Terms of engagement

1. Who we are

Black Sea Risk Advisory Group is an independent partnership of four analysts resident in Bulgaria, Moldova, Romania and Ukraine, acting in their personal professional capacity. We are not a regulated investment firm, a law firm, an accountancy practice, or a licensed investigation agency, and we do not hold ourselves out as any of these.

2. Scope of work

Every engagement is defined in writing before work begins: the questions to be answered, the deliverable, the timetable and the fee. Work outside that scope is agreed separately in writing. We may decline or discontinue an engagement where a conflict of interest, a legal restriction or a sanctions exposure arises.

3. Fees, invoicing and expenses

Fees are quoted per engagement, in euro, exclusive of VAT where applicable. Unless agreed otherwise, invoices are payable within 30 days of issue. Third-party costs — registry extracts, certified translations, court file retrieval — are passed through at cost and only with prior approval.

4. How we work, and what we will not do

Our research relies on public records, official registers, court and procurement files, documentary sources, media in the local language, and open professional networks.

• We do not obtain information by deception, pretexting, intrusion, hacking or paying officials.
• We do not conduct covert surveillance or handle information we believe to have been unlawfully obtained.
• We do not lobby, and we do not act as an intermediary in transactions or introductions.
• We decline mandates whose apparent purpose is harassment, litigation pressure on a private individual, or the laundering of a reputation.

5. Client responsibilities

You are responsible for the accuracy of the background information and documents you give us, for obtaining any consent required before passing us personal data about third parties, and for taking your own legal, tax, accounting and investment advice before acting.

6. Use of deliverables

Reports are prepared for the named client and for the purpose stated in the engagement, on the facts known at the date of delivery. They may be shared inside your organisation and with your professional advisers. They may not be published, quoted publicly, used in marketing, filed in proceedings or relied on by a third party without our prior written consent. Copyright in our deliverables remains with us; you receive a perpetual licence to use them internally for the agreed purpose.

7. Liability

We provide our work with reasonable skill and care. To the fullest extent permitted by law, our aggregate liability arising out of an engagement is limited to the fees paid for that engagement, and we are not liable for indirect or consequential loss, loss of profit, loss of opportunity or loss of anticipated savings. Nothing in these terms limits liability for fraud, wilful misconduct or any liability that cannot lawfully be excluded.

8. Sanctions, anti-bribery and anti-money laundering

We apply EU and applicable national sanctions regimes and standard integrity checks to prospective clients and mandates. We do not accept work that would breach sanctions, facilitate bribery, or assist in concealing the origin of funds, and we may suspend or terminate an engagement if such a risk emerges.

9. Governing law

Because engagements may be contracted by different partners, the governing law and the courts or dispute-resolution forum for each engagement will be stated in its engagement letter. If an engagement letter does not state them, they will be the law and competent courts of the ordinary residence of the partner named as the contracting party and invoice issuer. Nothing in these terms creates a four-country governing-law arrangement or gives several courts exclusive jurisdiction at the same time.