BANKING REQUIREMENTS Sample Clauses
The 'Banking Requirements' clause sets out the specific obligations and procedures related to the handling of financial transactions under the agreement. It typically details which bank accounts must be used, the manner in which payments are to be made or received, and any necessary authorizations or documentation required for banking activities. For example, it may require that all payments be processed through a designated escrow account or specify the currency and timing of transfers. This clause ensures that both parties have a clear understanding of the financial processes involved, reducing the risk of disputes or errors in payment handling.
BANKING REQUIREMENTS. The following are the user requirements in respect of banking facilities for CCT.
1.1 INCOME
i. Purpose: The Cashier Deposit Account will receive CCT cashier and TPC deposits, with a 12- digit DI. These deposits are from CCT receipting points and/or TPC, lodged to the bank either by a CIT company or direct by an individual. Validation of the DI by the bank’s system must meet the CDV rule as mentioned in Appendix A1.
ii. Pre-Printed deposit books/pads are required to record individual cashiers’ deposits to this account. Type of pre-printed books/pads: ▪ Pre-printed carbonised deposit books (50 - in triplicate) with 12-digit DI and name of the site (provided by the CCT) with MICR Code. ▪ Pre-printed carbonised deposit pads (50) with MICR Code. The pad is to have 12 empty blocks for the CCT’s cashier to fill in their 12-digit DI. ▪ Blank non-carbonised pads (100) (A4) with MICR Code. CCT reserves the right to source these deposit books/pads either from the tenderer or another service provider.
iii. The 12-digit DI is the only reference which must appear on the Cashiers Deposit bank statement when deposits are made.
iv. Merchant services income will be deposited into this account.
BANKING REQUIREMENTS. Contractor shall establish and maintain a medical Claims reimbursement demand deposit account at no cost to the Department to assign, report, and provide audit controls for Department's Claim liability for medical Claims benefit payments made solely under the Contract.
BANKING REQUIREMENTS. The following are the user requirements in respect of banking facilities for CCT.
1.1 INCOME
1.1.1 CASHIER’S DEPOSIT ACCOUNT
i. Purpose: The Cashier Deposit Account will receive CCT cashier and TPC deposits, with a 12- digit DI. These deposits are from CCT receipting points and/or TPC, lodged to the bank either by a CIT company or direct by an individual. Validation of the DI by the bank’s system must meet the CDV rule as mentioned in Appendix A1.
ii. Pre-Printed deposit books/pads are required to record individual cashiers’ deposits to this account. Type of pre-printed books/pads: ▪ Pre-printed carbonised deposit books (50 - in triplicate) with 12-digit DI and name of the site (provided by the CCT) with MICR Code. ▪ Pre-printed carbonised deposit pads (50) with MICR Code. The pad is to have 12 empty blocks for the CCT’s cashier to fill in their 12-digit DI. ▪ Blank non-carbonised pads (100) (A4) with MICR Code. CCT reserves the right to source these deposit books/pads either from the tenderer or another service provider.
iii. The 12-digit DI is the only reference which must appear on the Cashiers Deposit bank statement when deposits are made.
iv. Merchant services income will be deposited into this account.