Omnibus Account is the clients’ funds that is pooled with monies belonging to other clients in a segregated account which is kept separate from the company’s account. The Omnibus Account is used by, in addition to contractor profit, the costs of engineering services, specified items of major equipment, or certain commodity materials, usually specified in the contract. An Omnibus Contract outlines the details of a relationship between multiple parties.
Related Definitions in the Project: The Project Cost; Project Management; Project Contract
