Open Book Obligations Sample Clauses
The Open Book Obligations clause requires one party to provide the other with access to detailed financial records and cost information related to a contract or project. In practice, this means the party must regularly share invoices, receipts, and supporting documentation to demonstrate actual costs incurred, often allowing the other party to audit or review these records. This clause ensures transparency in pricing and cost allocation, helping to prevent overcharging and fostering trust between the parties.
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Open Book Obligations. The Grant Recipient shall ensure that for each Firm Scheme it and each Grant Recipient Affiliate keeps on an Open Book Basis (in accordance with generally accepted accounting practice) separate books of account for items relating to the Move On Housing which identify items of Decision Revenue, the Firm Scheme Grant and Decision Allowable Costs and such other items required under this Condition 16. The Grant Recipient shall upon Homes England’s written request: make available upon reasonable notice for Homes England’s inspection (and that of any person referred to in this Condition 16 or in Condition 19 or any person appointed pursuant to Condition 24) the books of account referred to in Condition 16.1 (together with, if specified, such supporting correspondence, agreements, orders, invoices, receipts and other documents) and shall submit a report in relation to the same to Homes England as and when requested to do so; and procure that a representative of Homes England (or any of its auditors or advisors) may on reasonable notice visit any place where any records or information of the type described in this Condition 16 are held or maintained and examine such records or information. The Grant Recipient shall ensure that it and any Grant Recipient Affiliate (at its or their cost) co-operates with Homes England during an SGEI Review and it shall if requested promptly provide Homes England with SGEI Information and such other information, evidence and/or explanation as Homes England may reasonably require.
Open Book Obligations. 19.1 The Grant Recipient shall on an Open Book Basis:
19.1.1 at all times maintain a full record of particulars of all the income (including Public Sector Subsidy) received and Development Costs incurred by the Grant Recipient in respect each Named Project;
19.1.2 at all times when reasonably required to do so by the GLA, provide a summary of any of the income and Development Costs referred to in Condition 19.1.1 as the GLA may reasonably require to enable it to monitor the performance by the Grant Recipient of its obligations under this Agreement; and
19.1.3 at all times provide such access or facilities as the GLA may reasonably require for its representatives to visit any place where the records are held and examine the records maintained under this Condition 19.
19.2 Compliance with the above shall require the Grant Recipient to keep (and where appropriate to procure that any Subcontractor shall keep) separate books of account (from those relating to any business, activity or operation carried on by the Grant Recipient or Subcontractor and which do not directly relate to any Named Project) in accordance with good accountancy practice with respect to all Named Projects showing in detail:
19.2.1 income (including Public Sector Subsidy and receipts);
19.2.2 administrative overheads where directly attributed or where apportioned on a pro rata basis;
19.2.3 payments made to Subcontractors;
19.2.4 capital and revenue expenditure;
19.2.5 VAT incurred on all items of expenditure where the Grant Recipient has received grant under this Agreement in respect of such VAT, including the rate of such VAT and full details of the recovery (or not) by the Grant Recipient of such VAT as input tax from HM Revenue & Customs or other competent authority; and
19.2.6 such other items as the GLA may reasonably require to conduct (itself or through a third party) cost audits for verification of income, cost expenditure or estimated expenditure, for the purpose of any of the provisions of this Agreement, and the Grant Recipient shall have (and procure that to the extent expressly agreed the Subcontractors shall have) the books of account evidencing the items listed in this Condition available for inspection by the GLA (and any person appointed pursuant to the dispute resolution provisions at Condition 26 to determine a dispute or otherwise authorised by the GLA) upon reasonable notice, and shall submit a report of these to the GLA as and when requested.
Open Book Obligations. 20.1 The Grant Recipient shall on an Open Book Basis:
20.1.1 at all times maintain a full record of particulars of all the income (including Public Sector Funding) received and Development Costs incurred by the Grant Recipient in respect of each Named Project;
20.1.2 at all times when reasonably required to do so by the GLA, provide a summary of any of the income and Development Costs referred to in Condition 20.1.1 as the GLA may reasonably require to enable it to monitor the performance by the Grant Recipient of its obligations under this Agreement; and
20.1.3 at all times provide such access or facilities as the GLA may reasonably require for its representatives to visit any place where the records are held and examine the records maintained under this Condition 20.
Open Book Obligations. The Grant Recipient shall on an Open Book basis:
Open Book Obligations. 16.1 The Grant Recipient shall on an Open Book basis:
16.1.1 at all times maintain a full record of particulars of all the income (including Public Sector Subsidy) received and Development Costs incurred by the Grant Recipient in respect each Firm Scheme;
16.1.2 at all times when reasonably required to do so by the Agency, provide a summary of any of the income and Development Costs referred to in Condition
16.1.1 as the Agency may reasonably require to enable it to monitor the performance by the Grant Recipient of its obligations under this Agreement; and
16.1.3 at all times provide such access or facilities as the Agency may reasonably require for its representatives to visit any place where the records are held and examine the records maintained under this Condition 16.
Open Book Obligations. at all times maintain a full record of particulars of all the income (including Public Sector Funding) received and Development Costs incurred by the Grant Recipient in respect of each Named Project; 21 Data Protection, Freedom of Information, Confidentiality and Transparency The parties acknowledge that they will each act in the capacity of Data Controller in respect of any Personal Data processed under this Agreement and each will Process the Personal Data as independent Data Controllers. The FOIA gives a general right of access to information held by a public authority. Subject to any exemptions applicable, the Grant Recipient shall co-operate fully with the GLA as reasonably requested by the GLA in respect of any request for information made to the GLA in connection with this Agreement pursuant to the FOIA. The Grant Recipient acknowledges and agrees that the GLA:
Open Book Obligations. at all times maintain a full record of particulars of all the income (including Public Sector Funding) received and Development Costs incurred by the Grant Recipient in respect of each Named Project; 21 Data Protection, Freedom of Information, Confidentiality and Transparency The parties acknowledge that they will each act in the capacity of Data Controller in respect of any Personal Data processed under this Agreement and each will Process the Personal Data as independent Data Controllers. The parties to this Agreement are FOIA Authorities and: Nothing in this Agreement will prevent the Relevant FOIA Authority from complying with any valid order, decision, enforcement or practice recommendation notice issued to it by the Information Commissioner under FOIA and/or EIR in relation to any Exempted Information. The Grant Recipient acknowledges and agrees that the GLA:
Open Book Obligations. 12.1. The Grant Recipient shall on an Open Book basis:
12.1.1. at all times maintain a full record of particulars of all the income (including the Grant and any Additional Funds) received and Development Costs incurred by the Grant Recipient in respect of the Project;
12.1.2. at all times when reasonably required to do so by the Council, provide a summary of any of the income and Development Costs referred to in Clause
12.1.1 as the Council may reasonably require to enable it to monitor the performance by the Grant Recipient of its obligations under this Agreement; and
12.1.3. at all times provide such access or facilities as the Council may reasonably require for its representatives to visit any place where the records are held and examine the records maintained under this Clause 12.
Open Book Obligations. 16.1 Each Relevant Consortium Member shall on an Open Book basis:
16.1.1 at all times maintain a full record of particulars of all the income (including Public Sector Subsidy) received and Development Costs incurred in respect each Firm Scheme;
16.1.2 at all times when reasonably required to do so by the Agency, provide a summary of any of the income and Development Costs referred to in Condition
16.1.1 as the Agency may reasonably require to enable it to monitor the performance by the Relevant Consortium Member of its obligations under this Agreement; and
16.1.3 at all times provide such access or facilities as the Agency may reasonably require for its representatives to visit any place where the records are held and examine the records maintained under this Condition 16.