Common use of ACCOUNTS AND AUDIT Clause in Contracts

ACCOUNTS AND AUDIT. (a) The Recipient must keep full and proper records to demonstrate compliance with all aspects of this Agreement. The Recipient must keep LaunchVic fully informed of all aspects of the progress of the Project on request, and will co-operate with LaunchVic and provide LaunchVic with all information reasonably requested by LaunchVic or any third party engaged by LaunchVic to conduct any audit or inspection. (b) The Recipient must keep accounting records relating to the Grant and must account for the Grant expenditure separately from other funds in a separate bank account and in accordance with generally accepted accounting principles. The accounts for the Grant should, at a minimum, itemise the Recipient’s expenditure of the Grant and, in relation to each item, describe the nature of expenditure, the amount and the connection to the approved budget for the Project Plan. The Recipient must keep valid Tax Invoices in respect of all items of expenditure of the Grant. (c) Upon request, the Recipient must permit LaunchVic or an auditor appointed by LaunchVic access to accounting records relating to the Project and Grant and where relevant to inspect any Project works, the Project site or any equipment relating to the Project. (d) At any time before the Completion Date, LaunchVic may inspect or audit all or any of the Recipient’s processes for the purposes of monitoring the standard and quality of, and progress in relation to, the Project. If any Payment Deliverable is unsatisfactory to LaunchVic, acting reasonably, LaunchVic has the discretion to ask the Recipient to rectify any such Payment Deliverable to LaunchVic’s satisfaction. (e) The Recipient must be provided with at least 1 weeks’ notice in writing of any audit or inspection requested by LaunchVic under this clause 7.

ACCOUNTS AND AUDIT. (a) The Recipient must keep full and proper records to demonstrate compliance with all aspects of this Agreement. The Recipient must keep LaunchVic fully informed of all aspects of the progress of the Project on request, and will co-operate with LaunchVic and provide LaunchVic with all information reasonably requested by LaunchVic or any third party engaged by LaunchVic to conduct any audit or inspection. (b) The Recipient must keep accounting records relating to the Grant and must account for the Grant expenditure separately from other funds in a separate bank account and in accordance with generally accepted accounting principles. The accounts for the Grant should, at a minimum, itemise the Recipient’s expenditure of the Grant and, in relation to each item, describe the nature of expenditure, the amount and the connection to the approved budget for the Project Plan. The Recipient must keep valid Tax Invoices in respect of all items of expenditure of the Grant. (c) Upon request, the Recipient must permit LaunchVic or an auditor appointed by LaunchVic access to accounting records relating to the Project and Grant and where relevant to inspect any Project works, the Project site or any equipment relating to the Project. (d) At any time before the Project Completion Date, LaunchVic may inspect or audit all or any of the Recipient’s processes for the purposes of monitoring the standard and quality of, and progress in relation to, the Project. If any Payment Deliverable Milestone is unsatisfactory to LaunchVic, acting reasonably, LaunchVic has the discretion to ask the Recipient to rectify any such Payment Deliverable Milestone to LaunchVic’s satisfaction. (e) The Recipient must be provided with at least 1 weeks’ week notice in writing of any audit or inspection requested by LaunchVic under this clause 7.

ACCOUNTS AND AUDIT. SAMPLE (a) The Recipient must keep full and proper records to demonstrate compliance with all aspects of this Agreement. The Recipient must keep LaunchVic fully informed of all aspects of the progress of the Project on request, and will co-co- operate with LaunchVic and provide LaunchVic with all information reasonably requested by LaunchVic or any third party engaged by LaunchVic to conduct any audit or inspection. (b) The Recipient must keep accounting records relating to the Grant and must account for the Grant expenditure separately from other funds in a separate bank account and in accordance with generally accepted accounting principles. The accounts for the Grant should, at a minimum, itemise the Recipient’s expenditure of the Grant and, in relation to each item, describe the nature of expenditure, the amount and the connection to the approved budget for the Project Plan. The Recipient must keep valid Tax Invoices in respect of all items of expenditure of the Grant. (c) Upon request, the Recipient must permit LaunchVic or an auditor appointed by LaunchVic access to accounting records relating to the Project and Grant and where relevant to inspect any Project works, the Project site or any equipment relating to the Project. (d) At any time before the Completion Date, LaunchVic may inspect or audit all or any of the Recipient’s processes for the purposes of monitoring the standard and quality of, and progress in relation to, the Project. If any Payment Deliverable is unsatisfactory to LaunchVic, acting reasonably, LaunchVic has the discretion to ask the Recipient to rectify any such Payment Deliverable to LaunchVic’s satisfaction. (e) The Recipient must be provided with at least 1 weeks’ notice in writing of any audit or inspection requested by LaunchVic under this clause 7.

ACCOUNTS AND AUDIT. (a) The Recipient must keep full and proper records to demonstrate compliance with all aspects of this Agreement. The Recipient must keep LaunchVic fully informed of all aspects of the progress of the Project on request, and will co-operate with LaunchVic and provide LaunchVic with all information reasonably requested by LaunchVic or any third party engaged by LaunchVic to conduct any audit or inspection.. SAMPLE (b) The Recipient must keep accounting records relating to the Grant and must account for the Grant expenditure separately from other funds in a separate bank account and in accordance with generally accepted accounting principles. The accounts for the Grant should, at a minimum, itemise the Recipient’s expenditure of the Grant and, in relation to each item, describe the nature of expenditure, the amount and the connection to the approved budget for the Project Plan. The Recipient must keep valid Tax Invoices in respect of all items of expenditure of the Grant. (c) Upon request, the Recipient must permit LaunchVic or an auditor appointed by LaunchVic access to accounting records relating to the Project and Grant and where relevant to inspect any Project works, the Project site or any equipment relating to the Project. (d) At any time before the Completion Date, LaunchVic may inspect or audit all or any of the Recipient’s processes for the purposes of monitoring the standard and quality of, and progress in relation to, the Project. If any Payment Deliverable is unsatisfactory to LaunchVic, acting reasonably, LaunchVic has the discretion to ask the Recipient to rectify any such Payment Deliverable to LaunchVic’s satisfaction. (e) The Recipient must be provided with at least 1 weeks’ notice in writing of any audit or inspection requested by LaunchVic under this clause 7.

ACCOUNTS AND AUDIT. (a) The Recipient must keep full and proper records to demonstrate compliance with all aspects of this Agreement. The Recipient must keep LaunchVic fully informed of all aspects of the progress of the Project on request, and will co-operate with LaunchVic and provide LaunchVic with all information reasonably requested by LaunchVic or any third party engaged by LaunchVic to conduct any audit or inspection. (b) The Recipient must keep accounting records relating to the Grant and must account for the Grant expenditure separately from other funds in a separate bank account and in accordance with generally accepted accounting principles. The accounts for the Grant should, at a minimum, itemise the Recipient’s expenditure of the Grant and, in relation to each item, describe the nature of expenditure, the amount and the connection to the approved budget for the Project Plan. The Recipient must keep valid Tax Invoices in respect of all items of expenditure of the Grant. (c) Upon request, the Recipient must permit LaunchVic or an auditor appointed by LaunchVic access to accounting records relating to the Project and Grant and where relevant to inspect any Project works, the Project site or any equipment relating to the Project. (d) At any time before the Completion Date, LaunchVic may inspect or audit all or any of the Recipient’s processes for the purposes of monitoring the standard and quality of, and progress in relation to, the Project. If any Payment Deliverable is unsatisfactory to LaunchVic, acting reasonably, LaunchVic has the discretion to ask the Recipient to rectify any such Payment Deliverable to LaunchVic’s satisfaction. (e) The Recipient must be provided with at least 1 weeks’ notice in writing of any audit or inspection requested by LaunchVic under this clause 7.

ACCOUNTS AND AUDIT. (a) The Recipient must keep full and proper records to demonstrate compliance with all aspects of this Agreement. The Recipient must keep LaunchVic fully informed of all aspects of the progress of the Project on request, and will co-operate with LaunchVic and provide LaunchVic with all information reasonably requested by LaunchVic or any third party engaged by LaunchVic to conduct any audit or inspection. (b) The Recipient must keep accounting records relating to the Grant and must account for the Grant expenditure separately from other funds in a separate bank account and in accordance with generally accepted accounting principles. The accounts for the Grant should, at a minimum, itemise the Recipient’s expenditure of the Grant and, in relation to each item, describe the nature of expenditure, the amount and the connection to the approved budget for the Project PlanActivities. The Recipient must keep valid Tax Invoices in respect of all items of expenditure of the Grant. (c) Upon request, the Recipient must permit LaunchVic or an auditor appointed by LaunchVic access to accounting records relating to the Project and Grant and where relevant to inspect any Project works, the Project site or any equipment relating to the Project. (d) At any time before the Completion Date, LaunchVic may inspect or audit all or any of the Recipient’s processes for the purposes of monitoring the standard and quality of, and progress in relation to, the Project. If any Payment Deliverable is unsatisfactory to LaunchVic, acting reasonably, LaunchVic has the discretion to ask the Recipient to rectify any such Payment Deliverable to LaunchVic’s satisfaction. (e) The Recipient must be provided with at least 1 weeks’ notice in writing of any audit or inspection requested by LaunchVic under this clause 7.