Common use of Audit of Books and Records Clause in Contracts

Audit of Books and Records. CONSULTANT and subconsultants shall maintain and make available to ALAMEDA CTC, its authorized agents including but not limited to representatives of the regional, state and federal governments, and their respective officers and employees, for inspection and audit, all work products, materials, data and records for examination, any and all ledgers and books of account, invoices, vouchers, canceled checks, and other records or documents evidencing or related to the expenditures and disbursements charged to ALAMEDA CTC, and shall furnish to ALAMEDA CTC, its agents, and employees, such other evidence or information as ALAMEDA CTC may require with respect to any such expense or disbursement charged by the CONSULTANT. CONSULTANT and any subconsultants hereunder shall establish and maintain an accounting system and records that properly accumulate and segregate incurred contract costs by task and subtask. The accounting system of the CONSULTANT and all subconsultants hereunder shall conform to Generally Accepted Accounting Principles (GAAP), enable determination of incurred costs at interim points of completion, and provide support for reimbursement payment vouchers or invoices. The records described in this Section shall be retained by the CONSULTANT and subconsultants and made available for inspection by ALAMEDA CTC during the AGREEMENT period and for a period of three (3) years after this AGREEMENT is terminated, four (4) years after the fiscal year of the last expenditure, or until completion of any litigation, claim or audit, whichever is longest. ALAMEDA CTC may, in its sole discretion, conduct a periodic audit, not more frequently than once every twelve (12) months, of the project costs under this AGREEMENT in accordance with generally accepted accounting practices, as set forth in Article I, Section A, Paragraph 4(f) of this AGREEMENT. This Paragraph 9 is applicable to all subconsultants hereunder.

Audit of Books and Records. CONSULTANT and subconsultants shall maintain and make available to ALAMEDA CTCLender, its authorized agents including but accountants, auditors, representatives, Program Administrator on its behalf, and any Federal, state or local governmental or quasi-governmental officials with regulatory authority over Lender shall have the absolute right, at Lender’s expense, upon not limited less than thirty (30) days prior written notice (or such shorter notice period as required by law), at any time during or after the term hereof: (i) to representatives audit or examine all books, records, documents, other writings, information, whether in hard copies, electronic form or otherwise, relating to Services to be provided by Servicer under this Agreement at the location(s) where Servicer maintains such books, records, documents, writings and information; (ii) to conduct such other examinations, tests or investigations with respect to the Services to be provided under this Agreement as Lender may deem necessary or desirable in Lender’s sole and absolute discretion and at Lender’s expense, it being acknowledged and agreed by Servicer that Lender shall have rights of access to books, records, documents, other writings and information, whether in hard copies, electronic form or otherwise, relating to the Services to be provided by Servicer under this Agreement, at any time during normal business hours. On-site examination of documents held in safekeeping and imaged records or related documentation will be performed with as little disruption as possible to Servicer’s normal operation. All questions arising during the course of the regional, state audit will be coordinated by the chief auditor and federal governments, and their respective officers and employees, for inspection and audit, all work products, materials, data and records for examination, any and all ledgers and books of account, invoices, vouchers, canceled checks, and other records or documents evidencing or related directed to the expenditures individual(s) designated by Servicer. Servicer will designate a sufficient number of liaison personnel so as to be able to respond timely to audit questions. All Lender out-of-pocket expenses, non-Servicer personnel costs and disbursements charged copying expenses relating to ALAMEDA CTCsuch review, audit and copying shall be borne by Lender. Notwithstanding the foregoing, Program Administrator shall, on behalf of Lender, conduct each calendar quarter an operational audit to test the Servicer’s compliance with the requirements of this Agreement and the Servicing Guidelines (each, an “Operational Audit”). If in an Operational Audit Program Administrator determines that Servicer has failed to adequately and/or properly perform its obligations hereunder or under the Servicing Guidelines, Program Administrator and Servicer shall work in good faith to remedy the errors or inadequacies prior to the next Operational Audit, and shall furnish present to ALAMEDA CTCLender for its approval recommended modifications to this Agreement and/or the Servicing Guidelines designed to improve efficiency, its agentscustomer service, and employees, such other evidence or information as ALAMEDA CTC may require with respect to any such expense or disbursement charged by the CONSULTANT. CONSULTANT and any subconsultants hereunder shall establish and maintain an accounting system and records that properly accumulate and segregate incurred contract costs by task and subtask. The accounting system of the CONSULTANT and all subconsultants hereunder shall conform to Generally Accepted Accounting Principles (GAAP), enable determination of incurred costs at interim points of completion, and provide support for reimbursement payment vouchers or invoices. The records described in this Section shall be retained by the CONSULTANT and subconsultants and made available for inspection by ALAMEDA CTC during the AGREEMENT period and for a period of three (3) years after this AGREEMENT is terminated, four (4) years after the fiscal year of the last expenditure, or until completion of any litigation, claim or audit, whichever is longest. ALAMEDA CTC may, in its sole discretion, conduct a periodic audit, not more frequently than once every twelve (12) months, of the project costs under this AGREEMENT in accordance with generally accepted accounting practices, as set forth in Article I, Section A, Paragraph 4(f) of this AGREEMENT. This Paragraph 9 is applicable to all subconsultants hereunderand/or loan performance.

Audit of Books and Records. For the purpose of determining compliance with Public Contract Code 10115, et seq. and Title 21, California Code of Regulations, Chapter 21, Section 2500 et seq., when applicable and other matters connected with the performance of the contract pursuant to Government Code 8546.7; CONSULTANT and subconsultants shall maintain and make available to ALAMEDA CTC, its authorized agents including but not limited to representatives of the regional, state and federal governments, and their respective officers and employees, for inspection and audit, all work products, materials, data and records for examination, any and all ledgers and books of account, invoices, vouchers, canceled checks, and other records or documents evidencing or related to the expenditures and disbursements charged to ALAMEDA CTC, and shall furnish to ALAMEDA CTC, its agents, and employees, such other evidence or information as ALAMEDA CTC may require with respect to any such expense or disbursement charged by the CONSULTANT. CONSULTANT and any subconsultants hereunder shall establish and maintain an accounting system and records that properly accumulate and segregate incurred contract costs by task and subtask. The accounting system of the CONSULTANT and all subconsultants hereunder shall conform to Generally Accepted Accounting Principles (GAAP), enable determination of incurred costs at interim points of completion, and provide support for reimbursement payment vouchers or invoices. The records described in this Section shall be retained by the CONSULTANT and subconsultants and made available for inspection by ALAMEDA CTC during the AGREEMENT period and for a period of three (3) years after this AGREEMENT is terminated, four (4) years after the fiscal year of the last expenditure, or until completion of any litigation, claim or audit, whichever is longest. ALAMEDA CTC may, in its sole discretion, conduct a periodic audit, not more frequently than once every twelve (12) months, of the project costs under this AGREEMENT in accordance with generally accepted accounting practices, as set forth in Article I, Section A, Paragraph 4(f) of this AGREEMENT. This Paragraph 9 is applicable to all subconsultants hereunder, excluding subcontracts of Twenty- Five Thousand Dollars ($25,000) or lesser amounts.