SECURITY DEPOSIT ACCOUNTING Sample Clauses

The Security Deposit Accounting clause outlines the procedures for handling, tracking, and returning a tenant's security deposit during and after a lease term. Typically, this clause specifies how the deposit is held, the conditions under which deductions may be made (such as for damages or unpaid rent), and the timeline for providing an itemized statement and returning any remaining funds to the tenant. Its core function is to ensure transparency and fairness in the management of security deposits, thereby protecting both the landlord's and tenant's interests and reducing disputes at the end of the tenancy.