Common use of Financial information and internal control systems Clause in Contracts

Financial information and internal control systems. (a) The Beneficiary or the Executing Agency, as the case may be, shall maintain: (i) a financial information system acceptable to the Bank that enables accounting, budgetary and financial record-keeping, as well as the issuance of financial statements and other reports related to the resources of the Contribution and other financial sources, as the case may be; and (ii) an internal control structure that enables effective Project management; provides reliability regarding the financial information and the physical, magnetic and electronic records and files; and enables the fulfillment of the provisions of this Agreement. (b) The Beneficiary or the Executing Agency, as the case may be, shall preserve the original records of the Project for a minimum period of three (3) years after the date agreed upon for the final disbursement of the Contribution, in such a way as to: (i) make possible the identification of the sums received from the different sources; (ii) show, in accordance with the financial information system approved by the Bank, the expenditures made for the Project, both with the resources of the Contribution and with the other funds to be provided for its complete execution; (iii) include sufficient detail to identify the services contracted and the goods procured, as the case may be, as well as the utilization of such services and goods; (iv) provide evidence as to conformity in the acceptance, authorization and payments for the contracted services or purchased goods, as the case may be; (v) maintain documentation relating to the bidding process and the execution of the contracts financed by the Bank and other financial sources, including, but not limited to, bid requests, bid packages and summaries, bid evaluations, contracts, correspondence, work product and drafts, invoices, certificates and acceptance reports, and receipts, including documents relating to the payment of commissions, and payments to agents, consultants and contractors; and (vi) show the cost of the Project in relation to each category in the Project’s budget. (c) The Beneficiary agrees that bidding documents, requests for proposals and contracts financed with resources of the Contribution that the Beneficiary or the Executing Agency celebrate, shall include a provision that requires providers of goods or services, contractors, subcontractors, consultants and representatives, personnel, sub-consultants, subcontractors, or concessionaires retain all documents and records relating to Bank-financed activities for a period of seven (7) years after completion of the work referred to in the respective contract.

Financial information and internal control systems. (a) The Beneficiary shall maintain, or cause the Executing Agency to maintain, as the case may be, internal controls so as to reasonably ensure: (i) that Project resources are used for the purposes of this Agreement, devoting special attention to the principles of economy and efficiency; (ii) that Project assets are adequately safeguarded; (iii) that Project transactions, decisions, and activities are duly authorized and executed in accordance with the provisions of this Agreement and any other contract related to the Project; and (iv) that transactions are properly documented and recorded in a way that facilitates the production of timely and reliable reports. (b) The Beneficiary shall maintain, and shall cause the Executing Agency, if any, to maintain, an acceptable and reliable financial management system for the timely management of Project resources that provides for: (i) financial planning; (ii) accounting, budgetary, and financial record-keeping; (iii) contract administration; (iv) payment processing; and (v) the issuance of financial audit reports and other reports associated with the resources of the Contribution, the Additional Resources, and other financing sources of the Project, if any. (c) The Beneficiary shall preserve, and shall cause the Executing Agency, as the case may be, shall maintain: (i) a financial information system acceptable to the Bank that enables accountingpreserve, budgetary and financial record-keeping, as well as the issuance of financial statements and other reports related to the resources of the Contribution and other financial sources, as the case may be; and (ii) an internal control structure that enables effective Project management; provides reliability regarding the financial information and the physical, magnetic and electronic records and files; and enables the fulfillment of the provisions of this Agreement. (b) The Beneficiary or the Executing Agency, as the case may be, shall preserve the original records of the Project for a minimum period of three (3) years after the expiration date agreed upon for the final disbursement of the Contribution, disbursement period of the resources or any extension thereof. Such documents and records shall be maintained adequately in such a way as order to: (i) make possible the identification of the sums received from the different sourcessubstantiate Project-related activities, decisions, and transactions, including all expenditures incurred; and (ii) show, in accordance show the correlation of the expenditures incurred chargeable to the Contribution with the financial information system approved respective disbursement made by the Bank. (d) The Beneficiary shall include, or cause the expenditures made Executing Agency and the Contracting Agency, if any, to include in all bidding documents, requests for the Projectproposals, both and contracts financed with the resources of the Contribution and with the other funds to be provided for its complete execution; (iii) include sufficient detail to identify the services contracted and the goods procuredthat they enter into, as the case may berespectively, as well as the utilization of such services and goods; (iv) provide evidence as to conformity in the acceptance, authorization and payments for the contracted services or purchased goods, as the case may be; (v) maintain documentation relating to the bidding process and the execution of the contracts financed by the Bank and other financial sources, including, but not limited to, bid requests, bid packages and summaries, bid evaluations, contracts, correspondence, work product and drafts, invoices, certificates and acceptance reports, and receipts, including documents relating to the payment of commissions, and payments to agents, consultants and contractors; and (vi) show the cost of the Project in relation to each category in the Project’s budget. (c) The Beneficiary agrees that bidding documents, requests for proposals and contracts financed with resources of the Contribution that the Beneficiary or the Executing Agency celebrate, shall include a provision requiring that requires providers of goods or services, contractors, subcontractors, consultants and representativestheir agents, personnel, sub-consultantssubconsultants, subcontractors, or concessionaires retain contracted by them, keep all documents and records relating related to Bank-activities financed activities with resources of the Contribution for a period of seven (7) years after completion of the work referred to contemplated in the respective relevant contract.

Financial information and internal control systems. (a) The Beneficiary Borrower or the Executing Agency, or the Contracting Agency, as the case may be, shall maintain: (i) a financial information system acceptable to the Bank that enables accounting, budgetary and financial record-record- keeping, as well as the issuance of financial statements and other reports related to the resources of the Contribution Loan and other financial sources, as the case may be; and (ii) an internal control structure that enables effective Project management; provides reliability regarding the financial information and the physical, magnetic and electronic records and files; and enables the fulfillment of the provisions of this AgreementContract. (b) The Beneficiary Borrower or the Executing Agency, or the Contracting Agency, as the case may be, shall preserve the original records of the Project for a minimum period of three (3) years after the expiration date agreed upon for the final disbursement of the ContributionOriginal Disbursement Period or any extension thereof, in such a way as to: : (i) make possible the identification of the sums received from the different sources; (ii) show, in accordance with the financial information system approved by the Bank, the expenditures made for investments in the Project, financed both with the resources of the Contribution Loan and with the other funds to be provided for its complete execution; (iii) include sufficient detail to identify show the works performed, goods procured and services contracted and the goods procured, as the case may becontracted, as well as the utilization of such services works, goods and goodsservices; (iv) provide evidence as to conformity in the acceptance, authorization and payments for the purchased or contracted services or purchased goodsworks, as the case may begoods and services; (v) maintain documentation relating to the bidding process and the execution of the contracts financed by the Bank and other financial sources, including, but not limited to, bid requests, bid packages and packages, summaries, bid evaluations, contracts, correspondence, work product and drafts, invoices, certificates and acceptance reports, and receipts, including documents relating to the payment of commissions, and payments to agents, consultants and contractors; and (vi) show the cost of the Project in relation to each category in the Project’s budget. (c) The Beneficiary agrees that bidding documents, requests for proposals and contracts financed with resources of the Contribution that the Beneficiary or the Executing Agency celebrate, shall include a provision that requires providers of goods or services, contractors, subcontractors, consultants and representatives, personnel, sub-consultants, subcontractors, or concessionaires retain all documents and records relating to Bank-financed activities for a period of seven (7) years after completion of the work referred to in the respective contract.and

Financial information and internal control systems. (a) The Beneficiary Borrower or the Executing Agency, or the Contracting Agency, as the case may be, shall maintain: (i) a financial information system acceptable to the Bank that enables accounting, budgetary and financial record-record- keeping, as well as the issuance of financial statements and other reports related to the resources of the Contribution Loan and other financial sources, as the case may be; and (ii) an internal control structure that enables effective Project management; provides reliability regarding the financial information and the physical, magnetic and electronic records and files; and enables the fulfillment of the provisions of this AgreementContract. (b) The Beneficiary Borrower or the Executing Agency, or the Contracting Agency, as the case may be, shall preserve the original records of the Project for a minimum period of three (3) years after the expiration date agreed upon for the final disbursement of the Contributiondisbursement period of the Loan or any extension thereof, in such a way as to: : (i) make possible the identification of the sums received from the different sources; (ii) show, in accordance with the financial information system approved by the Bank, the expenditures made for investments in the Project, financed both with the resources of the Contribution Loan and with the other funds to be provided for its complete execution; (iii) include sufficient detail to identify show the works performed, goods procured and services contracted and the goods procured, as the case may becontracted, as well as the utilization of such services works, goods and goodsservices; (iv) provide evidence as to conformity in the acceptance, authorization and payments for the purchased or contracted services or purchased goodsworks, as the case may begoods and services; (v) maintain documentation relating to the bidding process and the execution of the contracts financed by the Bank and other financial sources, including, but not limited to, bid requests, bid packages and packages, summaries, bid evaluations, contracts, correspondence, work product and drafts, invoices, certificates and acceptance reports, and receipts, including documents relating to the payment of commissions, and payments to agents, consultants and contractors; and (vi) show the cost of the Project in relation to each category in the Project’s budget. (c) The Beneficiary agrees that bidding documents, requests for proposals and contracts financed with resources of the Contribution that the Beneficiary or the Executing Agency celebrate, shall include a provision that requires providers of goods or services, contractors, subcontractors, consultants and representatives, personnel, sub-consultants, subcontractors, or concessionaires retain all documents and records relating to Bank-financed activities for a period of seven (7) years after completion of the work referred to in the respective contract.and

Financial information and internal control systems. (a) The Beneficiary or the Executing Contracting Agency, as the case may be, shall maintain: (i) a financial information system acceptable to the Bank that enables accounting, budgetary and financial record-keeping, as well as the issuance of financial statements and other reports related to the resources of the Contribution and other financial sources, as the case may be; and (ii) an internal control structure that enables effective Project management; provides reliability regarding the financial information and the physical, magnetic and electronic records and files; and enables the fulfillment of the provisions of this Agreement. (b) The Beneficiary or the Executing Agency, or the Contracting Agency, as the case may be, shall preserve the original records of the Project for a minimum period of three (3) years after the expiration date agreed upon for the final disbursement of the ContributionDisbursement Period or any extension thereof, in such a way as to: (i) make possible the identification of the sums received from the different sources; (ii) show, in accordance with the financial information system approved by the Bank, the expenditures made for investments in the Project, financed both with the resources of the Contribution and with the other funds to be provided for its complete execution; (iii) include sufficient detail to identify show the works performed, goods procured and services contracted and the goods procured, as the case may becontracted, as well as the utilization of such services works, goods and goodsservices; (iv) provide evidence as to conformity in the acceptance, authorization and payments for the purchased or contracted services or purchased goodsworks, as the case may begoods and services; (v) maintain documentation relating to the bidding process and the execution of the contracts financed by the Bank and other financial sources, including, but not limited to, bid requests, bid packages and packages, summaries, bid evaluations, contracts, correspondence, work product and drafts, invoices, certificates and acceptance reports, and receipts, including documents relating to the payment of commissions, and payments to agents, consultants and contractors; and (vi) show the cost of the Project investments in relation to each category in and the Project’s budgetphysical and financial progress of the works, goods and services. With respect to credit programs, the records shall also detail the credits granted, the recoveries obtained, and the utilization of the funds recovered. (c) The Beneficiary agrees that all bidding documents, requests for proposals and contracts financed with resources of the a Bank Contribution that are entered into by the Beneficiary or Beneficiary, the Executing Agency celebrate, or the Contracting Agency shall include a provision that requires that providers of goods or services, contractors, suppliers and subcontractors, consultants and representativestheir agents, personnelpersonnel or concessionaires, sub-consultants, subcontractors, or concessionaires retain keep all documents and records relating related to Bank-financed activities for a period of seven (7) years after completion of the work referred to contemplated in the respective relevant contract.

Financial information and internal control systems. (a) The Beneficiary or the Executing Agency, or the Contracting Agency, as the case may be, shall maintain: (i) a financial information system acceptable to the Bank that enables accounting, budgetary and financial record-keeping, as well as the issuance of financial statements and other reports related to the resources of the Contribution and other financial sources, as the case may be; and (ii) an internal control structure that enables effective Project management; provides reliability regarding the financial information and the physical, magnetic and electronic records and files; and enables the fulfillment of the provisions of this Agreement. (b) The Beneficiary or the Executing Agency, or the Contracting Agency, as the case may be, shall preserve the original records of the Project for a minimum period of three five (35) years after the expiration date agreed upon for the final disbursement of the Contributiondisbursement period or any extension thereof, in such a way as to: : (i) make possible the identification of the sums received from the different sources; (ii) show, in accordance with the financial information system approved by the Bank, the expenditures made for investments in the Project, financed both with the resources of the Contribution and with the other funds to be provided for its complete execution; (iii) include sufficient detail to identify show the works performed, goods procured and services contracted and the goods procured, as the case may becontracted, as well as the utilization of such services works, goods and goodsservices; (iv) provide evidence as to conformity in the acceptance, authorization and payments for the purchased or contracted services or purchased goodsworks, as the case may begoods and services; (v) maintain documentation relating to the bidding process and the execution of the contracts financed by the Bank and other financial sources, including, but not limited to, bid requests, bid packages and packages, summaries, bid evaluations, contracts, correspondence, work product and drafts, invoices, certificates and acceptance reports, and receipts, including documents relating to the payment of commissions, and payments to agents, consultants and contractors; and (vi) show the cost of the Project investments in relation to each category in and the Project’s budgetphysical and financial progress of the works, goods and services. (c) The Beneficiary agrees that all bidding documents, requests for proposals and contracts financed with resources of a Bank contribution that are entered into by the Contribution that the Beneficiary or Beneficiary, the Executing Agency celebrate, or the Contracting Agency shall include a provision that requires that providers of goods or services, contractors, suppliers and subcontractors, consultants and representativestheir agents, personnelpersonnel or concessionaires, sub-consultants, subcontractors, or concessionaires retain keep all documents and records relating related to Bank-financed activities for a period of seven (7) years after completion of the work referred to contemplated in the respective relevant contract.