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.
Unless agreed otherwise, the firm charges professional fees based on the hours or fractions thereof dedicated to a client, in 15 minute time intervals. Invoices will be submitted monthly, and shall be deducted from a retainer fee.
Also unless agreed otherwise, arbitration claims shall incur a contingency fee of 20% of any amounts awarded to the client, and in those cases in which the client is a defendant, any amounts saved on their behalf, whether as the result of an award, a settlement or otherwise.
Invoices for professional fees are subject to V.A.T. which is added thereto, and said invoices, as well as expense invoices, when not covered by the retainer fee, 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 actually incurred by the firm in the management of its client’s business will be charged separately. In each case, the corresponding support will be enclosed 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:
• private courier services,
• scanning and 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 may include external lawyers, where necessary, and financial and appraisal services, among others.
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 business class, five star hotels, meals, taxis and car rental if necessary, among others.
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.
Arrears shall accrue the maximum delinquent interest rate allowed by Colombian law. If the fee is agreed in dollars, arrears shall accrue the maximum delinquent interest rate allowed by Colombian law for obligations in US dollars.