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ACCOUNTING BULLETIN TO:Fiscal Officers of All State AgenciesFROM:Ellen Andres, Assistant Comptroller OperationsDATE:July 15, 2019SUBJECT:Interest Payments on Back Number:230Public Act 1010007 provides

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How to fill out contract funds reservation

01

Step 1: Read the contract thoroughly to understand the terms and conditions.

02

Step 2: Identify the specific sections or clauses related to funds reservation.

03

Step 3: Determine the amount of funds that need to be reserved for the contract.

04

Step 4: Create a separate section in the contract for funds reservation.

05

Step 5: Clearly state the purpose and duration of the funds reservation.

06

Step 6: Specify any limitations or conditions for the use of reserved funds.

07

Step 7: Include detailed instructions for requesting or releasing reserved funds.

08

Step 8: Ensure that all parties involved in the contract agree to the funds reservation.

09

Step 9: Review and finalize the contract, highlighting the funds reservation section.

10

Step 10: Sign the contract and distribute copies to all relevant parties.

Who needs contract funds reservation?

01

Contractors who want to ensure that funds are set aside for a specific project or task.

02

Government agencies or organizations that require budgetary control for contracts.

03

Businesses or individuals who want to protect their financial interests during contract execution.

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What is contract funds reservation?

Contract funds reservation is the process of setting aside funds for a specific contract or project.

Who is required to file contract funds reservation?

Contracting officers or authorized officials are required to file contract funds reservation.

How to fill out contract funds reservation?

Contract funds reservation can be filled out using the designated forms provided by the contracting agency.

What is the purpose of contract funds reservation?

The purpose of contract funds reservation is to ensure that enough funds are available for the completion of a contract or project.

What information must be reported on contract funds reservation?

The contract number, funding amount, designated project or contract, and funding source must be reported on contract funds reservation.

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