Financial Practices Clause Samples
The Financial Practices clause establishes the standards and procedures for managing financial transactions and obligations within an agreement. It typically outlines requirements for invoicing, payment terms, record-keeping, and compliance with relevant accounting principles. By clearly defining how financial matters are to be handled, this clause helps prevent disputes, ensures transparency, and promotes accountability between the parties involved.
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Financial Practices. Awardee’s financial management of the Project will be governed by controls, good management practices, procedures and standards at least as rigorous as its local Generally Accepted Accounting Principles (GAAP), or International Financial Reporting Standards (IFRS) if adopted by the Awardee, as confirmed in Awardee’s annual audited financial statement.
Financial Practices from the Pre-Activities Start Date, awardee’s financial management of the Project will be governed by controls, good management practices, procedures and standards at least as rigorous as its local Generally Accepted Accounting Principles (GAAP), or International Financial Reporting Standards (IFRS) if adopted by the Awardee, as confirmed in Awardee’s annual audited financial statement.
Financial Practices. The financial practices of GRFCI shall follow the highest standards of accountability and transparency. Unless doing so would reveal personal information of employees, donors, or other persons; or otherwise compromise the stability of GRFCI, financial records will be available to all members and employees of GRFCI, and to other such persons as the board determines.
Financial Practices. The Grantee agrees to conform with generally accepted principles of accounting and procedures for determining reasonableness, allowability, and allocability.
Financial Practices. The Parties anticipate that all financial activities of the District relative to operation and management of the District will be accounted for and reported as a separate, segregated fund of ▇▇▇▇▇▇▇▇▇▇▇▇ County, Virginia. Manager shall cooperate in the creation and preservation of financial records necessary to accomplish this requirement. An annual audit of the segregated fund of ▇▇▇▇▇▇▇▇▇▇▇▇ County shall be part of the annual financial audit of ▇▇▇▇▇▇▇▇▇▇▇▇ County. ▇▇▇▇▇▇▇▇▇▇▇▇ County will provide separate comparative financial statements (statements of revenues and expenses, balance sheets, statements of changes in fund balances including any restricted funds) and such other accompanying schedules relative to operation of the District. In order to assist Manager with administration of the District, ▇▇▇▇▇▇▇▇▇▇▇▇ County shall provide Manager standard comparative monthly and year-to-date financial statements and supporting schedules. Manager shall be responsible for reviewing the financial statements and preparing a narrative report for management purposes explaining significant budget variances and highlighting any significant changes in expected results for the current and any future financial period.
Financial Practices. “Anti-Money Laundering Laws” means those laws, rules, regulations, orders and sanctions, state and federal, criminal and civil, that (1) limit the use of or seek the forfeiture of proceeds from illegal transactions; (2) limit commercial transactions with designated countries or individuals believed to be terrorists, narcotic dealers or otherwise engaged in activities contrary to the interests of the United States; (3) require identification and documentation of the parties with whom a financial institution conducts business; or (4) are designed to disrupt the flow of funds to terrorist organizations. Anti-Money Laundering Laws specifically include, without limitation, the USA Patriot Act of 2001. Each party each represents and warrants that such party, the persons or entities that own any interest in such party, and the officers, directors, managers and members of such party are not persons or entities with whom U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including those named on OFAC’s Specially Designated Nationals and Blocked Persons List) or under any statute, executive order (including Executive Order 13224 (the “Executive Order”) signed on September 24, 2001 and entitled “Blocking Property and Prohibiting Transactions with Person Who Commit, Threaten to Commit, or Support Terrorism”), or other governmental action. Each party represents and warrants that such party has taken, and shall continue to take at all time following the execution of this Agreement, commercially reasonable actions to ensure that the funds used in connection this Agreement are derived (1) from transactions that do not violate U.S. law or, to the extent such funds originate outside the United States, do not violate the laws of the jurisdiction in which they originated; and (2) from permissible sources under U.S. law or to the extent such funds originate outside the United States, under the laws of the jurisdiction in which they originated. Each party represents and warrants that such party (1) is not under investigation for, has not been charged with, or has not been convicted of, money laundering, drug trafficking, terrorist-related activities, any crimes which in the United States would be predicate crimes to money laundering, or any violation of any Anti-Money Laundering Laws; (2) has not been assessed civil or criminal penalties under any Anti-Money Laundering ...