Common use of ACCESS TO RECORDS AND AUDIT Clause in Contracts

ACCESS TO RECORDS AND AUDIT. a. Contractor shall maintain accurate books, records, documents, and other evidence (collectively, “Records”) following accounting procedures and practices sufficient to reflect properly all costs of whatever nature claimed to have been incurred and anticipated to be incurred in the performance of this Contract. Contractor shall permit OSU and the federal government and their respective duly authorized representatives to have access to the Records that are directly pertinent to this Contract for the purpose of conducting an audit, or other examination, or for creating excerpts or transcripts. Contractor shall maintain Records for OSU’s review for at least six years beyond the term of the Contract. Contractor shall promptly remedy any discrepancies involving deviation from the terms of this Contract and shall promptly reimburse OSU for any commitments or expenditures found by OSU to have been in excess of amounts authorized by OSU under this Contract. b. OSU and OSU’s primary funding source (NSF) may, at reasonable times and places, audit the books and records of the Contractor and Contractor’s subcontractors and may review the Contractor’s accounting system, overhead rates, and internal control systems to the extent they relate to costs or cost principles applicable to this Contract. The parties will schedule audits at a mutually agreeable time. The Contractor must include the substance of this Subsection 7.

ACCESS TO RECORDS AND AUDIT. a. Contractor shall maintain accurate books, records, documents, and other evidence (collectively, “Records”) following accounting procedures and practices sufficient to reflect properly all costs of whatever nature claimed to have been incurred and anticipated to be incurred in the performance of this Contract. Contractor shall permit OSU and the federal government and their respective duly authorized representatives to have access to the Records that are directly pertinent to this Contract for the purpose of conducting an audit, or other examination, or for creating excerpts or transcripts. Contractor shall maintain Records for OSU’s review for at least six years beyond the term of the Contract. Contractor shall promptly remedy any discrepancies involving deviation from the terms of this Contract and shall promptly reimburse OSU for any commitments or expenditures found by OSU to have been in excess of amounts authorized by OSU under this Contract. b. OSU and OSU’s primary funding source (NSF) may, at reasonable times and places, audit the books and records of the Contractor and Contractor’s subcontractors and may review the Contractor’s accounting system, overhead Overhead rates, and internal control systems to the extent they relate to costs or cost principles applicable to this Contract. The parties Parties will schedule audits at a mutually agreeable time. The Contractor must include the substance of this Subsection 7.