General Terms for Quotations and Engagements

Al Basma Accounting & Bookkeeping

The following terms form an integral part of any quotation or engagement between Al Basma Accounting & Bookkeeping and the contracting party, unless otherwise agreed in writing.

1. General Terms

• All engagements and agreements are made between the contracting parties only. No details, documents, or information related to the engagement may be disclosed to any third party except with the consent of the parties, upon request by a legally competent authority, or for the purpose of submitting or approving the engagement or related documents before government or relevant authorities.
• If either party wishes to cancel the engagement, the other party must be notified in writing at least one month before the requested cancellation date.
• Failure to pay the agreed fees on time shall be considered a cancellation of the engagement by the contracting company, and Al Basma shall have the right to suspend the work until the outstanding amounts are settled.
• Al Basma performs the work based on the documents, data, and information provided by the contracting company. The contracting company shall be responsible for the accuracy and completeness of such documents and information.
• Any additional work not included in the original quotation or agreement shall be agreed and priced separately.

2. Accounting, Bookkeeping, and Records Terms

• Al Basma’s team shall perform bookkeeping and organize accounting records based on the documents and data provided by the contracting company.
• Original documents shall not be removed from the contracting company’s premises for any reason unless expressly approved by the company owning the documents.
• Al Basma’s team performs accounting and record-keeping work without receiving, managing, or controlling any cash amounts or cash custody belonging to the contracting company.
• If the contracting company hands over cash or cash custody to any individual, the responsibility for such handover shall remain with the company that made the handover. Al Basma shall not be responsible toward any third party for such amounts. However, Al Basma shall cooperate fully when required to clarify any related data or documents.
• Al Basma’s responsibility for reports and data prepared by it shall be limited to the documents and information provided. Al Basma shall not be responsible for any information or documents concealed or not provided by the contracting company.

3. Consultancy Reports Terms

• Consultancy reports are prepared by Al Basma based on the documents, data, and information provided by the contracting company.
• Al Basma shall be responsible for preparing the report according to the agreed purpose and based on the documents delivered to it. Where required, the report may be approved by a competent or approved third party depending on the intended use or purpose of the report.
• Upon agreement to prepare a consultancy report, 50% of the agreed fee shall be paid as an advance payment upon commencement of work, and the remaining amount shall be paid after approval of the draft report by the contracting party and before issuance of the final report.
• If the contracting party fails to provide the required documents or data within the appropriate time, any delay in completion shall be the responsibility of the contracting party. The engagement may be considered cancelled, and the advance payment shall be considered fees for the work already started and shall not be refunded.
• If, during the preparation of the report, incorrect data, concealment of material documents, or information affecting the reliability of the report is identified, Al Basma shall have the right to suspend the work and refrain from issuing the report, while explaining the reasons to the contracting party. In such case, 50% of the report value shall be charged as fees for the work performed.

4. Financial Statements and Balance Sheet Terms

• Financial statements and balance sheets are prepared based on the documents and data provided by the contracting company, and according to the nature and purpose of the required financial statements.
• The required form of approval for the financial statements shall be determined based on the company’s needs, whether for a free zone, bank transaction, or any other relevant authority.
• 50% of the agreed fee shall be paid upon engagement, and the remaining amount shall be paid upon issuance of the draft financial statements. Failure to pay on time may be considered cancellation of the engagement or a reason to suspend the work.
• Al Basma shall not be responsible for incomplete, inaccurate, or missing data or documents provided by the contracting company.

5. Audit Work Terms

• Annual audit work is a review and examination of the submitted documents and records. It does not include bookkeeping or data entry unless separately agreed.
• Annual audit work may include issuing annual or semi-annual reports on the financial position, results of operations, certain financial indicators, and observations related to the audit process, depending on the agreed scope of work.
• The results of audit work depend on the availability of the required documents, records, and data from the contracting company in a timely manner.

6. Final Provisions

• These general terms shall be deemed agreed terms in all quotations and engagements issued by Al Basma, unless otherwise agreed in writing.
• Acceptance of the quotation, commencement of work, or payment of the advance fee shall be considered acceptance of these terms.