Common use of COST RECORDS Clause in Contracts

COST RECORDS. 10.1 In accordance with generally accepted accounting principles, VLI shall maintain full and complete records of services performed under this Agreement. Such records shall be open to the inspection of City and shall be kept for a five-year period in case of audit. 10.2 The records maintained by VLI shall include all receipts for expenditures incurred. City reserves the right for City’s Economic Development Director/Assistant City Administrator, or her/his designee, to perform a contract compliance audit at any time during the fiscal year. VLI agrees to keep all receipts and other supporting documents available for inspection during said audits.

COST RECORDS. 10.1 In accordance with generally accepted accounting principles, VLI shall maintain full and complete records of services performed under this Agreement. Such records shall be open to the inspection of City and shall be kept for a five-year period in case of audit. 10.2 The records maintained by VLI shall include all receipts for expenditures incurred. City reserves the right for City’s Economic Development Director/Assistant City Administrator, or herhis/his her designee, to perform a contract compliance audit at any time during the fiscal year. VLI agrees to keep all receipts and other supporting documents available for inspection during said audits.