General Term of Business

General Business Terms

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1. Fees and Billings

   1. Our fees for professional services are based on the estimated time spent on the engagement, the level of experience as well as the responsibility involved. Time cost may range from RM50 per hour to RM300 per hour or part thereof depends on the level of experience of the adviser or associates.

   2. Unless mentioned otherwise, our fees (which may subject to Services Tax) shall be billed and shall be paid to us upon commencement of our work according to the schedule of payment agreed upon, payment shall be made in Ringgit Malaysia.

   3. Invoices not paid within thirty (30) days from the day we disseminate via email will be considered delinquent. The delinquent portion of the Invoice will be subject to a late charge equal to one percent per month. CNPS reserves the right to suspend or cease work or resign from the service for the failure of the Client to make timely payment, and CNPS shall not be responsible for any liability, damages, losses, claims or other consequences whatsoever if such events take place.

   4. If there is any additional work required because of specific findings and circumstances that would cause our billing to be significantly higher than the estimated in this engagement term, we will discuss with the management as soon as it is evident and obtain an agreement to the revised amount.

   5. The Client shall be responsible for reimbursing to us, all reasonable out-of-pocket expenses related to the aforementioned services, whether or not this Engagement is completed and therefore this obligation shall survive the termination of this Engagement agreement, including all fees and disbursements of our legal counsel, printing costs, filing fees, and our out-of-pocket expenses. The Client shall also pay any applicable taxes.​

2. Responsibilities of The Client

   1. It is the responsibilities of the Board of Director or Partner and/or the Management of The Client to maintain a sound system of internal control, financial management, risk management and compliance management.

   2. In order to perform our work effectively and efficiently, the Management shall provide us with the necessary assistance during the course of this Engagement. All information and documents relevant to this Engagement shall be made to us on a timely basis.​

3. Our responsibilities and limitation

   1. Our services shall not constitute an assurance nor a full guarantee to compliance to the relevant laws including but not limited to Income Tax Act 1967 and Companies Act 2016.

   2. As advisor, we are not in any way involved in the management and decision making on business operations of the Client. The management, supervision and related administration work shall remain with the management of The Client.

4. Confidentiality Statement

   1. All information and documents acquired by us in the course of this Engagement is subject to strict confidentiality protocol. Our Confidentiality policy does not allow us in any way disclose to other parties except as required by the Laws of Malaysia.

5. Termination

   1. Either party may terminate the Engagement hereunder at any time with 30-days written notice (email to or from the Management is acceptable) unless agreed otherwise by both parties.

   2. If termination by The Client, Fee paid will not be refundable upon termination.

   3. Upon termination, accrued fee or fee due to us shall be paid immediately.

6. Publicity

   1. With written permission from The Client, we may use The Client name and logo on our website (including a link to the homepage of The Client website) and in our marketing materials solely for the limited purpose of referring to The Client as a client of our company.

7. Limitation of Liabilities

   1. Our liability to The Client, if any under whatsoever circumstances, shall be limited in amount, and shall not exceed the amount of the fee per billing cycle charged by us, and paid by The Client, for the services set forth in this engagement letter.

8. Indemnification

   1. The Client agrees to fully indemnify us, its partners, employees and associates or agents (any and all of whom shall be referred to as an “Indemnified Person”) against all losses and damages suffered or incurred jointly and severally and in any jurisdiction, which directly or indirectly related to or arise from our appointment, provided that the Client shall not be responsible should the losses or damages arise due to our gross negligence or wilful default.

   2. The foregoing indemnity shall include all costs and expenses which any Indemnified Person may incur in disputing or defending any claim or action and be in addition to any rights that any Indemnified Person may have at common law, in equity, by legislation or otherwise and shall remain in full force and effect regardless of whether our appointment hereunder is terminated.

9. Communication via internet electronic mail (i.e. email) and mobile phone

   1. CNPS will accept no responsibility or liability in respect of risks associated with the use of computer, internet, internet email, mobile telecommunication device, including any damage or potential damage to the Client’s computer systems, or the data stored on those systems, as a result of computer viruses or other problems introduced as a result of communication by internet and mobile.

10. Applicable Law

    1. This engagement letter shall be interpreted and construed in accordance with the Laws of Malaysia.

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CHONG ACCOUNTING PLT, a limited liability partnership (LLP00018966-LCA) and a MIA Firm (NF1817), CHARTERED ACCOUNTANTS, A member of CNPS Group

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