RECORDS AND SYSTEMS Clause Samples
The "Records and Systems" clause establishes the obligations of a party to maintain accurate and complete records and to implement appropriate systems for managing such records. Typically, this clause requires the party to keep documentation related to the agreement, such as financial records, correspondence, or operational data, in a manner that is organized and accessible for a specified period. It may also set standards for the technology or processes used to store and protect these records. The core function of this clause is to ensure transparency, facilitate audits or reviews, and provide a reliable basis for verifying compliance with the agreement.
RECORDS AND SYSTEMS. All books of accounts and other records of any kind of the Company Group:
(a) have been fully, properly and accurately kept on a consistent basis and completed in accordance with:
(i) proper business and accounting practices; and
(ii) (excluding accounts, books, ledgers and other financial records) all applicable Statutes;
(b) have not had any material records or information removed from them;
(c) do not contain or reflect any material inaccuracies or discrepancies;
(d) give and reflect a true and fair view of the trading transactions, or the financial and contractual position of the Company Group and of their assets and liabilities; and
(e) are in the possession of the Company Group.
RECORDS AND SYSTEMS. All data and information of the Business are recorded, stored, maintained or operated or otherwise held by Seller, are included in the Assets, and are not wholly or partly dependent on any facilities which are not under the exclusive ownership or control of Seller.
RECORDS AND SYSTEMS. (Records properly kept): All books of accounts and other records of any kind of the Company:
(a) have been fully, properly and accurately kept on a consistent basis and completed in accordance with proper business and accounting practices and all applicable Statutes;
(b) have not had any material records or information removed from them;
(c) do not contain or reflect any material inaccuracies or discrepancies; and
(d) give and reflect a true and fair view of the trading transactions, or the financial and contractual position of the Company and of its assets and liabilities; and
(e) are in the possession of the Company.
RECORDS AND SYSTEMS. (i) The Company and each of its Subsidiaries maintain a system of “internal control over financial reporting” (as such term is defined in Rule 13a-15(f) of the Exchange Act) that complies with the requirements of the Exchange Act and that has been designed by, or under the supervision of, the Company’s principal executive and principal financial officers, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States. The Company and each of its Subsidiaries maintain internal accounting controls sufficient to provide reasonable assurance that (A) transactions are executed in accordance with management’s general or specific authorization, (B) transactions are recorded as necessary to permit preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States and to maintain accountability for its assets, (C) access to the Company’s assets is permitted only in accordance with management’s general or specific authorization, and (D) the recorded accountability for the Company’s assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. As of the date of the most recent consolidated balance sheet of the Company and its consolidated subsidiaries reviewed or audited by C▇▇▇▇ LLP, there were no material weaknesses in the Company’s internal controls.
(ii) The Company and each of its Subsidiaries maintain “disclosure controls and procedures” (as such term is defined in Rule 13a-15(e) under the Exchange Act), such disclosure controls and procedures are designed to ensure that the information required to be disclosed by the Company and its Subsidiaries in the reports they file or submit under the Exchange Act is accumulated and communicated to management of the Company and its Subsidiaries, including their respective principal executive officers and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure to be made, and such disclosure controls and procedures are effective in all material respects to perform the functions for which they were established.
(iii) The Company’s auditors and the audit committee of the board of directors of the Company have not been advised of, or become aware of, (A) any significant deficiencies in the ...
RECORDS AND SYSTEMS. Except as disclosed on Schedule 4.22, all the records and systems (including but not limited to computer systems) and all data and information of the Company are recorded, stored, maintained or operated or otherwise held by the Company, and are not wholly or partly dependent on any facilities or third party which are not under the exclusive ownership or control of the Company.
RECORDS AND SYSTEMS. Except as set forth in Schedule 4.8, all the records and systems (including but not limited to computer systems) and all data and information of Seller are recorded, stored, maintained or operated or otherwise held by Seller, are included in the Assets, and are not wholly or partly dependent on any facilities which are not under the exclusive ownership or control of Seller.