Financial Control Clause Samples

Financial Control. 4.4.1. The Contractor shall keep accurate books and accounts in respect of the Project Services and, if requested in writing by NICE, shall (at its own expense) have them certified by a professional firm of auditors. 4.4.2. The Contractor shall permit the NICE to inspect and take copies (at NICE's expense) of any financial information or records NICE requires which relate to this Agreement.

Financial Control. Segregation of accounting costs. Adequate accounting system. Favorable cash flow-ratios. Availability of a line of credit or other source of financial income to support the work effort. Prompt payment of subcontractors and suppliers.

Financial Control. The Contractor shall keep accurate books, records and accounts in respect of the Project (in accordance with sound and prudent financial management) and, if requested in writing by NICE, shall (at NICE’s expense) have them certified by a professional firm of auditors. The Contractor shall permit NICE to inspect and take copies of any books, records and accounts that NICE may require in relation to this Agreement. If, at NICE’s request, the Contractor undertakes any copying on behalf of NICE NICE will be responsible for the responsible costs of such copying. For the purpose of: the examination and certification of NICE’s accounts; or any examination pursuant to section 6(1) of the National Audit Act 1983 or any re-enactment thereof of the economy, efficiency and effectiveness with which NICE has used its resources; the Controller and Audit General and NICE or its auditors may examine such documents as he may reasonably require which are owned, held or otherwise within the control of the Contractor and may require the Contractor to produce such oral or written explanation as he considers necessary. For the avoidance of doubt it is hereby declared that the carrying out of an examination under Section 6(3)(d) of the National Audit Act 1983 or any re-enactment thereof in relation to the Contractor is not a function exercisable under this Agreement. Communication between NICE and Contractor The Contractor shall ensure that all communications with NICE concerning the Project shall only be between the nominated representatives of both Parties, that is, the Authorised Officer, and the Senior Lead. The Contractor shall issue NICE with reasonable notice of any meetings of the Collaborating Centre and invite the Authorised officer and other NICE staff as NICE deem necessary to attend these meetings. The Contractor shall attend meetings with NICE and the Collaborating Centre members when NICE, acting reasonably, considers it appropriate. Governance The Contractor shall ensure that the affairs of the Collaborating Centre as they relate to the performance of the Project are at all times conducted in accordance with sound principles of governance. The Contractor shall consult with NICE when managing or when considering amendments to the membership of the Collaborating Centre and will comply with Clause 9.6 and Clause 18 below. Laws and Regulations The Contractor shall adhere to all laws and regulations relating to the performance of the Project. In particular the Contract...

Financial Control i. Review the proposed Payment Schedules (as defined in the relevant Construction Agreement) in conjunction with the Construction Programme and Construction Schedule; ii. Report on the Contractor's control of progress of Works and risks to completion within the time established in accordance with the relevant Construction Contract. iii. Receive the Contractor's application for progress payments for Construction Works and certify amounts due for payment under the Construction Contract. iv. Adjudicate claims for additional payment and extensions of time in terms of the Design/Construction Contracts. v. Certify final amounts due under the Construction Contracts. vi. Review the updated information supplied by the Lenders and the Concessionaire pertaining to the Financial Model and report same to the FBR. vii. Submit bi-monthly status reports covering all aspects of his activities to the FBR and the Concessionaire with a copy to the Lender's Technical Advisor, if any.

Financial Control. In carrying out its duties hereunder, the Contractor will be responsible for: (a) all business expenses incurred (b) any facilities or equipment it requires (c) managing its resources to meet obligations to the State and any other parties (d) all employment or contract issues with its staff (e) managing any fluctuations in cost of providing services.

Financial Control. The rules on financial control relating to Swiss participants in the MEDIA programme are set out in Annex IV.

Financial Control. (1) The Management Committee shall cause full and true accounts of the Fund to be kept. (2) Benefits shall be suspended whenever the amount standing to the credit of the Fund falls below R2 million and payment shall not recommence until the amount standing to the credit of the Fund has reached the sum of R3 million: Provided that upon payment or benefits being resumed, claims made during such period of suspension shall be met from the Fund in the order in which they were received. (3) All monies paid to the Fund shall be deposited in a banking account to be opened at a bank and/or institution approved by the Management Committee (4) All payments from the Fund shall be by cheque drawn on the Fund’s account and such cheques shall be signed by two persons duly authorised thereto by the Management Committee. (5) All moneys regarded by the Management Committee as being surplus to the Fund’s immediate requirements may be invested only in – (a) Savings accounts, permanent shares or fixed deposits in any registered bank or financial institution; (b) Internal registered stock as contemplated in section 21 of the Exchequer Act, 1975 (Act No.66 of 1975); (c) A registered unit trust; or (d) Any other manner approved by the Registrar of Labour Relations, on such conditions as may be determined by the Management Committee from time to time. (6) All expenses incurred in connection with the administration of the Fund shall form a charge upon the Fund. (7) The Management Committee shall furnish the Management Committee of the Council with quarterly reports giving a general review of the operation of the Fund and on the income and expenditure for the period to which the report relates. (8) An auditor or auditors shall be appointed by the Management Committee. Such auditor(s) shall be registered in terms of the Public Accountants’ and Auditors’ Act, 1951 (Act No.51 of 1951). (9) As soon as possible after 31 December in each year the Management Committee shall prepare an account of the revenue and expenditure of the Fund for the 12 months ended 31 December and a statement showing the Fund’s assets and liabilities which shall be certified by the auditor and submitted together with any report by the auditor thereon to the Management Committee for transmission to the Council. (10) The certified accounts and statements and any report made by the auditor thereon shall be open for inspection at the head office of the Council. The certified accounts and statement countersigned by th...

Financial Control. The Grantee confirms that they have adequate financial control systems in place to manage funds. Fees and payments will only be made for services (Artists/designer/photographer/admin/etc.) and products (suppliers/materials that support Project production) outlined in the Project budget, subject to the receipt of drawdown requests from payees. Payments vs drawdown requests will be monitored in an account log. At the start of each financial year, the Department will request the following from the grantee: • Budget Submission for previous financial year • Declaration from grantee (template will be issued at beginning of year) • Audited Accounts • Letter identifying funding in audited accounts (if necessary – sometimes audited accounts may not explicitly outline individual programmes, they may be included under a general title)

Financial Control. 6.4.1 Invoices for services are provided within 10 working days of the end of the calendar month and copied by e mail to the Hearings Manager.