Common use of Accounting; Audit Access Clause in Contracts

Accounting; Audit Access. The Contractor shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management under the Contract; the accounting and control systems shall be satisfactory to Owner. Owner, DOE, Federal or State auditing agencies; or their authorized representatives, shall be afforded reasonable and regular access to the Contractor’s records, books, correspondence, instructions, drawings, receipts, subcontracts, purchase orders, vouchers, memoranda and other electronic and hard copy data relating to the Contractor’s right to payment under and the Contractor’s compliance with the terms and conditions of this Contract, and the Contractor shall preserve these for a period of six years after final payment or for such longer period as may be required by law. If for any reason, any part of this contract, or any resulting contract(s) is involved in litigation, Contractor shall retain all pertinent records for not less than six years or until all litigation is resolved, whichever is longer. The Contractor will provide full access to such documents in preparation for and during any such litigation. Periodic and Final Audits. Owner may, at its discretion, perform periodic audits of the cost of the work and any other reimbursable costs associated with the Project. Owner may conduct a final audit of all Project books and records prior to the Project closeout. The Contractor shall cooperate fully with Owner, DOE, Federal or State auditing agencies; or their authorized representatives, in the performance of such audits.

Accounting; Audit Access. The Contractor shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management under the Contract; the accounting and control systems shall be satisfactory to Owner. Owner, DOE, Federal or State auditing agencies; or their authorized representatives, shall be afforded reasonable and regular access to the Contractor’s records, books, correspondence, instructions, drawings, receipts, subcontracts, purchase orders, vouchers, memoranda and other electronic and hard copy data relating to the Contractor’s right to payment under and the Contractor’s compliance with the terms and conditions of this Contract, and the Contractor shall preserve these for a period of six years after final payment or for such longer period as may be required by law. If for any reason, any part of this contract, or any resulting contract(s) is involved in litigation, Contractor shall retain all pertinent records for not less than six years or until all litigation is resolved, whichever is longer. The Contractor will provide full access to such documents in preparation for and during any such litigation. Periodic and Final Audits. Owner may, at its discretion, perform periodic audits of the cost of the work and any other reimbursable costs associated with the Project. Owner may conduct a final audit of all Project books and records prior to the Project closeout. The Contractor shall cooperate fully with Owner, DOE, Federal or State auditing agencies; or their authorized representatives, in the performance of such audits.