The Statement and Account Clause in the U.S. Constitution mandates that the government must disclose its income and expenses to the public. This transparency is crucial in enabling citizens to track the allocation of their tax dollars and ensure equitable practices.
The Statement and Account Clause, located in Article I, Section 9, Clause 7 of the United States Constitution, mandates that the federal government regularly disclose its income and expenditures. This includes reporting the amount of money collected through taxes and outlining its intended use. This provision promotes transparency and accountability, ensuring that the government serves the people effectively. By requiring openness regarding finances, the Statement and Account Clause helps prevent corruption and the improper use of public funds. It empowers citizens to hold elected officials responsible and make informed choices regarding the allocation of their tax dollars.
A statement and account clause is a provision in a contract or agreement that requires one party to provide regular statements or accounts to the other party regarding the financial transactions or activities related to the agreement.
This clause is important as it ensures transparency and accountability between the parties involved in the agreement. It allows the receiving party to monitor and verify the financial aspects of the agreement.
The statements or accounts should include detailed information about the financial transactions, such as the date, description, and amount of each transaction. It should also include any relevant supporting documents, such as invoices or receipts.
The frequency of providing statements or accounts is typically specified in the contract. It can be monthly, quarterly, or annually, depending on the nature of the agreement and the parties’ preferences.
Yes, the receiving party has the right to request additional information or seek clarification if they have any doubts or concerns about the provided statements or accounts. The clause should specify the procedure for such requests.
If the providing party fails to comply with the clause, it may be considered a breach of contract. The receiving party may have the right to seek remedies, such as requesting compliance, terminating the agreement, or seeking damages.
Yes, the parties can negotiate and modify the clause to suit their specific needs and requirements. However, any modifications should be agreed upon and documented in writing to avoid any future disputes.
No, the applicability of this clause depends on the nature of the agreement and the parties’ intentions. It is commonly used in agreements involving financial transactions, such as loan agreements, partnership agreements, or contracts for the sale of goods or services.
The clause should specify whether the providing party is entitled to charge a fee for preparing and providing the statements or accounts. If a fee is allowed, it should be reasonable and clearly stated in the agreement.
Yes, the parties have the freedom to negotiate and exclude the statement and account clause from their agreement if they mutually agree to do so. However, it is generally advisable to include this clause to ensure transparency and accountability in financial matters.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/statement-and-account-clause/
- Modern Language Association (MLA):Statement And Account Clause. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/statement-and-account-clause/.
- Chicago Manual of Style (CMS):Statement And Account Clause. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/statement-and-account-clause/ (accessed: May 09 2024).
- American Psychological Association (APA):Statement And Account Clause. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/statement-and-account-clause/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts