Common use of Audit and Records Retention Clause in Contracts

Audit and Records Retention. Vendor shall permit and cooperate in good faith in any audits by the This Agreement will be posted on the CPS website. Board, including its Department of Procurement or its agents, for compliance by the Vendor with the Contract. Vendor shall furnish the Board with such information, supporting documentation and reports as may be requested relative to the delivery of Products; progress, execution and costs of the Services and compliance with applicable MBE/WBE requirements. Failure of the Vendor to comply in full and cooperate with the requests of the Board or its agents shall give the Board, in addition to all other rights and remedies hereunder, the right to charge Vendor for the cost of such audit. Vendor shall maintain all records related to the Contract. As used in this Section, “records” shall include all correspondence, receipts, vouchers, memoranda and other data, regardless of type or medium (including emails or other electronically stored data) relating to the Contract and Vendor’s performance of Services and delivery of Products. All records referenced above shall be retained for at least five (5) years after the termination or expiration of the Contract and shall be subject to inspection and audit by the Board, subject to modification by the terms of the Contract. If any audit, litigation, or other action involving the records is being conducted or has not been resolved, all applicable records must be retained until the proceeding is closed. Vendor shall require all of its subcontractors to maintain the above-described records and allow the Board the same right to inspect and audit said records as set forth herein.

Audit and Records Retention. Vendor shall permit and cooperate in good faith in any audits by the This Agreement will be posted on the CPS website. Board, including its Department of Procurement or its agents, for compliance by the Vendor with the Contract. Vendor shall furnish the Board with such information, supporting documentation and reports as may be requested relative to the delivery of Products; progress, execution and costs of the Services and compliance with applicable MBE/WBE requirements. Failure of the Vendor to comply in full and cooperate with the requests of the Board or its agents shall give the Board, in addition to all other rights and remedies hereunder, the right to charge Vendor for the cost of such audit. Vendor shall maintain all records related to the Contract. As used in this Section, “records” shall include all correspondence, receipts, vouchers, memoranda and other data, regardless of type or medium (including emails or other electronically stored data) relating to the Contract and Vendor’s performance of Services and delivery of Products. All records referenced above shall be retained for at least five (5) years after the termination or expiration of the Contract and shall be subject to inspection and audit by the Board, subject to modification by the terms of the Contract. If any audit, litigation, or other action involving the records is being conducted or has not been resolved, all applicable records must be retained until the proceeding is closed. Vendor shall require all of its subcontractors to maintain the above-described records and allow the Board the same right to inspect and audit said records as set forth herein. This Agreement will be posted on the CPS website.