Open Book Accounting. The Contractor’s GMP shall be based on actual procured quotes and bids from Subcontractors, vendors, and suppliers or based on estimated costs. In addition, Contractor shall include an estimated overhead and profit line item along with the cost for Contractor supplied labor. This total construction cost, or Base Cost, shall be added to Subcontractor, vendor and supplier contingencies and the Construction Contingency (which includes an Errors and Omissions Contingency) to form the entire GMP. As costs are incurred during the course of the Project, the Job Cost Accounting shall be updated to include actual costs incurred. A report on costs shall be prepared as part of the GMP process and shall be provided on a regular basis to the District.
Open Book Accounting. The Councils agree to share information on open book principles to enable the effective working of the Pooled Services.
Open Book Accounting. The Partners agree to develop and improve the system of `open book accounting’ agreed during the negotiations and set out in the contract. The Partners agree that for the contract and the Partnership to be successful it must be based on sustainable, accurate and realistic operational performance and on clear and robust financial information, and further that is to their mutual benefit to share such information in confidence in order to develop trust and to better understand the pressures and market forces exerted on each of them. The Partners will at all times act reasonably and in good faith in relation to all matters that may arise under this Charter and the contract. This mutual commitment to each other includes an obligation on each Partner to ensure that the other Partner is not unduly prejudiced, financially or otherwise, as a result of the operation of the contract, the acts or omissions of the other Partner, market forces, changes of law or otherwise. Subject only to any requirements in law, the partners commit themselves not to disclose to any third party any commercially sensitive information unless by express written agreement of the other Partner.
Open Book Accounting. The Health Services Manager must:
(a) maintain all accounts, transaction information and source documents, financial systems and records, business records and other information and material relating to the Health Services on an open book and stand alone basis;
(b) have the accounts referred to in clause 42.2(a) independently audited on an annual basis within three (3) Months of the end of the Financial Year (or, where the Health Service Manager's audit year does not coincide with the Financial Year, within three (3) Months of the end of the audit year end date);
(c) make the accounts referred to in clause 42.2(a) available for inspection at any time by the Department;
(d) provide all reasonable assistance that the Department (or its nominee) may reasonably require in respect of access in accordance with clause 42.2 including by providing an explanation of the Health Services Manager's systems, policies, procedures or record keeping practices; and
(e) provide such reports as reasonably requested by the Contract Administrator to assist in ensuring that the Department is receiving at all times the best possible value for money.
Open Book Accounting. The Contractor’s GMP shall be based on actual procured quotes and bids from Subcontractors, vendors, and suppliers or based on estimated costs. In addition, Contractor shall include an estimated overhead and profit line item along with the cost for Contractor supplied labor. This total construction cost, or Base Cost, shall be added to Subcontractor, vendor and supplier contingencies and the Construction Contingency to form the entire GMP. As costs are incurred during the course of the Project, the Job Cost Accounting shall be updated to include actual costs incurred. A report on costs shall be prepared as part of the GMP process and shall be provided on a monthly basis to the District.
Open Book Accounting. 40.1 Payments made to the Contractor under this Clause 40 shall appear as Income on a separate profit and loss account (“the Open Book Account”) which shall be established and maintained by the Contractor under this Contract.
40.2 The contents of the Open Book Account shall be agreed between the parties prior to the Commencement Date and shall contain details of the Contractor‟s Operating Expenditure and Income estimated as arising annually over the lifetime of this Contract.
40.3 The Open Book Account shall be prepared in accordance with the Generally Accepted Accounting Principles, with the exception of the following:
40.3.1 The Contractor shall not be entitled to charge to the Open Book expenditure relating to head office expenses, except as agreed at the Commencement Date.
40.3.2 The Contractor shall not be entitled to charge any costs relating to the purchase of assets, equipment and working capital except as agreed at the Commencement Date. This shall not apply to the depreciation charge for assets and equipment used on the Contract, provided that such costs are in accordance with the Generally Accepted Accounting Procedures.
40.4 The Contractor shall separately identify in the Open Book:
40.4.1 payments made by the Council under Clause 23;
40.4.2 income arising from amendments to the Specification as evidenced by agreement under Clause 9; and
40.4.3 any other Income derived from the services.
40.5 The Contractor shall provide to the Council‟s Authorised Officer reasonable access to both its financial system and records and provide such additional information as the Council may reasonably require in order that the officers concerned may verify the completeness, accuracy and validity of transactions recorded in the Open Book or the Reconciliation Statement.
40.6 The Contractor shall supply to the Council details of actual Operating Expenditure and Income under the Open Book Account on a quarterly basis.
40.7 The Contractor shall submit a Reconciliation Statement (accompanied by a certificate as to its accuracy) once per Contract Year within twenty eight (28) days following the end of each Contract Year.
40.8 Within thirty (30) days of its receipt the Council shall signify whether or not it accepts the Reconciliation Statement as an accurate statement of the Open Book as certified by the Contractor. If the Council disputes any item or makes a request for further information under the provisions of Clause 40.5 it shall provide the Contractor with detail...
Open Book Accounting. Developer shall maintain a completely open book accounting, with specific processes for record keeping, accounting, and auditing as further described below.
Open Book Accounting. Developer is required to implement open book accounting procedures to provide transparency. Developer will also be required to provide detailed annual statements to the City specifying costs and revenues, and Developer will be required to keep books and records and allow for City inspection of said books and records at any time upon notice by City. (Open book procedures are described in greater detail in Section 13.)
Open Book Accounting. Central to this Partnering Arrangement is the confidence the partners have in each other’s commitment to share general business information, including cost information. Open Book Accounting is one of the tools available to achieve this. Open book accounting can be described as an arrangement where access to financial information of both parties is available including cost of supplies, wage rates and overheads, so that all parties can work together to reduce cost and ensure that value for money is achieved. Reasons for employing an open-book approach vary but it is agreed that it supports the principles of Best Value, the ethos of partnering and has the potential to generate the often elusive cost savings.
Open Book Accounting. 26.1 The Supplier shall operate and maintain for the term of this Agreement an open and transparent system of pricing and charging for the Services and an accessible costs accounting system which shall provide DCC and its representatives on an ongoing basis with full details of the Charges being invoiced and the Services to which they relate, including transparent details of how those Charges are made up.
