Common use of Back-Up Documents; Audit Rights Clause in Contracts

Back-Up Documents; Audit Rights. Contractor shall cause to be kept and maintained, at a location subject to Owner’s prior written approval, all records of expenditures for Project-related services rendered and Work performed, including xxxxx cash accounts and receipted invoices. Such records shall conform to the Contract Documents’ requirements and to generally accepted accounting principles (GAAP). Contractor shall furnish Owner with statements of such expenditures, with complete documentary back-up for each (the “Back-Up Documents”), with every Application for Payment, for costs of services, labor, Materials, and expenses included in the same. In addition to these monthly statements, Owner Parties shall have access to all of Contractor’s Project accounting, records, and documentation pertaining to all Work (the “Audit Documents”) upon request at any time from the Agreement’s effective date until the expiration of a period of ten (10) years after Final Completion. Owner Parties shall have the right to produce copies of Audit Documents, at reasonable times and places, reasonably necessary for Owner Parties to audit and certify the nature and amount of the Contract Sum. Such Audit Documents subject to audit include, but are not limited to, those records pertaining to direct and indirect costs, including overhead, as they may apply to the Project. Contractor shall produce for Owner Parties those Audit Documents kept in digital form in a computer readable format in an exchange format suitable to Owner Parties.