Common use of AUDITING OF RECORDS Clause in Contracts

AUDITING OF RECORDS. The Contractor who has filed a dispute must have the following records available for audit at any time following the filing of such dispute, whether or not such dispute is part of a suit pending in the courts of this State. If a dispute is filed on behalf of a subcontractor or supplier, such subcontractor or supplier must also have substantially the following records available for audit any time following the filing of such dispute, whether or not such dispute is part of a suit pending in the courts of this State. The audit may be performed by employees of the Sponsor or by an independent auditor appointed by the Sponsor. The audit may begin on ten days' notice to the Contractor, subcontractor, or supplier as is appropriate. The Contractor, subcontractor, or supplier shall cooperate with the auditors. The Sponsor will maintain the audit, its backup, reports, schedules and conclusions as confidential material. Failure of the Contractor, subcontractor, or supplier to maintain and retain sufficient records shall constitute a waiver of that portion of such dispute that cannot be verified and shall bar recovery thereunder. Without limiting the generality of the foregoing, the auditors shall have available to them and the Contractor agrees to provide access to substantially the following documents: 1. Daily time sheets, job superintendent diaries or log sheets and xxxxxxx'x daily reports. 2. Union agreements and reports, if any. 3. Insurance policies, welfare and benefits records or plans for union and non-union personnel. 4. Payroll register. 5. Individual employee earnings records. 6. Payroll tax returns. 7. Material invoices, purchase orders, and all material and supply acquisition contracts. 8. Material cost distribution work sheet. 9. Equipment records (list of company equipment, rates, depreciation schedules, daily equipment reports or logs, fueling logs or records, equipment lease purchase agreements, and equipment purchase invoices). 10. Vendor rental agreements, subcontractor invoices, agreements and back charge records. 11. Subcontractor payment certificates. 12. Canceled checks (payroll and vendors). 13. Job cost ledger or report. 14. Job payroll ledger, xxxxx cash journal and supporting vouchers. 15. General xxxxxx, general journal (if used), and all subsidiary ledgers and journals together with all supporting documentation pertinent to entries made in these ledgers and journals. 16. Cash receipts, cash disbursements journal, and purchase journal. 17. Audited and unaudited financial statements for all years reflecting the operation on this project. 18. Depreciation records on all company equipment whether such records are maintained by the company involved, its accountant, or others. 19. If a source other than depreciation records is used to develop costs for the Contractor's internal purposes in establishing the actual cost of owning and operating equipment, all such other source documents. 20. All documents which reflect the Contractor's actual overhead during the years this Project was being performed. 21. All documents related to the preparation of the Contractor's bid including the final calculations on which the bid was based. 22. All documents which relate to each and every dispute together with all documents which support the amount of damages as to each dispute. 23. Work sheets used to prepare the dispute establishing the cost components for items of the dispute including, but not limited to, labor, benefits, insurance, materials, equipment, subcontractors, and all documents which establish the time periods, individuals involved, the hours and the rates for the individuals. In the event the Contractor fails to substantially furnish the above required reports and accounting records, such failure shall constitute a waiver of the dispute for payment other than for payment at contract unit prices for the work performed. CONTRACTOR'S RESPONSIBILITY FOR WORK. The Contractor is responsible for carrying out the provisions of the contract at all times, regardless of whether an authorized inspector is present or not. Any work or item that is, at any time, found to be out of specification or not in compliance with the plans shall remain the responsibility of the Contractor and shall be subject to such corrective measures that are approved in writing by the Engineer.