpreted in the sense that they are legally valid. In case a limitation of liability provided for in this article would not be valid in certain hypotheses, such hypothesis shall be deemed not to be intended.

  1. Termination

The Client and the Firm each have the right to terminate the contract at any time with immediate effect and without justification. In case the Client is a consumer within the meaning of the Code of Economic Law, the Firm can only terminate the contract with a notice period of fifteen (15) calendar days. The termination must always be in writing. In this case, the Client is obliged to pay all work and costs up to the date of termination of the contract.

The Firm is not liable for any damages that would result from the termination of its agreement with the Client.

After termination of each assignment, the Firm will archive the file and keep it for a period of ten (10) years. After expiry of this period, the file will be destroyed by the Firm.

  1. Intellectual Property

The contracts, opinions, memoranda, procedural documents, written submissions, conclusions and other documents prepared by the Firm are subject to professional secrecy and are intended for the exclusive use of the addressee(s). Regardless of the form in which or the medium on which the results of the Firm’s services are transmitted, this shall be done exclusively for the benefit and information of the Client.

The Client undertakes not to copy, quote or disclose these documents, in whole or in part, except for internal use, without the prior written consent of the Firm or one of the Firm’s lawyers, except when required by law or a competent regulatory authority.

  1. Data processing

The Firm collects and processes the Client’s (personal) data for client management purposes (e.g. client administration, invoicing, follow-up of recovery files) and for the purpose of combating money laundering and terrorist financing, in accordance with the Prevention of Money Laundering and Terrorist Financing and Restriction of the Use of Cash Act of 18 September 2017 (hereinafter the “AWW”). For the purposes of applying and complying with the AWW, the Client must provide all data and information requested by the Firm or any of the Firm’s lawyers.

The Firm shall collect and process the Client’s data in accordance with the provisions of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of individuals with regard to the processing of personal data and on the free movement of such data. To the extent possible, the Firm will take appropriate technical and organisational measures to protect personal data against unlawful and accidental loss, destruction or access. However, the Client acknowledges that the transmission of personal data over the internet is never without risk. As a result, the Client acknowledges and accepts that any damage he/she may suffer due to the unlawful use of personal data by unauthorised third parties can never be recovered from the Firm or any of the Firm’s lawyers, except in cases of fraud, wilful misconduct or gross negligence. Subject to proof of identity, every data subject has a right of access to the personal data relating to him or her and, where appropriate, a right to rectification of incorrect data and a right to erasure of certain data (if justified).

  1. Language General Terms and Conditions

If the General Terms and Conditions can be consulted in several languages, the provisions of the Dutch version shall prevail in case of lack of clarity or contradiction between different versions.

  1. Invalidity – unenforceability

If one or more provisions of the General Terms and Conditions should be null and void, invalid or unenforceable, this shall not affect the validity and enforceability of the other provisions of the General Terms and Conditions. The parties undertake to replace such void, invalid or unenforceable clause by mutual agreement without delay with a clause that approaches the purport of the original clause as much as possible.

  1. Applicable law and choice of forum

The Terms and Conditions are governed by Belgian law and, to the extent applicable, by and in accordance with the applicable deontological rules.

Any disputes that may arise between the Firm and the Client(s) in the framework of the contract will be submitted to the competent courts of Ghent.

A new name, an ancient symbol

‘Obolos’ profiles itself as a high quality law firm within a niche of corporate law.

The firm was founded in 2005 under the name “Derycke & Vandenberghe lawyers.

A good 20 years later, there was a growing realization that, despite the firm’s name recognition and reputation, a new name would help the growth of younger talent and raise the profile of younger partners and associates.

Thus began a collective search for a suitable name. A name with meaning, anchored in a past and universally recognizable, with symbolic power as well as meaning within our fields of work.

Obolos ultimately had our preference.

What is an obolos?

‘Obolos’ is an ancient Greek currency whose Dutch name sounds familiar to all: obool.

Originally, the obool is a measure by which weights were expressed. No one knows when its name and use originated, but it is reasonably assumed that its historical origins are at least three thousand years old. It is also a coin with an extremely long history: the last obool was minted around 1700.

In classical Greece, the coin was commonly used throughout the sphere of influence of Greek civilization. Its best-known version is the Athenian: a silver coin with the image of patron goddess Athena on the obverse and an owl on the reverse, often in the company of an olive branch.

As a result, the coin has become the bearer of a rich symbolism. Athena is the goddess of wisdom and, armed if necessary, protects civilization. The owl is to this day the symbol par excellence of wisdom and insight, and the ancients also saw the owl as a messenger of prosperity and destiny (“fortuna”). Even the olive branch, after thousands of years, has lost nothing of its power as a symbol of peace and prosperity….

Wisdom, prosperity, protection … all are the values for which the “new” Obolos wants to stand. Your interests, your prosperity must be protected by our commitment. A commitment in decisiveness and wisdom.

So universal was the obool that it was even considered a mythological currency. In ancient Greece, the obool was given to allow the deceased to reach Hades, the afterlife. Hades now could only be reached by crossing the subterranean river Styx by ferry, a ferry operated by Charon the gloomy ferryman.

An unpaid Charon meant no crossing and therefore no peace of soul.

The connection to our field of work

As a consulting firm, Obolos has profiled itself as a supporting partner within processes of transformation: business transfers, complex reorganizations, structured wealth planning, …

Our lawyers realize that these processes have much in common with a journey: they require effort, time and … a goal. The obool is therefore the symbol of the contribution our office intends to make to the realization of your trajectory. Obolos wants to be your experienced guide, protect your well-being, reach your goal with you. Your passport and your pass currency.

Transactions, transformations, succession: no process can be properly managed without fiscal support. The words of American statesman Benjamin Franklin have lost nothing of their accuracy: “In this world nothing can be said to be certain, except death and taxes.”

Not surprisingly does the obool also symbolizes the tax/burden that each of these events undergoes. But the right burden is only that which is inescapable. The ferryman must be paid but paid correctly. Obolos also provides tax advice for your proposed transactions and assists you with tax analyses and optimizations.

Obolos as guide and counselor: practical legal wisdom.