Common use of Access to and Audit of Books and Records Clause in Contracts

Access to and Audit of Books and Records. 12.5.1 Contractor shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, using accounting and control systems in accordance with generally accepted accounting principles and as may be provided in the Contract Documents. Contractor shall maintain a complete set of all accounts, books, records, documents, and other information and items (“Books and Records”) prepared or employed by Contractor in its management, scheduling, cost accounting and otherwise with respect to the Project. Contractor shall grant to Owner and any Governmental Person having jurisdiction over the Project such audit rights and allow Owner and such Governmental Person such access to and the right to copy such Books and Records at such times as Owner may request, but only as necessary and appropriate in connection with Work to be performed on a time and material cost basis (including but not limited to the costs identified under Sections 19.3.3 and 19.3.4), issuance of Change Orders (other than all or a portion of Change Orders issued on a lump-sum basis), and the resolution of Claims.