Common use of Books and Records, Financial Accounts and Reports Clause in Contracts

Books and Records, Financial Accounts and Reports. 5.1 The Recipient shall, during the continuance of this Agreement, maintain proper books of accounts, all relevant payments and receipts and all relevant records and information in relation to the Project (including without limitation, the Installation Works Contract, the Consultancy Contract, procurement documents, statements of the Designated Bank Account, cash and bank books, ledger of accounts for recording all transactions, all income and expenses and all assets and liabilities in relation to the Project, invoices from the Contractor and/or the Consultant; payment records to the Contractor and/or the Consultant; and Contractor’s and Consultant’s receipts of payments). The Recipient shall keep such books and records for a minimum period of seven (7) years after the last payment to the Contractor and/or the Consultant, whichever is later. The Recipient shall take appropriate precautions to prevent loss, damage, deterioration or theft of the books and records and the Government’s representatives shall be allowed access to such books and records for inspection, verification and copying from time to time upon reasonable notice. 5.2 Supplementary information and supporting documents shall be provided upon request from the Government. Without prejudice to the Government’s right to terminate this Agreement provided in Clause 10 below, the Government is entitled to suspend any payment of the Subsidy if the Recipient fails to submit any financial accounts or any of the data, facts or information represented to and/or provided by the Recipient to the Government about the Project and/or the Approved Application is incomplete, incorrect, untrue or misleading.

Books and Records, Financial Accounts and Reports. 5.1 The Recipient shall, during the continuance of this Agreement, maintain proper books of accounts, all relevant payments and receipts and all relevant records and information in relation to the Project (including without limitation, the Installation Works Contract, the Consultancy Installation Works Contract, procurement documents, statements of the Designated Bank Account, cash and bank books, ledger of accounts for recording all transactions, all income and expenses and all assets and liabilities in relation to the Project, invoices from the Contractor and/or Consultant and the ConsultantContractor; payment records to the Contractor and/or Consultant and the ConsultantContractor; and ContractorConsultant’s and ConsultantContractor’s receipts of payments). The Recipient shall keep such books and records for a minimum period of seven (7) years after the last payment to the Contractor and/or Consultant or the ConsultantContractor, whichever is later. The Recipient shall take appropriate precautions to prevent loss, damage, deterioration or theft of the books and records and the Government’s representatives shall be allowed access to such books and records for inspection, verification and copying from time to time upon reasonable notice. 5.2 Supplementary information and supporting documents shall be provided upon request from the Government. Without prejudice to the Government’s right to terminate this Agreement provided in Clause 10 below, the Government is entitled to suspend any payment of the Subsidy if the Recipient fails to submit any financial accounts or any of the data, facts or information represented to and/or provided by the Recipient to the Government about the Project and/or the Approved Application is incomplete, incorrect, untrue or misleading.