TERMS & CONDITIONS
1. Whereas, DE LA GUARDIA, NEUMAN, FARAUDO Y BERMUDEZ (DENFAB) makes arrangements based on instructions received from the persons designated by the Client, and provides nominative and/or custody services, as well as any other support service, relating to any past, present or future company (the “Company”) to which DENFAB provides legal advice and resident agent services, the undersigned on their own behalf, and on behalf of the Client, the shareholders and delegates, jointly hereby agree to indemnify DENFAB, its directors, officials, shareholders, employees, wherever they are, for any loss, claim, expense, proceedings, costs, lawsuits, damages, harm and/or obligations of any kind resulting from acts performed by them, as a result of actions taken in good faith in the exercise of the instructions conferred by this mandate.
2. The Client guarantees that any instruction provided will not break the laws of the country of origin of the Client, its shareholders or final beneficiaries, or of the Republic of Panama, and will not cause DENFAB to break the laws of any other country. Likewise, it guarantees the information supplied is truthful.
3. DENFAB, all its affiliates, administrative body and/or Board of Directors and affiliates acting as officials/directors, authorized signatories and/or resident agent for the Company, may resign to their positions as officials/directors, authorized signatories and/or resident agent of the Company at any time without cause or justification, through written notice addressed to the Client, mailed to the last known address. Said notification will be in effect on the date it was sent. The members of the administrative body and/or Board of Directors and/or registered agent of DENFAB, as well as all affiliated companies or firms, are exempt from all liability for damages and/or harm to the Client and the Company resulting from the resignation of such; even in the cases where the Company has no Board of Directors, officials and/or authorized signatories; likewise, registered shareholders and/or trustee, in the event they are provided by DENFAB, according to the case; likewise, DENFAB may resign if required communication with the client is lost. Payment of invoices regarding incorporation of a company provided by DENFAB must be paid within 10 days of its date of issue.
4. Payment for any annual maintenance fees for any company offered by DENFAB must be paid for within 30 days of the date of issue. Partial payments received from the Client for the company’s annual maintenance fees will first be applied to the resident agent fees.
5. The Client will notify DENFAB if representation is to be terminated or if management of a company is transferred to another firm and/or individual.
6. The Client states to never have been arrested, detained, investigated, or accused of criminal conduct relating to drug trafficking, money laundering, arms trafficking, terrorist activities, or any unlawful activity of any kind; nor processed for bankruptcy, exempted by pardon, amnesty, or any other legal action relating to these situations.
7. The Client accepts responsibility for taking the corresponding steps and control measures that guarantee the legitimacy of its activities and source of funds at the time the Client acquires products or provision of services from DENFAB.
8. The Client guarantees that the funds utilized for incorporation of the Company, its maintenance or purpose does not originate from or will be used for
unlawful activities.
9. All the information discussed herein is valid and true, and I agree to give De la Guardia, Neuman, Faraudo & Bérmudez DENFAB all the additional information required.
10. If any information supplied is false or changed, I commit to indemnify De la Guardia, Neuman, Faraudo & Bérmudez DENFAB.
11. I freed De la Guardia, Neuman, Faraudo & Bérmudez DENFAB from any responsability caused by sending false or changed information.
