Common use of CONSULTANT’S ACCOUNTING RECORDS Clause in Contracts

CONSULTANT’S ACCOUNTING RECORDS. The Consultant shall keep detailed records of all Reimbursable Expenses and all charges for Basic Services and Additional Services to the extent that such charges are calculated on the basis of billable hourly rate(s) of the applicable employee(s). Such records shall be kept in accordance with generally accepted accounting principles and in accordance with applicable law, and shall be made available to the Owner or the Owner’s authorized representative at the Consultant’s office or at another mutually agreeable location upon seven (7) days prior notice during the term of this Agreement and thereafter as provided herein or required by law. If any audit, inspection or examination performed by or on behalf of the Owner discloses overcharges (of any nature) by the Consultant to the Owner, the Consultant shall immediately rebate to the Owner the total amount of such overcharge together with an overcharge assessment equal to ten percent (10%) of the overcharge amount. In addition, if the overcharge amount is equal to or greater than one percent (1%) of the total compensation for Basic Services payable by the Owner hereunder, the cost of the Owner’s audit shall be reimbursed to the Owner by the Consultant.

CONSULTANT’S ACCOUNTING RECORDS. 10.6.1 The Consultant shall keep detailed records of all Reimbursable Expenses and all charges for Basic Services and Additional Services to the extent that such charges are calculated on the basis of billable hourly rate(s) of the applicable employee(s). Such records shall be kept in accordance with generally accepted accounting principles and in accordance with applicable law, and shall be made available to the Owner or the Owner’s authorized representative at the Consultant’s office or at another mutually agreeable location upon seven (7) days prior notice during the term of this Agreement and thereafter as provided herein or required by law. If any audit, inspection or examination performed by or on behalf of the Owner discloses overcharges (of any nature) by the Consultant to the Owner, the Consultant shall immediately rebate to the Owner the total amount of such overcharge together with an overcharge assessment equal to ten percent (10%) of the overcharge amount. In addition, if the overcharge amount is equal to or greater than one percent (1%) of the total compensation for Basic Services payable by the Owner hereunder, the cost of the Owner’s audit shall be reimbursed to the Owner by the Consultant.