Imprest Checking Account Sample Clauses
An Imprest Checking Account clause establishes a dedicated bank account with a fixed balance, used to manage and disburse funds for specific, pre-approved purposes within a contract. Typically, the account is replenished to its original amount after expenditures are made and properly documented, ensuring that only authorized payments are processed. This clause provides a controlled and transparent method for handling project or operational expenses, minimizing the risk of unauthorized spending and simplifying financial oversight.
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Imprest Checking Account. The County shall establish and fund from the Imprest Operating Account, in its name and to its credit, an Imprest Checking Account to be used exclusively for the payment by check for purchases and expenses, which must be paid for on delivery. The balance of such Account shall be in such amount as is deemed adequate by the Department. The Department, upon the recommendation of Management, shall designate those persons authorized to sign checks against the Imprest Checking Account on behalf of Management. The Imprest Checking Account shall be treated from an accounting perspective in the same manner as the Imprest Operating Account. The Imprest Checking Account shall also be used to pay expenses on approved construction projects.