BILLING

Each invoice is carefully reviewed before being presented and constitutes a certification on the part of the firm that the professional fees and expenses included therein are reasonable, necessary and truthful.

Professional Fees

The firm charges professional fees based on the hours or fractions thereof dedicated to a client, in 15 minute time periods. Unless agreed otherwise, claims and litigation shall be billed at 20% of any amounts obtained for our clients, or in those cases our clients act as defendants, any amounts saved on their behalf. Any monies invoiced and collected on an hourly basis in relationship with the case shall be deducted from the success fee, without exceeding its value. Invoices will be submitted monthly. For certain specific projects or activities that might justify an exception, the firm is willing to consider different billing mechanisms. Invoices include a brief description of each activity to which time has been dedicated, the amount of time, the applicable fee, and the resulting total values.

Invoices for professional fees are subject to V.A.T. which is added thereto, and said invoices, as well as expense invoices, are payable within the 5 calendar days following their receipt. Invoices in dollars that a client wishes to pay in Colombian pesos will be settled at the market representative rate (TRM) effective of the date payment is made.

Expenses

Expenses actually incurred by the firm in the management of its client’s business will be charged separately for reimbursement. In each case, the corresponding support will be attached with the exception of minor expenses for which it is not always possible to obtain said support, i.e. taxis. Among the expenses that the firm deems as reimbursable are the following:

• long distance and mobile telephone calls,
• private courier services,
• photocopies,
• notary, registration and stamp fees,
• travel expenses.

The fixed costs of the firm will not be charged to the client, and express authorization will be requested from the client for exceptional expenses, such as first class travel for very long routes, or external service providers. Such providers include external lawyers, where necessary, financial and appraisal services, among others.

Travel

The time required to travel to and from destinations outside of Bogota, where the office is located, will be charged as professional fees. The hours actually worked at the place of destination will also be billed, with a minimum of eight hours per day a lawyer of the firm must remain outside of Bogotá. Travel expenses will be charged separately and include air transportation in executive class, first class hotels, meals, taxis and car rental if necessary, among others.

Collection costs

If the firm incurs in collection costs for invoices outstanding on the part of a client, said client will be responsible for the payment of such costs, including attorney fees, even if no judicial proceeding is filed. Invoices not paid timely will accrue delinquent interest, at the maximum legal rate in Colombia, on any outstanding balance.