Common use of Audit of Records Clause in Contracts

Audit of Records. The Contractor agrees to maintain the financial books and records (including supporting documentation) pertaining to the performance of this Contract according to standard accounting principles and procedures. The books and records shall be maintained for a period of three (3) years after completion of this Contract, except that books and records which are the subject of an audit finding shall be retained for three (3) years after such finding has been resolved. If the Contractor goes out of business, the Contractor shall forward the books and records to the Owner to be retained by the Owner for the period of time required herein. The Owner, or its designated representative(s), shall have the right to inspect and audit (including the right to copy and/or transcribe) the books and records of the Contractor pertaining to the performance this Contract during normal business hours. The Owner will provide prior written notice to the Contractor of the audit and inspection. If the books and records are not located within Xxxxx County, the Contractor agrees to deliver them to the Owner, or to the address, designated by the Owner, within Xxxxx County. In lieu of such delivery, the Contractor may elect to reimburse the Owner for the cost of travel (including transportation, lodging, meals and other related expenses) to inspect and audit the books and records at the Contractor’s office. If the books and records provided to the Owner are incomplete, the Contractor agrees to remedy the deficiency after written notice thereof from the Owner, and to reimburse the Owner for any additional costs associated therewith including, without limitation, having to revisit the Contractor's office. The Contractor's failure to remedy the deficiency shall constitute a material breach of this Agreement. The Owner shall be entitled to its costs and reasonable attorney fees in enforcing the provisions of this Paragraph. If, at any time during the term of this Contract, or at any time after the expiration or termination of the Contract, the Owner or the Owner’s designated representative(s) finds the dollar liability is less than payments made by the Owner to the Contractor, the Contractor agrees that the difference shall be either: (a) repaid immediately by the Contractor to the Owner or (b) at the Owner’s option, credited against any future xxxxxxxx due the Contractor.

Audit of Records. (a) The Contractor performance of this Contract by the Company is subject to review by the Owner to insure contract compliance. The Company agrees to maintain provide the financial books Owner any and records (including supporting documentation) pertaining all information requested that relates to the performance of this Contract. All requests for information will be in writing to the Company. Time is of the essence during the audit process. Failure to provide the information requested within the timeline provide in the written information request may be considered a material breach of Contract according to standard and be cause for suspension and/or termination of the Contract. (b) The Company shall establish and maintain an accounting principles system and proceduresrecords that properly accumulate and segregate incurred Projects costs. The books Company and its subcontractors accounting system(s) shall conform to Generally Accepted Accounting Principles (GAAP) and procedures and to retain all records shall be maintained and supporting documentation applicable to this Contract for reimbursement payment vouchers or invoices, for a period of three (3) years after completion of this Contract and any subsequent extensions thereof, or the date of resolution of litigation or claims arising under this Contract, except that books and whichever is later. All records which are the subject of an to audit finding findings shall be retained for three (3) years after such finding has findings have been resolved. If In the Contractor event the Company goes out of businessexistence, the Contractor Company shall forward the books and records turn over to the Owner all of its records relating to this Contract to be retained by the Owner for the required period of time required herein. time. (c) The Company shall make available to the Owner, or its designated representative(sdesignee, the State, the United States Controller General, or any other duly authorized representative of the Federal or State Government, any books, documents, subcontracts, papers, records, accounting records, and other evidence relating the performance of this Contract for audits, examinations, or other reviews and copies thereof shall be furnished by Company, if requested. The Company agrees to permit the Owner or the Owner’s Project Manager(s), shall have or any of the right aforementioned parties, to inspect and audit (including the right its records and books relative to this Contract at any time during normal business hours and under reasonable circumstances and to copy and/or transcribe) transcribe any information that the books and records of the Contractor pertaining to the performance this Contract during normal business hoursOwner desires concerning Company’s operation hereunder. The Owner will provide prior Company further understands and agrees that said inspection and audit would be exercised upon written notice to the Contractor of the audit and inspectionnotice. If the Company or its records and books and records are not located within Xxxxx County, Nevada, and in the Contractor event of an inspection and audit, Company agrees to deliver them the records and books or have the records and books delivered to the Owner or the Owner’s Project Manager(s) at an address within Xxxxx County, or to the address, Nevada as designated by the Owner, within Xxxxx County. In lieu of such deliveryIf the Owner or the Owner’s Project Manager(s) find that the records and books delivered by the Company are incomplete, the Contractor may elect Company agrees to reimburse pay the Owner for or the cost of Owner’s representative(s)’ costs to travel (including transportationtravel, lodging, meals meals, and other related expenses) to the Company’s offices to inspect, audit, retrieve, copy and/or transcribe the complete records and books. The Company further agrees to permit the Owner or the Owner’s Project Managers, or any of the aforementioned parties, to inspect and audit the books and audit, as deemed necessary, all records at the Contractor’s office. If the books and of this project relating to finances, as well as other records provided to the Owner are incomplete, the Contractor agrees to remedy the deficiency after written notice thereof from including performance records that may be required by relevant directives of funding sources of the Owner, and to reimburse the Owner for any additional costs associated therewith including, without limitation, having to revisit the Contractor's office. The Contractor's failure to remedy the deficiency shall constitute a material breach of this Agreement. The Owner shall be entitled to its costs and reasonable attorney fees in enforcing the provisions of this Paragraph. . (d) If, at any time during the term of this Contract, or at any time after the expiration or termination of the Contract, the Owner or the Owner’s designated representative(sProject Manager(s) finds the dollar liability is less than payments made by the Owner to the ContractorCompany, the Contractor Company agrees that the difference shall be either: (a1) repaid immediately by the Contractor Company to the Owner Owner; or (b2) at the Owner’s option, credited against any future xxxxxxxx due the ContractorCompany.