Failure to Maintain Books and Records Sample Clauses

The "Failure to Maintain Books and Records" clause defines the obligation of a party, typically a business or organization, to keep accurate and up-to-date financial and operational records. In practice, this clause requires that all relevant documents, such as ledgers, invoices, and receipts, are properly maintained and made available for inspection if necessary. Its core function is to ensure transparency and accountability, helping to prevent fraud, mismanagement, or disputes over financial matters by setting clear expectations for record-keeping.
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Failure to Maintain Books and Records. Failure to maintain books, records and supporting documentation, as described in this ARTICLE XII, shall establish a presumption in favor of the State for the recovery of any funds paid by the State under this Agreement for which adequate books, records and supporting documentation are not available to support disbursement.
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Failure to Maintain Books and Records. Failure to maintain books, records and supporting documentation shall establish a presumption in favor of the State of Illinois for the recovery from the beneficiary of any funds paid by the State under this Program for which adequate books, records and supporting documentation are not available to support disbursement.
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Failure to Maintain Books and Records. Failure to maintain books, records and supporting documentation, shall establish a presumption in favor of the Department for the recovery of any funds paid by the Department under this Agreement for which adequate books, records and supporting documentation are not available to support disbursement.
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Failure to Maintain Books and Records. Failure to maintain books, records and supporting documentation shall establish a presumption in favor of County for the recovery of any funds paid by County under this Agreement for which adequate books, records and supporting documentation are not available to support disbursement.
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Failure to Maintain Books and Records. Failure to maintain books, records and supporting documentation, as described in this Section 4.2, shall establish a presumption in favor of the State and SMC for the recovery of any funds paid by the State or SMC under this Agreement for which adequate books, records and supporting documentation are not available to support disbursement and LOCAL SPONSOR shall reimburse to SMC any funds disallowed for failure to comply with these requirements. 4.3 Subcontracts/Sub-Grants.
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Related to Failure to Maintain Books and Records

  • Inspection of Books and Records Contractor will permit County, or any duly authorized agent of County, to inspect and examine the books and records of Contractor for the purpose of verifying the amount of work performed under the Scope of Services. County’s right to inspect survives the termination of this Agreement for a period of four years.

  • Maintenance of Books and Records Fund Accountant will keep and maintain the following books and records of each Fund pursuant to Rule 31a-1 under the Investment Company Act of 1940 (the "Rule"): (i) Journals containing an itemized daily record in detail of all purchases and sales of securities, all receipts and disbursements of cash and all other debits and credits, as required by subsection (b)(1) of the Rule; (ii) General and auxiliary ledgers reflecting all asset, liability, reserve, capital, income and expense accounts, including interest accrued and interest received, as required by subsection (b)(2)(I) of the Rule; (iii) Separate ledger accounts required by subsection (b)(2)(ii) and (iii) of the Rule; and (iv) A monthly trial balance of all ledger accounts (except shareholder accounts) as required by subsection (b)(8) of the Rule.