Smart Safe Process Clause Samples
The Smart Safe Process clause outlines the procedures and requirements for handling, storing, and securing cash or valuables using a smart safe system. Typically, this clause specifies how funds are deposited into the smart safe, who is authorized to access or service the safe, and how records of deposits and withdrawals are maintained for accountability. By establishing clear protocols for the use of smart safes, this clause helps prevent loss, theft, or mismanagement of funds, ensuring secure and transparent cash handling within an organization.
Smart Safe Process. Once Client has obtained and installed a Smart Safe at one of Client’s locations:
(i) Client’s employees can place Cash into the secure cassette or receptacle ("cassettes") feature of the Smart Safe at that location;
(ii) The Cash can be read and counted by the Smart Safe which will then transmit to Bank through Client’s Smart Safe Courier on a business day basis by an electronic file reporting the amount of Cash in the cassettes and related information (the "Report”);
(iii) For each Report received prior to the applicable cutoff hour on any business day, Bank will provisionally credit Client’s Account on that business day for the amount of Cash stated in the Report; and
(iv) Client’s Smart Safe Courier will retrieve and transport the contents of the Smart Safe to Bank or to a cash vault location operated by the Smart Safe Courier ("Virtual Vault").