Common use of The Contributions Clause in Contracts

The Contributions. 3.1. During the Term, the Contributing Partners shall use reasonable endeavours to collect the Contributions and pay those Contributions to SBC on the Agreed Dates or, if not paid on the Agreed Dates, within fourteen (14) days of the Agreed Dates. 3.2. The Contributing Partners shall remit the Contributions to SBC by way of BACS payment or a telegraphic transfer for the attention of the Finance Department by quoting reference ‘SAC LA payments’. SBC shall acknowledge receipt in writing of each Contribution received within fourteen (14) days. 3.3. In the event that any or all of the Contributing Partners fail to pay the Contributions to SBC in accordance with clause 3.1, SBC shall refer the relevant details to the Board. 3.4. SBC will keep accurate books of account and financial records in relation to the deposit and expenditure of the Contributions in accordance with sound and prudent financial management. 3.5. SBC shall ensure that all Contributions received from the Contributing Partners are deposited in a high interest-bearing bank account until such time that the Contributions have been expended in accordance with the provisions of the DIPs and the terms of the Partnership Memorandum of Understanding. 3.6. At the beginning of each Financial Year, SBC shall provide and submit to the Contributing Partners: (a) a written record of all Contributions received during the preceding Financial Year; and (b) a written record of the expenditure of the Contributions during the preceding Financial Year.