1. Definitions & Interpretation

In these Terms of Service, unless the context otherwise requires:

2. Acceptance & Agreement to Terms

These terms apply comprehensively to all professional services including:

3. Professional Services & Standards

3.1 Professional Qualifications & Expertise

SVT & Associates comprises qualified Chartered Accountants registered with the Institute of Chartered Accountants of India (ICAI). Our professionals maintain active membership and adhere to the highest standards of professional competence, integrity, and ethical conduct. We continuously update our knowledge through ongoing professional development programs.

3.2 Scope of Services & Engagement Terms

The specific scope of services for each engagement is clearly defined in individual engagement letters, service agreements, or formal proposals. All services are provided based on the information, documents, and access provided by the client. We reserve the right to modify the scope of services with mutual agreement and appropriate fee adjustments.

3.3 Independence & Objectivity

We maintain complete independence and objectivity in all professional engagements. Any potential conflicts of interest are promptly identified and disclosed to clients. We adhere strictly to ICAI independence requirements and will decline engagements where independence cannot be maintained.

3.4 Professional Standards Compliance

All services are performed in accordance with the highest professional standards and regulatory requirements:

• ICAI Code of Ethics & Conduct - Fundamental principles of integrity, objectivity, professional competence, confidentiality, and professional behavior
• Accounting Standards - GAAP, Ind-AS, and international financial reporting standards
• Auditing Standards - Standards on Auditing (SA) and assurance engagements
• Tax Regulations - Income-tax Act, GST laws, and all applicable tax legislation
• Corporate Laws - Companies Act, 2013 and related corporate governance requirements
• Data Protection - Information Technology Act and emerging privacy regulations

4. Client Responsibilities & Obligations

As our client, you have specific responsibilities that are essential for us to provide effective professional services:

5. Fees, Payment Terms & Billing

5.1 Fee Structure & Basis

Our professional fees are determined based on several factors including:

• Complexity and scope of the engagement
• Time and professional expertise required
• Urgency and turnaround requirements
• Geographical location and travel requirements
• Specialized knowledge or certifications needed
• Volume and nature of documentation involved

5.2 Payment Terms & Schedules

• Advance Payments: Initial retainers or advance payments may be required for engagements
• Progress Billing: Fees may be billed periodically based on work completed
• Payment Deadlines: Invoices are due within 30 days of issuance unless otherwise agreed
• Late Payment: Interest at 18% per annum may be charged on overdue amounts
• Disputed Amounts: Clients must notify us within 7 days of invoice receipt for any disputes
• Tax Implications: All fees are exclusive of applicable GST and other taxes

5.3 Out-of-Pocket Expenses

Reasonable out-of-pocket expenses including travel, accommodation, courier charges, government fees, and third-party costs will be charged at actual cost plus applicable taxes. All expenses will be pre-approved where possible.

5.4 Fee Estimates & Variations

Fee estimates are provided in good faith but may vary based on actual work required. Additional fees will be charged for scope changes, additional work, or unforeseen complexities. We will obtain client approval before exceeding estimated fees by more than 20%.

6. Limitation of Liability & Professional Indemnity

6.1 Professional Service Limitations

Our services are provided with reasonable skill, care, and diligence in accordance with professional standards. However:

• We cannot guarantee specific financial outcomes or results
• Tax advice is based on current law interpretation and may change
• Audit opinions represent professional judgment based on evidence obtained
• Business advice depends on information provided and market conditions

6.2 Liability Cap

Our total liability for any claim arising from professional negligence, breach of contract, or any other cause shall be limited to the amount of professional fees paid by the client for the specific service in question during the preceding 12 months, subject to a maximum liability of INR 50,00,000 (Fifty Lakhs) per engagement.

6.3 Exclusions from Liability

We shall not be liable for any claims arising from:

• Indirect, consequential, or economic losses
• Loss of profits, business opportunities, or goodwill
• Third-party claims or actions
• Acts or omissions beyond our reasonable control
• Client's failure to implement our recommendations
• Changes in laws, regulations, or interpretations after service delivery
• Fraudulent or illegal activities by client or third parties

6.4 Professional Indemnity Insurance

SVT & Associates maintains appropriate professional indemnity insurance in accordance with ICAI requirements and industry standards. This insurance provides additional protection for our clients and covers claims arising from professional negligence.

7. Confidentiality & Data Protection

7.1 Confidentiality Obligations

We maintain absolute confidentiality of all client information and treat it with the highest level of professional secrecy. Confidential information includes:

• Financial statements, records, and sensitive business data
• Personal and proprietary information about directors, employees, and stakeholders
• Trade secrets, business strategies, and competitive information
• Tax-related information and compliance matters
• Legal matters and regulatory communications

7.2 Data Protection Compliance

We comply with all applicable data protection laws and regulations, including the Information Technology Act, 2000, and emerging privacy frameworks. Our data protection practices include:

• Secure data handling and storage procedures
• Access controls and authorization protocols
• Regular security audits and vulnerability assessments
• Employee training on data protection requirements
• Incident response procedures for data breaches

7.3 Information Security Measures

We implement comprehensive security measures including:

• Physical Security: Secure office premises and restricted access areas
• Digital Security: Encrypted communications, secure servers, and antivirus protection
• Access Control: Role-based access and multi-factor authentication
• Data Backup: Regular backups with secure offsite storage
• Incident Management: 24/7 monitoring and rapid response capabilities

8. Intellectual Property Rights

Intellectual property rights in all work products, reports, methodologies, and deliverables prepared by SVT & Associates remain our property unless explicitly transferred in writing. Clients receive a non-exclusive, non-transferable license to use our work products solely for their internal business purposes.

This includes but is not limited to:

• Financial reports, statements, and analyses
• Tax planning documents and compliance reports
• Audit reports and assurance documentation
• Business plans and strategic recommendations
• Software, templates, and proprietary tools
• Presentations and client deliverables

9. Engagement Termination & Post-Termination

9.1 Client Termination Rights

Clients may terminate engagements at any time by providing written notice. Termination is subject to:

• Payment for all services rendered up to the termination date
• Reimbursement of expenses incurred and committed
• Settlement of any outstanding fees or disbursements
• Return of client documents and confidential information

9.2 Our Termination Rights

We reserve the right to terminate engagements immediately if:

• Client fails to provide required information or access
• Client breaches these terms or engages in unethical conduct
• Professional independence or objectivity is compromised
• Payment terms are not met despite reminders
• Client engages in illegal or fraudulent activities
• The engagement becomes impractical or impossible to complete

9.3 Post-Termination Obligations

Following termination:

• Confidentiality: Continues indefinitely for all confidential information
• File Retention: We retain client files for 7 years as required by regulations
• Access to Files: Clients may request copies of their files during retention period
• Outstanding Matters: All payment and contractual obligations survive termination

10. Dispute Resolution & Governing Law

10.1 Dispute Resolution Process

We are committed to resolving disputes amicably and professionally:

1. Initial Discussion: Direct communication between client and engagement partner
2. Formal Complaint: Written complaint to our managing partner within 30 days
3. Internal Review: Independent review by senior management within 14 days
4. Mediation: Referral to professional mediation if internal resolution fails
5. Arbitration: Binding arbitration under ICAI rules as final recourse

10.2 Mediation & Arbitration

If disputes cannot be resolved through negotiation, parties agree to:

• Mediation under the rules of the Indian Council of Arbitration
• Arbitration conducted in Mumbai, Maharashtra
• Arbitration proceedings conducted in English
• Arbitral awards being final and binding on both parties

10.3 Governing Law & Jurisdiction

These Terms of Service are governed by and construed in accordance with the laws of India. Any legal proceedings shall be conducted exclusively in the courts of Mumbai, Maharashtra, India.

11. Regulatory Compliance & Professional Standards

SVT & Associates is committed to the highest standards of regulatory compliance and professional excellence:

12. Website Usage & Digital Services

12.1 Acceptable Website Use

You agree to use our website and digital services solely for lawful purposes and in accordance with these terms. Prohibited activities include:

• Attempting to gain unauthorized access to our systems
• Using the website for fraudulent or illegal purposes
• Transmitting harmful code or malicious software
• Interfering with website functionality or security
• Harvesting information without permission

12.2 Content & Information Disclaimer

Website content is provided for general information purposes only and does not constitute professional advice. All information is subject to change without notice. We recommend consulting with our professionals for specific advice.

12.3 Digital Communication Security

While we use industry-standard encryption for digital communications, we cannot guarantee absolute security of information transmitted over the internet. Clients should use additional security measures for highly sensitive information.

13. Amendments & Modifications

We reserve the right to modify these Terms of Service at any time to reflect changes in:

• Professional standards and regulatory requirements
• Business practices and service delivery methods
• Legal and regulatory changes
• Technology and security requirements

Material changes will be:

• Posted on our website with the updated effective date
• Notified to existing clients via email where appropriate
• Effective immediately upon posting unless otherwise stated

Continued use of our services constitutes acceptance of modified terms.

14. Severability & Entire Agreement

14.1 Severability

If any provision of these Terms of Service is found to be invalid, illegal, or unenforceable by a court of competent jurisdiction, such provision shall be deemed modified to the extent necessary to make it valid, legal, and enforceable, or if no such modification is possible, such provision shall be severed from these terms without affecting the validity of the remaining provisions.

14.2 Entire Agreement

These Terms of Service, together with any engagement letters, service agreements, or proposals, constitute the entire agreement between the parties and supersede all prior agreements, understandings, representations, and warranties, whether written or oral, relating to the subject matter hereof.

14.3 Waiver

No waiver of any provision of these terms shall be effective unless in writing and signed by both parties. No failure to exercise or delay in exercising any right or remedy shall constitute a waiver of such right or remedy.

15. Force Majeure

Neither party shall be liable for any failure or delay in performing its obligations under these terms if such failure or delay is due to causes beyond its reasonable control, including but not limited to:

• Natural disasters, acts of God, or force majeure events
• War, terrorism, civil unrest, or political instability
• Regulatory changes or government actions
• System failures, cyber attacks, or technical issues
• Pandemics, epidemics, or public health emergencies
• Strike, lockout, or industrial action

16. Notices & Communication

16.1 Service of Notices

All notices required under these terms shall be in writing and delivered by:

• Registered post or courier to the registered address
• Electronic mail to the designated email address
• Personal delivery with acknowledgment of receipt

16.2 Contact Information

For all communications related to these Terms of Service, please contact:

17. Professional Commitment & Quality Assurance

These Terms of Service are designed to protect both our clients and SVT & Associates while ensuring the delivery of professional services in accordance with the highest standards of the chartered accountancy profession in India.