Accounting System Requirement Sample Clauses
The Accounting System Requirement clause mandates that a party, typically a contractor or service provider, must maintain an accounting system that meets specified standards or criteria. This often involves keeping accurate, complete, and auditable financial records related to the contract, and may require the system to be subject to review or approval by the other party or a regulatory body. The core function of this clause is to ensure transparency and accountability in financial reporting, thereby reducing the risk of errors, fraud, or disputes over costs.
Accounting System Requirement. The Contractor shall maintain an adequate system of accounting and internal controls that meets Generally Accepted Accounting Principles or “GAAP.”
Accounting System Requirement. Contractor shall maintain an adequate system of accounting and internal controls that meets GAAP.
Accounting System Requirement. Service Provider shall maintain an adequate system of accounting and internal controls that meets Generally Accepted Accounting Principles or GAAP.
Accounting System Requirement. Vendor shall maintain an adequate system of accounting and internal controls that meets Generally Accepted Accounting Principles or GAAP.