Common use of System of Accounts Clause in Contracts

System of Accounts. The warehouse operator agrees to: 1. Have and maintain a system of accounts approved for the purpose by FSA. This system of accounts must include an accurate and concise daily position record showing, as activity occurs, the total weight of cottonseed in licensed space: a. Total cottonseed unloaded into the warehouse, b. Total cottonseed loaded out of the warehouse, c. Total cottonseed adjustments, d. Total cottonseed remaining in the warehouse at the close of each business day, e. Total obligations transferred to another warehouse, f. Total negotiable and non-negotiable warehouse receipts issued, canceled, and balance outstanding, g. Total increase, decrease, and outstanding un-receipted obligations belonging to others including cottonseed bank, h. Total cottonseed owned by the warehouse operator for which warehouse receipts have not been issued, and i. Total cottonseed obligations. 2. Maintain a separate set of records for each depositor showing for each bag or lot of cottonseed, the name of the depositor, the weight of the cottonseed, the number of bags in each lot, the grade, the location, the dates received and delivered out of storage, the receipts issued and canceled which must include a detailed record of all money received and disbursed and, if applicable, all insurance policies taken out and canceled on request of each depositor. These records will be maintained accurately and concisely as activity occurs. The warehouse operator must retain these records for a period of six years after December 31 of the year in which they were created, and for such longer period as may be necessary for the purposes of any litigation which the warehouse operator knows to be pending, or as may be required by FSA in particular cases to carry out the purposes of the Act. 3. Maintain similar records and information for any non-storage cottonseed handled through the warehouse. Records required with respect to non-storage cottonseed must be retained, as a part of the records of the warehouse, for a period of one year after December 31 of the year in which the lot of non-storage cottonseed is delivered from the warehouse. 4. Maintain a record of the temperature of stored cottonseed for each bin.