Practice Accounts Sample Clauses
The Practice Accounts clause defines the requirements for maintaining and providing access to the financial records of a professional practice, such as a law or medical firm. Typically, this clause outlines the standards for preparing accounts, the frequency of their preparation (such as annually), and the parties entitled to review them, like partners or stakeholders. Its core function is to ensure transparency and accountability in the financial management of the practice, helping to prevent disputes and maintain trust among those involved.
Practice Accounts. The Practice Operator shall maintain one or more Practice Accounts at banks selected by Manager. The Practice Operator shall take such action as is necessary to maintain Manager’s authority at its sole discretion, to make withdrawals from and deposits into such Practice Accounts other than any accounts that are established to receive payments on Government Receivables. The Practice Operator shall not maintain any bank account for cash deposits which is not a Practice Account for purposes of this Agreement. Manager shall ▇▇▇▇, collect and receive (other than for Government Receivables) all Practice Revenues and shall deposit the Practice Revenues collected directly into a Practice Account, and (other than for Government Receivables) shall specifically have the authority to take all funds out of the Practice Account, as often as Manager deems appropriate, at its sole discretion, and insert such funds in another account to facilitate the use of such funds for the purposes described herein.
Practice Accounts. Practice shall maintain one or more Practice Accounts, in the name of and under the tax identification number of Practice, at banks selected by Manager. Practice shall take such action as is necessary to maintain Manager's authority to make withdrawals from and deposits into each Practice Account. Practice shall not maintain any bank account for cash deposits that is not a Practice Account for purposes of this Agreement. Practice hereby agrees and acknowledges that Manager will manage the working capital of the Practice, and may sweep working capital of the Practice into Manager Accounts. Notwithstanding the foregoing, or any other provision of this Agreement, Practice and Manager agree that no interest shall be payable from Manager to Practice on such funds.
Practice Accounts. The Practice Operator shall maintain one or more Practice Accounts at local banks selected by Manager. The Practice Operator shall take such action as is necessary to maintain Manager’s authority at its sole discretion, to make withdrawals from and deposits into such Practice Accounts other than any accounts that are established to receive payments on Government Receivables. The Practice Operator shall not maintain any bank account for cash deposits which is not a Practice Account for purposes of this Agreement. Manager shall ▇▇▇▇, collect and receive (other than for Government Receivables) all Practice Revenues and shall deposit the Practice Revenues collected directly into a Practice Account, and (other than for Government Receivables) shall specifically have the authority to take all funds out of the Practice Account, as often as Manager deems appropriate, at its sole discretion, and insert such funds in another account to facilitate the use of such funds for the purposes described herein. Notwithstanding the foregoing, Manager will not commingle monies of the Practice Operator with funds with any other practice which it manages.