333 Accounting and Reporting Clause Examples for Any Agreement
The ACCOUNTING AND REPORTING clause establishes the requirements for maintaining and providing financial records and reports related to the agreement. Typically, it obligates one or both parties to keep accurate and up-to-date books, and to furnish periodic statements or reports detailing relevant transactions, expenses, or revenues. This clause ensures transparency and accountability between the parties, helping to prevent disputes and facilitate audits or reviews if necessary.
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Accounting and Reporting a. Total Base Reinsurance Premiums are due on the last day of the Accounting Period.
b. The Net Settlement shall be determined for each Accounting Period as the Total Base Reinsurance Premiums less the Reinsurance Benefits paid during the Accounting Period. If the Net Settlement is greater than zero, the Ceding Company shall pay that amount to the Reinsurer. If the Net Settlement is less than zero, the Reinsurer shall pay the absolute value of that amount to the Ceding Company. The Net Settlement shall be paid within forty-five (45) days after the close of the Accounting Period.
c. Not later than twenty-one (21) days after the end of each calendar month, the Ceding Company will submit a report substantially in accord with Schedule B. The Ceding Company agrees to provide or make available to the Reinsurer such documentation as may be necessary to support the items reported.
d. Not later than twenty-one (21) days after the end of each calendar quarter, the Ceding Company will submit a report substantially in accord with Schedule C.
e. Not later than twenty-one (21) days after the end of each calendar year, the Ceding Company will submit a report substantially in accord with Schedule D.
f. The Ceding Company will provide liability valuation information as mutually agreed upon.
g. Any debts or credits, matured or unmatured, liquidated or unliquidated, regardless of when they arose or were incurred, in favor of or against either the Ceding Company, or its liquidator, receiver or statutory successor, or the Reinsurer with respect to this Agreement and any other agreements between the Ceding Company, or its liquidator, receiver or statutory successor and the Reinsurer are deemed to be mutual debts and credits and shall be set off and only the net balance shall be paid.
Accounting and Reporting. 1.1 To the extent that transfers of non-cash assets may be required to effectuate the settlements herein provided, such transfers shall be made at fair market values as of the date such transfers are made.
1.2 Each participating Associate Company agrees to render to AMI and AMI agrees to render to the Associate Company a monthly accounting within thirty (30) days after the close of each month and the receiving companies shall have the opportunity for examination and audit, and any balance due shall be paid not later than thirty (30) days after the close of business of said month.
1.3 AMI agrees to pay to the Associate Company its respective participation of all premiums written by the companies after first deducting premiums on all Working Cover reinsurance ceded to reinsurers (other than the parties hereto). Similarly, it is further agreed that all losses, loss expense and other underwriting and administrative expenses (with the exceptions noted in Part II hereof) of the companies, less all losses and expenses recovered and recoverable under Working Cover reinsurance ceded to reinsurers (other than the parties hereto), shall be pro-rated between the parties on the basis of their respective participations as reflected in the aforesaid exhibit.
1.4 As promptly as possible after the effective date of this Agreement, AMI shall remit on a monthly basis any positive cash flow resulting from the combined book of business to each participating Associate Company its proportionate share of such positive cash flow.
1.5 It is the intent of this Agreement that its administration shall be accomplished by personnel on the payroll of AMI, and that each such employee is subject to the direction and control of the Board of Directors, Committees or authorized appointees of each party to this Agreement so far as the duties or activities of the personnel relate to the business or affairs of such party.
1.6 The parties hereto also agree each shall be credited with its proportionate share of salvage and subrogation (i.e. reimbursement obtained or recovery made by originating company, less actual cost of obtaining such reimbursements or making such recovery) on account of claims and settlements involving reinsurance hereunder.
Accounting and Reporting. I. The Agent shall establish separate accounts for the trust assets, the assets obtained as a result of managing and utilizing the trust assets, its own assets, and other trust assets.
II. The Agent shall prepare and send monthly an comprehensive statement in writing, via email or text message to the Principal. The comprehensive statement will provide to the Principle in accordance with the law, agreement or on a basis of risk management. The content states the Pinciple’s business dealing with the Agent, including deposits, loans(foreign currency loans、overdue receivables、bad debts and credit card debt excluded), non-discretionary monetary trust, insurance and other business information or activities related to financial products(charitable trusts, individual or corporate trusts, SWIFT, financial, credit card and securities business statements excluded). The Agent may engage a third party to prepare and send comprehensive statements according to the law. The Principal shall check the content upon receiving the comprehensive statement.The Principal understands and agrees that, when constitutions of the transaction and/or trust, completion of changes of conditions and/or other agreements, and/or proportional changes of investment gains and losses, the Agent may send the comprehensive statement and/or text message, email and/or related transaction information to the Principal for his/her understanding using latest contact information retained by the Agent when the Principal applies for any business (including, but not limited to, deposits or credit cards).The Agent will not provide comprehensive statements to the Principle, once private banking department reach the agreement with the Principle to provide exclusive statements.
III. When authorized to invest in offshore structured notes, the Agent shall prepare and send a written or electronic transaction confirmation notifications within three business days from the day a subscription, redemption, conversion, or early redemption confirmation notification is received from the issuer or the general agent (excluding distribution of dividends and bonuses) to the Principal. Additionally, the Agent shall prepare and send monthly a written or electronic statement or another document disclosing the most recent reference price to the Principal for his/her reference.
IV. If the Principal’s comprehensive statement, transaction notice and transaction confirmation are rejected or returned after being mailed/sent to the add...
Accounting and Reporting. The District shall implement a method of accounting and reporting accumulated Paid Time Off for each employee.
Accounting and Reporting. SECTION 7.1 LESSEE agrees to furnish to KCS audited copies of the financial reports of Watco Companies, Inc. or any company which directly or indirectly owns a majority interest in LESSEE audited by an independent accounting firm on an annual basis on or before May 1 of each year for the term of this lease. Copies of unaudited financial reports pertaining to LESSEE and the Leased Premises prepared in the normal course of LESSEE’s business shall be provided to Lessor on a quarterly basis. KCS shall take the same precautions to protect the confidentiality of non-public financial information provided under this Section that it uses to protect its own confidential non-public financial information.
Accounting and Reporting. 2 6. Claims ..................................................................3 7. Term of this Agreement and Recapture ....................................3 8. Policy Changes, Reductions, Terminations and Reinstatements .............
Accounting and Reporting. The fiscal year of the Corporation shall coincide with that of the District. The Corporation shall develop its own accounting procedures and policies, in accordance with generally accepted accounting principles. The Corporation shall adhere to its financial standards in order to assure the fiscal viability of the Corporation. Such standards shall include proper provision for professional management, adequate working capital, and adequate reserve funds for current operations, capital replacements, contingencies and adequate provisions for new business requirements.
Accounting and Reporting. 23 10.1 Fiscal Year................................................................................23 10.2
Accounting and Reporting. Per city Code 8.045.18 Non-Profit shall provide City, semi-annual financial reports by August 1 and February 1, covering the six months ended June 30 and December 31, respectively, of each year. These reports shall provide a verified listing of the expenditures with adequate narrative, so the City can be satisfied as to the appropriateness of the expenditures. In addition a report of services performed shall be presented in a format acceptable to City, and will, at City's discretion, include a presentation at a meeting of the Budget Committee of the City. The Budget committee of the City shall review reports during the budget process and recommend to the City Council the continuance, discontinuance, or changes to a contract each year.
Accounting and Reporting. The Trustee shall cooperate with the Finance Committee and Financial Advisor in preparation of periodic financial statements and reports as reasonably required by the Trustee Plan Documents and as reasonably requested by the Finance Committee and/or as ordered by the District Court. Initially, such statements and reports are set forth on Annex B – Part II.