LOCAL PROJECT AUDITS Clause Samples
The 'Local Project Audits' clause establishes the right for a party, typically the project owner or funder, to review and examine the financial records, activities, and compliance of a project at the local level. This clause usually outlines the scope of audits, the frequency with which they may occur, and the obligations of the project team to provide access to relevant documents and personnel. By enabling regular or ad hoc audits, the clause ensures transparency, accountability, and proper use of resources, helping to detect and prevent mismanagement or misuse of funds.
LOCAL PROJECT AUDITS. By entering into a SLA, the Sponsor acknowledges that prior to final payment and close-out of the project an audit by NYSDOT, the State Comptroller, NYS Inspector General, the Federal Highway Administration (FHWA) or other federal agencies may occur at the discretion of these entities and may identify disallowances. Funds paid by NYSDOT to the Sponsor become disallowed by such audits are subject to recovery.