Common use of BOOKS OF RECORD AND AUDIT PROVISION Clause in Contracts

BOOKS OF RECORD AND AUDIT PROVISION. Contractor shall maintain on a current basis complete books and records relating to this Contract. Such records shall include, but not be limited to, documents supporting all bids, all income and all expenditures. The books and records shall be original entry books with a general ledger itemizing all debits and credits for the work on this Contract. In addition, Contractor shall maintain detailed payroll records including all subsistence, travel and field expenses, and canceled checks, receipts and invoices for all items. These documents and records shall be retained for at least five years from the completion of this contract. Contractor will permit Authority to audit all books, accounts or records relating to this Contract or all books, accounts or records of any business entities controlled by Contractor who participated in this Contract in any way. Any audit may be conducted on Contractor's premises or, at Authority's option, Contractor shall provide all books and records within a maximum of fifteen (15) days upon receipt of written notice from Authority. Contractor shall refund any moneys erroneously charged. If Authority ascertains that it has been billed erroneously by Contractor for an amount equaling 5% or more of the original bid, Contractor shall be liable for the costs of the audit in addition to any other penalty to be imposed.

BOOKS OF RECORD AND AUDIT PROVISION. Contractor shall maintain on a current basis complete books and records relating to this Contractcontract. Such records shall include, but not be limited to, documents supporting all bids, all income and all expenditures. The books and records shall be original entry books with a general ledger itemizing all debits and credits for the work on this Contractcontract. In addition, Contractor shall maintain detailed payroll records including all subsistence, travel and field expenses, and canceled cancelled checks, receipts and invoices for all items. These documents and records shall be retained for at least five years from the completion of this contract. Contractor will permit Authority County to audit all books, accounts or records relating to this Contract contract or all books, accounts or records of any business entities controlled by Contractor who participated in this Contract contract in any way. Any audit may be conducted on Contractor's premises or, at AuthorityCounty's option, Contractor shall provide all books and records within a maximum of fifteen (15) days upon receipt of written notice from AuthorityCounty. Contractor shall refund any moneys erroneously charged. If Authority County ascertains that it has been billed erroneously by Contractor for an amount equaling 5% or more of the original bid, Contractor shall be liable for the costs of the audit in addition to any other penalty to be imposed.