Common use of Maintenance and Audit of Records Clause in Contracts

Maintenance and Audit of Records. The Contractor shall maintain in its principal office in the 926 County full and complete financial statements, accounting records, and other records related to 927 operations under this Agreement. Contractor shall account for revenues received and expenses 928 incurred as a result of this Agreement separate from the accounting for other operations 929 performed by Contractor or its affiliates. Contractor shall maintain complete and accurate 930 records with respect to any payments to employees or subcontractors. All such records shall be 931 prepared in accordance with generally accepted accounting procedures, shall be clearly 932 identified, and shall be kept readily accessible. Upon request, Contractor shall make such 933 records available within Tulare County to the County Contract Manager and to his agents and 934 representatives, for the sole purpose of verifying the performance of Contractor’s obligations 935 hereunder, for a period of five (5) years from the date of final payment under this Agreement. 936 The Gross Receipts derived from the Collection Services under this Agreement, whether such 937 services are performed by the Contractor or by a Subcontractor, shall be recorded as revenues in 938 the accounts of the Contractor. Upon demand, the Contractor shall permit the County Contract 939 Manager to examine and audit the books of account of the Contractor at any and all reasonable 940 times for the purpose of verifying Contractor’s performance under this Agreement. Upon request, 941 the Contractor shall allow the County Contract Manager to examine the reports of Gross Receipts 942 and the invoices pertaining to any maximum fee or charge approved by the County Board of 943 Supervisors for Services provided under this Agreement. Such request shall be made at reasonable 944 times and with reasonable notice. 945 In the event that a Special Circumstance Rate adjustment is requested, such records shall be 946 subject to review in accordance with appropriate professional standards, and inspection, for the 947 primary purpose of reviewing changes in costs to the Contractor attributable to the Special 948 Circumstance request, at any reasonable time by an independent third party. The selection of the 949 independent third party as well as the scope of work for such review shall be approved in advance 950 by the County Contract Manager. The independent reviewer shall provide any and all drafts of its 951 review to the County and the Contractor. The Party requesting the Special Circumstance Rate 952 review shall bear the cost of the review. 953 The Contractor shall maintain and preserve all cash, billing, and Disposal records throughout the 954 Term of this Agreement and for a period of not less than three (3) years following expiration or 955 early termination of the Agreement. The Contractor shall obtain, within one hundred twenty (120) 956 days of a request by the County Contract Manager, complete independently audited financial 957 statements for the prior calendar year for itself, or where applicable, its parent entity, including its 958 balance sheet, statement of revenues and expenses, and statement of changes in cash position, 959 and provide such financial statements to the County Contract Manager.

Maintenance and Audit of Records. The Contractor shall maintain in its principal office in the 926 927 County full and complete financial statements, accounting records, and other records related to 927 928 operations under this Agreement. Contractor shall account for revenues received and expenses 928 929 incurred as a result of this Agreement separate from the accounting for other operations 929 930 performed by Contractor or its affiliates. Contractor shall maintain complete and accurate 930 931 records with respect to any payments to employees or subcontractors. All such records shall be 931 932 prepared in accordance with generally accepted accounting procedures, shall be clearly 932 933 identified, and shall be kept readily accessible. Upon request, Contractor shall make such 933 934 records available within Tulare County to the County Contract Manager and to his agents and 934 935 representatives, for the sole purpose of verifying the performance of Contractor’s obligations 935 936 hereunder, for a period of five (5) years from the date of final payment under this Agreement. 936 937 The Gross Receipts derived from the Collection Services under this Agreement, whether such 937 938 services are performed by the Contractor or by a Subcontractor, shall be recorded as revenues in 938 939 the accounts of the Contractor. Upon demand, the Contractor shall permit the County Contract 939 940 Manager to examine and audit the books of account of the Contractor at any and all reasonable 940 941 times for the purpose of verifying Contractor’s performance under this Agreement. Upon request, 941 942 the Contractor shall allow the County Contract Manager to examine the reports of Gross Receipts 942 943 and the invoices pertaining to any maximum fee or charge approved by the County Board of 943 944 Supervisors for Services provided under this Agreement. Such request shall be made at reasonable 944 945 times and with reasonable notice. 945 946 In the event that a Special Circumstance Rate adjustment is requested, such records shall be 946 947 subject to review in accordance with appropriate professional standards, and inspection, for the 947 948 primary purpose of reviewing changes in costs to the Contractor attributable to the Special 948 949 Circumstance request, at any reasonable time by an independent third party. The selection of the 949 950 independent third party as well as the scope of work for such review shall be approved in advance 950 951 by the County Contract Manager. The independent reviewer shall provide any and all drafts of its 951 952 review to the County and the Contractor. The Party requesting the Special Circumstance Rate 952 953 review shall bear the cost of the review. 953 954 The Contractor shall maintain and preserve all cash, billing, and Disposal records throughout the 954 955 Term of this Agreement and for a period of not less than three (3) years following expiration or 955 956 early termination of the Agreement. The Contractor shall obtain, within one hundred twenty (120) 956 957 days of a request by the County Contract Manager, complete independently audited financial 957 958 statements for the prior calendar year for itself, or where applicable, its parent entity, including its 958 959 balance sheet, statement of revenues and expenses, and statement of changes in cash position, 959 960 and provide such financial statements to the County Contract Manager.