Administration by Manager Clause Samples
The 'Administration by Manager' clause designates the manager as the party responsible for overseeing and executing the day-to-day operations and administrative tasks of a project, property, or business entity. This typically includes duties such as managing finances, maintaining records, hiring staff, and ensuring compliance with relevant laws and regulations. By clearly assigning these responsibilities, the clause ensures efficient management and accountability, preventing confusion over roles and streamlining decision-making processes.
Administration by Manager. The Manager shall oversee banking services for the Company and shall establish in the name of the Company an operating account, a retention account and such other accounts with such financial institutions as the Company may request. The Manager shall administer and manage all of the Company’s cash and accounts, including making any deposits and withdrawals reasonably necessary for the management of its business and day-to-day operations. The Manager shall promptly deposit all moneys payable to the Company and received by the Manager into a bank account held in the name of the Company.
Administration by Manager. The Manager shall oversee banking services for the Company and shall establish in the name of the Company an operating account, a retention account and such other accounts with such financial institutions as the Company may request. The Manager shall administer and manage all of the Company’s cash and accounts, including making any deposits and withdrawals reasonably necessary for the management of its business and day-to-day operations. The Manager shall promptly deposit all moneys payable to the Company and received by the Manager into a bank account held in the name of the Company. No accounts established, administered, or managed pursuant to this Section 4.6(a) shall be accounts of the Manager, and the Manager shall have no property interest in any such accounts. Any withdrawals made by the Manager from any such accounts shall be for the sole purpose of paying expenses of the Company and satisfying other obligations of the Company in accordance with this Agreement.