Proper Accounting Clause Samples
The Proper Accounting clause requires parties to maintain accurate and complete financial records related to the agreement. This typically involves keeping detailed books, supporting documentation, and making such records available for inspection or audit by the other party upon request. By ensuring transparency and accountability in financial matters, this clause helps prevent disputes over payments, expenses, or revenue sharing, and supports compliance with legal or contractual obligations.
Proper Accounting. As promptly as possible after dissolution and again after final liquidation, the liquidators shall cause a proper accounting to be made by a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through the last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable;
Proper Accounting. Compliance with accepted accounting rules and internal accounting controls is required at all times. The books and accounts, documentation supporting the disbursement of funds, and all other Company financial records must accurately and fairly reflect all transactions.
Proper Accounting. The House and Conference included a new section requiring the Department to use proper accounting for spending and forbidding the Department from using FTEs as spending placeholders. Also requires a report on the number of FTEs in pay status. (Sec. 240 of Conference Report)