Accounting between the Parties Clause Samples
The "Accounting between the Parties" clause establishes the procedures and obligations for tracking, reporting, and reconciling financial transactions or obligations between the parties involved in an agreement. Typically, this clause outlines how and when financial statements or records must be provided, the process for resolving discrepancies, and the timeframe for settling outstanding balances. Its core practical function is to ensure transparency and accuracy in financial dealings, thereby minimizing disputes and fostering trust between the parties.
Accounting between the Parties. The parties acknowledge that the operation of this Clause 5 and Schedule 1 may lead to a number of adjustments and payments between the parties which, in the absence of agreement between the Investors, shall be determined in accordance with Clause 9. The parties will put in place reasonable arrangements to record such adjustments and the liability to make such payments on the basis that, in order to avoid numerous de minimis matters having to be dealt with, the Investors will settle such Liabilities between themselves on a monthly basis (unless otherwise agreed). Paragraph
Accounting between the Parties. The parties have accounted between them in the framework of an agreement dated April 12th, 1998, a copy of which is attached hereto as SCHEDULE "K".
Accounting between the Parties. The parties acknowledge that the operation of this Clause 5 and Schedule 3 is likely to lead to a number of adjustments and payments between the parties which, in the absence of agreement between the Investors, shall be determined in accordance with Clause 9. The parties will put in place reasonable arrangements to record such adjustments and the liability to make such payments on the basis that, in order to avoid numerous de minimis matters having to be dealt with, the Investors will settle (or procure that the relevant ABN AMRO Group Companies settle) such Liabilities between themselves on a monthly basis (unless otherwise agreed). Paragraph 1.1.8 of Schedule 3 Part 10 shall apply as regards the manner of making such payments and adjustments.