Common use of Audit and Record Retention Clause in Contracts

Audit and Record Retention. (1) Supplier shall maintain a true, correct, and complete set of records, including books and accounts, prepared in accordance with generally accepted accounting principles consistently applied, relating to the costs and, if reimbursable, expenses for which Supplier seeks compensation or reimbursement under this Agreement, including time expended by Supplier and payments to any subcontractors and suppliers, as well as all other records relating to the Services or Equipment which may be required by applicable legal requirement (e.g., hazardous material handling records). Such records shall be made available to audit, inspect, and copy by Newmont or its designated representative during the Term and for a period of five years following termination or expiration of this Agreement, upon 24 hours’ prior Notice, and during business hours (8:00 a.m. to 5:00 p.m. where the records are kept).

Audit and Record Retention. (1) A. Supplier shall maintain a true, correct, and complete set of records, including books and accounts, prepared in accordance with generally accepted accounting principles consistently applied, relating to the costs and, if reimbursable, expenses for which Supplier seeks compensation or reimbursement under this Agreement, including time expended by Supplier and payments to any subcontractors and suppliers, as well as all other records relating to the Services or Equipment which may be required by applicable legal requirement (e.g., hazardous material handling records). Such records shall be made available to audit, inspect, and copy by Newmont or its designated representative during the Term and for a period of five years following termination or expiration of this Agreement, upon 24 hours’ prior Notice, and during business hours (8:00 a.m. to 5:00 p.m. where the records are kept).