Common use of Document Retention Requirements for Awards Clause in Contracts

Document Retention Requirements for Awards. (A) The Contractor shall comply with the record retention and record access requirements for award recipients found in 45 CFR 74.53 which requires the Contractor to maintain financial records, supporting documents, statistical records, and all other records pertaining to an award to be retained for a period of three years from the date of submission of the final expenditure report or, for awards that are renewed quarterly or annual, from the date of the submission of the quarterly or annual financial report. The three year retention requirement does not apply: (1) If any litigation, claim, financial management review or audit is started before the expiration of the 3 year period, the records shall be retained until all litigation, claims, or audit findings involving the records have been resolved and final action apply; (2) To records for real property and equipment acquired with Federal funds which shall be retained for 3 years after final disposition; (3) When records are transferred to or maintained by the HHS awarding agency, the 3 year retention is not applicable to the recipient; and (4) To indirect cost rate computations or proposals, cost allocation plans and any similar computations of the rate at which a particular group of costs is chargeable (such as computer usage chargeback rates or composite fringe benefit rates.