Open Book Accounting Clause Samples

Open Book Accounting. The Councils agree to share information on open book principles to enable the effective working of the Pooled Services.

Open Book Accounting. The Contractor’s GMP shall be based on actual procured quotes and bids from Subcontractors, vendors, and suppliers or based on estimated costs. In addition, Contractor shall include an estimated overhead and profit line item along with the cost for Contractor supplied labor. This total construction cost, or Base Cost, shall be added to Subcontractor, vendor and supplier contingencies and the Construction Contingency to form the entire GMP. As costs are incurred during the course of the Project, the Job Cost Accounting shall be updated to include actual costs incurred. A report on costs shall be prepared as part of the GMP process and shall be provided on a monthly basis to the District.

Open Book Accounting. The Health Services Manager must: (a) maintain all accounts, transaction information and source documents, financial systems and records, business records and other information and material relating to the Health Services on an open book and stand alone basis; (b) have the accounts referred to in clause 42.2(a) independently audited on an annual basis within three (3) Months of the end of the Financial Year (or, where the Health Service Manager's audit year does not coincide with the Financial Year, within three (3) Months of the end of the audit year end date); (c) make the accounts referred to in clause 42.2(a) available for inspection at any time by the Department; (d) provide all reasonable assistance that the Department (or its nominee) may reasonably require in respect of access in accordance with clause 42.2 including by providing an explanation of the Health Services Manager's systems, policies, procedures or record keeping practices; and (e) provide such reports as reasonably requested by the Contract Administrator to assist in ensuring that the Department is receiving at all times the best possible value for money.

Open Book Accounting. The Partners agree to develop and improve the system of `open book accounting’ agreed during the negotiations and set out in the contract. The Partners agree that for the contract and the Partnership to be successful it must be based on sustainable, accurate and realistic operational performance and on clear and robust financial information, and further that is to their mutual benefit to share such information in confidence in order to develop trust and to better understand the pressures and market forces exerted on each of them. The Partners will at all times act reasonably and in good faith in relation to all matters that may arise under this Charter and the contract. This mutual commitment to each other includes an obligation on each Partner to ensure that the other Partner is not unduly prejudiced, financially or otherwise, as a result of the operation of the contract, the acts or omissions of the other Partner, market forces, changes of law or otherwise. Subject only to any requirements in law, the partners commit themselves not to disclose to any third party any commercially sensitive information unless by express written agreement of the other Partner.

Open Book Accounting. 40.1 Payments made to the Contractor under this Clause 40 shall appear as Income on a separate profit and loss account (“the Open Book Account”) which shall be established and maintained by the Contractor under this Contract. 40.2 The contents of the Open Book Account shall be agreed between the parties prior to the Commencement Date and shall contain details of the Contractor’s Operating Expenditure and Income estimated as arising annually over the lifetime of this Contract. 40.3 The Open Book Account shall be prepared in accordance with the Generally Accepted Accounting Principles, with the exception of the following: 40.3.1 The Contractor shall not be entitled to charge to the Open Book expenditure relating to head office expenses, except as agreed at the Commencement Date. 40.3.2 The Contractor shall not be entitled to charge any costs relating to the purchase of assets, equipment and working capital except as agreed at the Commencement Date. This shall not apply to the depreciation charge for assets and equipment used on the Contract, provided that such costs are in accordance with the Generally Accepted Accounting Procedures. 40.4 The Contractor shall separately identify in the Open Book: 40.4.1 payments made by the Council under Clause 23; 40.4.2 income arising from amendments to the Specification as evidenced by agreement under Clause 9; and 40.4.3 any other Income derived from the services. 40.5 The Contractor shall provide to the Council’s Authorised Officer reasonable access to both its financial system and records and provide such additional information as the Council may reasonably require in order that the officers concerned may verify the completeness, accuracy and validity of transactions recorded in the Open Book or the Reconciliation Statement. 40.6 The Contractor shall supply to the Council details of actual Operating Expenditure and Income under the Open Book Account on a quarterly basis. 40.7 The Contractor shall submit a Reconciliation Statement (accompanied by a certificate as to its accuracy) once per Contract Year within twenty eight (28) days following the end of each Contract Year. 40.8 Within thirty (30) days of its receipt the Council shall signify whether or not it accepts the Reconciliation Statement as an accurate statement of the Open Book as certified by the Contractor. If the Council disputes any item or makes a request for further information under the provisions of Clause 40.5 it shall provide the Contractor with detail...

Open Book Accounting. 7.6.1 The Service Provider shall, provide an Open Book Account on a quarterly basis for the Service. The Open Book Account shall be in the format set out in the Target Cost Schedule or in the format acceptable to the Council’s Finance Department. Without prejudice to the rest of this Clause 7.6, the Service Provider shall, at the request of the Council, provide to the Council a certificate of costs (the “Certificate of Costs”) within twenty one (21) Calendar Days of such request, provided that the Council may not request a Certificate of Costs more than once in any year of the Contract Term. 7.6.2 The Certificate of Costs shall set out the Service Provider’s direct costs, and overheads in providing the Services over the preceding year of the Contract Term, including details of the following: (a) the Target Cost; (b) actual capital expenditure, including capital replacement costs; (c) actual operating expenditure relating to the provision of the Services, with an analysis showing the costs of staff, consumables, sub-contracted and bought-in services; (d) all interest, expenses and other third party financing costs incurred in relation to the Services; and (e) details of the overhead recoveries that have been made in relation to the Services. 7.6.3 Following receipt of the Certificate of Costs, the Service Provider shall provide to the Council such additional information as it may reasonably request so that the Council can verify the accuracy of the Certificate of Costs.

Open Book Accounting. Landlord acknowledges that this Work Letter is to be administered on an “open book” arrangement relative to the cost of the Landlord Work. Landlord shall keep full and detailed accounts and exercise such controls as may be reasonably necessary for proper financial management, using accounting and control systems in accordance with generally accepted accounting principles. Landlord shall provide all computerized information (data) to Tenant in an Excel or .PDF format.

Open Book Accounting. 8.6.1 Without prejudice to the rest of this Condition 8.6, the Service Provider shall, at the request of the Council, provide to the Council a Certificate of Costs within twenty one (21) Calendar Days of such request, provided that the Council may not request a Certificate of Costs more than once in any month of the Contract Term. 8.6.2 The Certificate of Costs shall set out the Service Provider’s direct costs, and overheads in providing the Services over the preceding year of the Contract Term, including details of the following: (a) the Target Cost; (b) actual capital expenditure, including capital replacement costs; (c) actual operating expenditure relating to the provision of the Services, with an analysis showing the costs of staff, consumables, sub-contracted and bought-in services; (d) all interest, expenses and other third party financing costs incurred in relation to the Services; and (e) details of the overhead recoveries that have been made in relation to the Services. 8.6.3 Following receipt of the Certificate of Costs, the Service Provider shall provide to the Council such additional information as it may reasonably request so that the Council can verify the accuracy of the Certificate of Costs.

Open Book Accounting. 6.1 All prices and rates shall be dealt with on an ‘open book’ basis. ‘Open book’ means the transparent sharing of all accounting information including actual costs in order to aid financial governance and to enable structured cost reduction initiatives. 6.2 Upon the request of the Authority or a Customer, the Supplier shall promptly provide the following information in relation to the costs and expenses to be incurred by the Supplier, and, if requested by the Authority or a Customer, also incurred by any of its Sub-contractors: (a) the Supplier's total price for the Services; (b) the margin included in that total price; (c) a list of the costs underpinning the Charges; (d) a summary of the costs broken down against each of the Services and/or deliverables; (e) details of any other costs, not already included in these rates, for all activities to be undertaken; (f) an explanation of any underlying assumptions regarding: (i) overtime rates; (ii) standard hours; (iii) accommodation charges; and (iv) discounts applied; (g) a detailed resource model to provide a breakdown of manpower resources by the number and type of Supplier staff required for each Service and free of any contingency together with their day rates, and any travel and subsistence expenses incurred outside the UK. This shall also apply to third party costs; (h) the total price broken down by volume, unit cost and margin; (i) any additional activities, costs and risks that may impact the Authority and which are not already covered by the Charges; (j) an explanation of the type and value of risk associated with the provision of the Services, including the amount of money attributable to each risk; (k) an explanation and supporting details of any financing costs applicable to this Framework Agreement and any Call Off Contract; (l) a statement of the Supplier's anticipated cash flow for the Framework Period or period of any Call Off Contract; and (m) any additional information as the Authority reasonably requires. If the Authority disputes any aspect of the Supplier’s information provided in relation to the costs or expenses, the matter shall be referred for determination to the Clause 47 (Dispute Resolution).