Common use of Documentation of Costs Clause in Contracts

Documentation of Costs. CM/GC shall keep full and detailed records and accounts related to the costs of the Work and exercise such controls as may be necessary for proper financial management to substantiate all costs incurred. Owner and the Owner’s designated auditor shall, during regular business hours and upon reasonable notice, be afforded access to, and shall be permitted to audit and copy, CM/GC’s records and accounts, including complete documentation supporting accounting entries, books, correspondence, instructions, drawings, receipts, subcontracts, Subcontractor’s proposals, purchase orders, vouchers, memoranda, and other data relating to this Contract. CM/GC shall preserve such records for a period of three (3) years after final payment, or for such longer period as may be required by law. Retainage