Hotel Management Agreement Draft Page 11
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171.
All monies received by the Operator from the Operation of the
Hotel shall be deposited by the Operator in a Special Account in the
Hotel‟s name. Such monies shall not be mingled with the
Operator‟s or ABC‟s own funds.
2.
The Parties hereto hereby agree that the said Special Account shall
be opened in __________ Bank.
PART VIII
BOOKS OF ACCOUNTS, RECORD AND STATEMENTS
1.
The Operator shall deliver to ABC by the 20
of each calendar
th
month a profit and loss statement showing the results of the
operations of the Hotel for the immediate preceding calendar
month and the Fiscal Year to date. Such a statement:
a. Shall be in the customary form, with the Schedule annexed and
in the same detail as generally prepared by other operators for
similar hotels;
b. Shall be taken from the books and records maintained by the
Operator of the Hotel;
By August 31 of each year, the Operator shall deliver to ABC an
Annual Profit and Loss Statement, certified by the Auditor,
showing the results of the operation of the Hotel during the Fiscal
Year.
PART IX
REPAIRS, MAINTENANCE AND IMPROVEMENTS
1. The Operator shall, before the commencement of each Fiscal Year,
submit to ABC an estimate of expenditure likely to be incurred during
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