Common use of Client Accounts Clause in Contracts

Client Accounts. 2.16.1. Subject to agreement with us, and where you are a company, partnership or sole trader, we may provide you with a Client Account(s) for the purpose of holding money belonging to your clients but under your control. 2.16.2. A Client Account may (as requested by you in writing and agreed to by us) be either: a) a designated Client Account – which is a Client Account used to hold client money of a single client in a single Client Account; or b) a general Client Account – which is a Client Account used to hold client money of a number of clients in a single Client Account. 2.16.3. Interest (if any) will be payable in respect of Client Accounts in accordance with our Interest Rate Schedule or otherwise as agreed in writing between you and us. 2.16.4. You confirm and agree that: a) you, and not us, are responsible for conducting all due diligence on your clients which may be necessary to comply with applicable laws and regulation; b) you will only use a Client Account to hold money belonging to your clients; c) in addition to your obligations under these Terms, you will operate each Client Account in accordance with the terms of your agreement with your client and any legal, regulatory or professional obligations which you owe to your client. 2.16.5. Our rights of set-off in term 4.6 shall not apply in respect of any credit balance on a Client Account.