Common use of Accounting Standards and Principles Clause in Contracts

Accounting Standards and Principles. Records of expenses pertaining to services (including Additional Services) performed on the basis of a Worker Wage Rate or a Monthly Salary Rate shall be kept on the basis of generally accepted accounting principles, and in accordance with cost accounting standards promulgated by the Federal Office of Management and Budget Cost Accounting Standards Board, and shall be available for audit by the Owner or the Owner's authorized representative for a period of four (4) years after Final Completion of the Project. Owner will give reasonable notice prior to undertaking such an audit.