Monies paid to Bedell Cristin on your behalf in connection with the Legal Services will be collected and held by us in the clients' account on your behalf. When any monies are transferred to our clients' account you agree that the monies will be held subject to these provisions.
All monies held in our clients' account will be held to your order or as instructed by you but will only be paid away on your express written instructions and subject to our having satisfied all regulatory requirements and all taxation requirements in respect of monies so held and the payee.
All monies held in a clients' account will earn interest which will be calculated and accrued on a quarterly basis in arrears. If the interest earned in a calendar quarter exceeds the amount of £20, or other agreed currency equivalent, the amount of such interest earned and accrued will be added to the balance of monies in the clients' account.
Where interest earned in the calendar quarter is equal to or less than £20, or other agreed currency equivalent, there will be no entitlement for you to receive interest on the monies in such account as the administrative costs of arranging for the calculation and accrual of such amounts of interest will exceed the value of the interest earned.
Unless otherwise agreed it shall not be our responsibility to comply with any reporting requirements which may arise in relation to the receipt of interest on monies held in the clients' account.
In the event of any bank at which a client account is held being subject to or undergoing any form of "insolvency" (such as désastre, liquidation, administration or any similar process), we shall not be liable for any losses, damages, liabilities, claims, costs and expenses howsoever arising from the insolvency, including without limitation, the loss of any or all of the monies held by the client account bank as referred to above.
We shall not be responsible for seeking or undertaking any due diligence on any bank's financial position.