Common use of CLIENT FUNDS Clause in Contracts

CLIENT FUNDS. All development funds will be held in a Trust Bank Account with the Bank of Scotland. This account will be interest bearing and the interest will be credited to the development account. In no circumstances will the bank account be allowed to be overdrawn and in the event that during the course of the year essential expenditure results in us operating significantly beyond the budget a further service charge will be issued to proprietors. All reserve / contingency funds collected are non-refundable should a proprietor sell.

CLIENT FUNDS. All development funds will be held in a Trust Bank Account with the Bank of Scotland. This account will be interest bearing and the interest will be credited to the development account. All service charges associated with operating the development bank account and all transaction/processing fees incurred for payment made by debit card will be charged to all proprietors as a development expense. In no circumstances will the bank account be allowed to be overdrawn and in the event that during the course of the year essential expenditure results in us operating significantly beyond the budget a further service charge will be issued to proprietors. All reserve / contingency funds collected are non-refundable should a proprietor sell.