Page 285 - Accounting Best Practices

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General Best Practices
274
Exhibit 13.7 Sample Contract Terms Database: ABC Company
Agreements Summary
Termination
Due Date Date Frequency Amount Name Details
Last Day 7/31/03 Monthly $90 Smith, Joseph Lease on Pickup Truck
Mid-Aug. Ongoing Annual $.01 English Rebate of $.01 for Every
per lb. Polymers Pound Purchased in
Previous 12-Month
Period
After Mtg. Ongoing Quarterly $250 Board of Advisory Fee Paid to
Advisors These People
Immediately after
Each Advisory Meeting
End of 2012 Quarterly $12,500 Limited Partner $50,000 pd. in
Quarter Quarterly Installments,
But Not to Exceed 10%
of Pretax Income (Less
Cost of Health
Insurance) + Out-of-
Pocket Expenses
None 7/15/01 Quarterly Varies Frontage 5% of 1st-Year Sales
Plastics Generated by FP
Accounts, 5% of 2nd-
Year Sales, 3% of 3rd-
Year Sales, Max Pay of
$250,000
None 8/31/01 Annual $980 E-Net Cellular Service Plan for Portable
Phones
None 6/30/02 Annual $80 Dept. of License Fee for Scales
Agriculture 1 × 2,001 lb. 12 × 50
lb. Scales
None 5/31/03 Annual $2,700 Masterson Annual Extended
Warranty
None 5/20/01 Annual N/A E Prime 5% Reduction in Natural
Gas Prices
None 4/1/99 Annual $2,208 NowComm Phone Maintenance
None 10/1/00 Monthly $1,248 Rogers Building Preventive
Mechanical Maintenance
None 9/30/07 Monthly $1,000 Single Source Bill Them for Monthly
Lease of Space
None None Quarterly $202 Pitney Bowes Lease on Postage
Machine