Collection Account definition: Copy, customize, and use instantly
Introduction
The term "Collection Account" refers to a designated account used for receiving and managing payments, typically as part of a structured financial transaction, such as loan repayments, or as a way to centralize incoming funds for a business. It is important in ensuring clear tracking, appropriate allocation of funds, and effective cash flow management.
Below are various examples of how "Collection Account" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Collection Account" as a designated payment account
This definition ties "Collection Account" to a specific account used for receiving payments from various sources.
"Collection Account" means a bank account designated by the payer or receiver for the purpose of collecting payments, including but not limited to loan repayments, fees, or other amounts due.
Definition of "Collection Account" as a central funds repository
This definition connects "Collection Account" to an account used for centralizing and managing incoming funds for an organization.
"Collection Account" refers to an account established to centralize all incoming funds, which are then allocated to the appropriate parties or used for specific purposes.
Definition of "Collection Account" as an escrow account
This definition links "Collection Account" to an escrow account holding funds temporarily for specific contractual purposes.
"Collection Account" means an escrow account in which funds are held temporarily pending the completion of contractual obligations or conditions precedent.
Definition of "Collection Account" as a receivables account
This definition applies "Collection Account" to an account used for receiving and managing accounts receivable.
"Collection Account" refers to an account used by a business to collect amounts due from customers, including invoices, debts, or other outstanding balances.
Definition of "Collection Account" as an intermediary account
This definition applies "Collection Account" to an account that acts as an intermediary for funds between different parties.
"Collection Account" means an intermediary account through which payments or funds are passed before being distributed or forwarded to the intended recipient.
Definition of "Collection Account" as a payment processing account
This definition ties "Collection Account" to an account specifically for handling payment transactions and processing.
"Collection Account" refers to a payment processing account used to receive and manage payments from customers or clients for goods, services, or other obligations.
Definition of "Collection Account" as a loan repayment account
This definition links "Collection Account" to an account used to collect payments for loan or credit repayments.
"Collection Account" means an account designated for receiving loan repayments, including principal and interest payments made by the borrower.
Definition of "Collection Account" as a transaction clearing account
This definition connects "Collection Account" to an account used for clearing and settling financial transactions.
"Collection Account" refers to an account used to clear financial transactions, ensuring that payments are received and appropriately allocated to the correct recipient.
Definition of "Collection Account" as a business revenue account
This definition ties "Collection Account" to an account used to collect business revenues, including sales and service fees.
"Collection Account" means an account used to collect revenue generated by a business, including payments for sales, services, or other revenue-producing activities.
Definition of "Collection Account" as a centralized revenue collection account
This definition links "Collection Account" to an account where a company consolidates all incoming revenues for financial tracking.
"Collection Account" refers to a centralized account where all incoming revenues are collected, allowing for easier financial tracking and reporting.
Definition of "Collection Account" as an account for settling obligations
This definition applies "Collection Account" to an account used to settle outstanding obligations, such as debts or contractual payments.
"Collection Account" means an account established to receive and process payments made to settle financial obligations under a contract or agreement.
Definition of "Collection Account" as a trust account
This definition connects "Collection Account" to a trust account used for holding funds on behalf of others until conditions are met.
"Collection Account" refers to a trust account where funds are held temporarily for a beneficiary, pending fulfillment of the conditions outlined in the trust agreement.
Definition of "Collection Account" as a vendor payment account
This definition links "Collection Account" to an account used for receiving payments from clients and paying vendors or service providers.
"Collection Account" means an account used to receive payments from clients or customers, which are then distributed to vendors or service providers for goods or services.
Definition of "Collection Account" as a tax payment account
This definition ties "Collection Account" to an account where tax payments are collected and processed.
"Collection Account" refers to an account used by tax authorities to collect taxes owed by individuals or businesses, including income, sales, and other tax payments.
Definition of "Collection Account" as a settlement account
This definition connects "Collection Account" to an account used for settling amounts owed between parties in a financial transaction.
"Collection Account" means an account where payments are made to settle amounts owed between parties involved in a financial transaction.
Definition of "Collection Account" as a charitable fund account
This definition links "Collection Account" to an account used by organizations to collect donations or charitable funds.
"Collection Account" refers to an account used by a charitable organization to collect donations, grants, or other contributions from donors.
Definition of "Collection Account" as a settlement repository
This definition ties "Collection Account" to an account where funds are temporarily held before distribution for settlement purposes.
"Collection Account" means a repository where funds are held temporarily before being distributed for the settlement of financial obligations or transactions.
Definition of "Collection Account" as a digital payment collection account
This definition connects "Collection Account" to a digital account used for collecting payments via online platforms.
"Collection Account" refers to a digital account used to receive payments processed through online payment platforms for goods, services, or other obligations.
Definition of "Collection Account" as a government account
This definition links "Collection Account" to an account used by government agencies to receive payments related to fees or taxes.
"Collection Account" means an account used by government agencies to receive and manage payments related to taxes, fines, and other government-imposed fees.
Definition of "Collection Account" as a payment settlement account
This definition connects "Collection Account" to an account specifically for handling the settlement of payments for services or goods.
"Collection Account" refers to an account used to manage the settlement of payments for goods or services provided, ensuring funds are transferred to the appropriate parties.
Definition of "Collection Account" as a payment holding account
This definition ties "Collection Account" to an account used to temporarily hold funds before disbursement.
"Collection Account" means an account established to temporarily hold payments from clients, customers, or other third parties before they are distributed or allocated.
Definition of "Collection Account" as a client payment account
This definition connects "Collection Account" to an account used to collect payments from clients for services rendered.
"Collection Account" refers to an account used to receive payments from clients for services provided or goods sold, ensuring proper tracking and allocation.
Definition of "Collection Account" as a loan servicing account
This definition links "Collection Account" to an account for collecting and managing loan repayments.
"Collection Account" means an account designated for the collection and management of repayments related to loans or other financing arrangements.
Definition of "Collection Account" as an account for collecting contractual payments
This definition applies "Collection Account" to an account used for receiving payments due under a contract.
"Collection Account" refers to an account used to collect payments owed under a contract, including installment payments or one-time fees.
Definition of "Collection Account" as a central revenue collection
This definition ties "Collection Account" to an account where all incoming revenues are consolidated for tracking and distribution.
"Collection Account" means an account where all incoming revenues from various sources are collected, aggregated, and distributed as necessary.
Definition of "Collection Account" as a receivables management account
This definition connects "Collection Account" to an account used for managing receivables from customers.
"Collection Account" refers to an account used to track and manage amounts receivable from customers, ensuring timely payment collection.
Definition of "Collection Account" as a merchant account
This definition applies "Collection Account" to an account used by businesses or merchants to collect payments for goods or services sold.
"Collection Account" means a merchant account set up by a business to collect payments from customers for products or services rendered.
Definition of "Collection Account" as an account for managing incoming funds
This definition links "Collection Account" to an account used to manage and track incoming funds.
"Collection Account" refers to an account used for managing incoming funds, whether from customers, clients, or other financial sources.
Definition of "Collection Account" as a tax collection account
This definition connects "Collection Account" to an account used for collecting taxes or government-imposed fees.
"Collection Account" means an account used by governmental bodies to collect taxes, fines, or other fees due from individuals or businesses.
Definition of "Collection Account" as a payment collection and disbursement account
This definition ties "Collection Account" to an account for collecting payments and disbursing funds accordingly.
"Collection Account" refers to an account used for the dual purpose of collecting payments and distributing or disbursing the collected funds as required.
Definition of "Collection Account" as a capital contribution account
This definition links "Collection Account" to an account used for collecting capital contributions in business or partnership agreements.
"Collection Account" means an account used for collecting capital contributions from partners, investors, or shareholders in a business or partnership.
Definition of "Collection Account" as a global payment account
This definition applies "Collection Account" to an account used for managing international payments from customers or clients.
"Collection Account" refers to an account set up to handle international payments or funds collected from clients across different currencies or jurisdictions.
Definition of "Collection Account" as a sales revenue account
This definition connects "Collection Account" to an account used for collecting revenue generated from sales transactions.
"Collection Account" means an account used to collect revenue generated from the sale of goods or services, ensuring proper handling and tracking of sales proceeds.
Definition of "Collection Account" as an insurance premium account
This definition ties "Collection Account" to an account used for collecting insurance premiums.
"Collection Account" refers to an account designated for the collection of insurance premiums paid by policyholders for coverage.
Definition of "Collection Account" as a charity donation account
This definition links "Collection Account" to an account used for receiving charitable donations or contributions.
"Collection Account" means an account established by a charitable organization to collect donations or other contributions made by donors.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.