Common use of Document Retention and Inspection Clause in Contracts

Document Retention and Inspection. The University shall retain all records and documents relating to this UNIVERSITY AGREEMENT for a period in accordance with any applicable statute of limitations or federal retention requirements. At a minimum, all records and documents related to this UNIVERSITY AGREEMENT shall be retained for a period of five years after the final payment by the Department or expiration of the term of any federal grant identified in Section IV, whichever is longer, and shall make them available for inspection and audit until any audit is completed by authorized representatives of the Department. All records related in any way to the UNIVERSITY AGREEMENT are to be retained for the entire time period. In addition, in the event of an audit, the University shall provide assistance to the Department, without additional compensation, to identify, investigate and reconcile any audit discrepancies or variances. This provision shall survive expiration or termination of the UNIVERSITY AGREEMENT.