Owner's Audit Rights. Owner reserves the right and Contractor shall allow Owner to audit, or cause to have audited, any and all items related to aspects of this Agreement to assure Contractor's compliance therewith. These items shall include, but not be limited to, property, books, records, and computerized data files. This provision shall remain in effect for two (2) years following final payment for the Work described in this Agreement. This provision does not apply to the calculations used to determine firm lump sum prices for Work performed under this Agreement except to the extent that knowledge of the amount of taxable portions of Contractor's invoicing is necessary.
Owner's Audit Rights. Contractor shall maintain all Project-related records (“Project Records”) for a period of two (2) years after Final Completion (“Retention Period”). Owner shall have the right to audit, copy and inspect all such Project Records, including all electronic records, files and renderings which are retained in computers or on diskettes, at all reasonable times during the course of the Work and during the Retention Period. Project Records shall be made available to the Owner at all times to assist Owner in the resolution of any issues pertaining to Change Orders based on time and expense, claims, other issues pertaining to an increase or decease in the Contract Price and/or the Contract Time, or compliance with Owner’s business ethics policies.
Owner's Audit Rights. § 2.6.1 The Contractor shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management under this Contract, and the accounting and control systems shall be satisfactory to the Owner. The Contractor shall develop a system of cost control for the Work, including regular monitoring of actual costs for activities in progress and estimates for uncompleted tasks and proposed changes. The Contractor shall identify
§ 2.6.2 The Contractor’s records, which shall include but not be limited to accounting records, written policies and procedures, subcontractor files (including proposals of successful and unsuccessful bidders), original estimates, estimating work sheets, correspondence, change order files (including documentation covering negotiated settlements), and any other supporting evidence necessary to substantiate charges related to the Contract shall be open to inspection and subject to audit and/or reproduction, during normal working hours, by the Owner’s agents or authorized representatives. Such records subject to examination shall also include, but not be limited to, those records necessary to evaluate and verify direct and indirect costs (including overhead allocations) as they may apply to costs associated with the Contract and records relating to the performance of the Work. The Contractor shall preserve such records for a period of at least three years following the date of Final Acceptance under the Contract and for such longer period as may be required by any other provision of the Contract
§ 2.6.3 For the purpose of such audits, inspections, examinations and evaluations, the Owner’s agents or authorized representatives shall have access to said records from the commencement of the Contract for the duration of the Work and thereafter.
§ 2.6.4 The Owner’s agents or authorized representatives shall have access to all of the Cont databases where such records are located, and shall be provided adequate and appropriate w conduct audits in compliance with this section.
Owner's Audit Rights. Consultant shall maintain, and require its subconsultants of any tier to maintain, detailed records pertaining to all Reimbursable Expenses. For a period of no less than four (4) years after the termination or final completion of the Agreement, such records shall be made available to Owner and its authorized representatives for purposes of audit promptly after receipt of written notice from Owner.
Owner's Audit Rights. The Design/Builder shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management under this Part 2 Agreement, and the accounting and control systems shall be satisfactory to the Owner. The Owner or its representatives shall have the right to audit, examine, and copy, at reasonable times and places, all records, books, correspondence, instructions, drawings, receipts, subcontracts, purchase orders, vouchers, memoranda and other data relating to this Part 2 Agreement, the Project and the Work, and the Design/Builder shall preserve these for a period of three (3) years after final payment, or for such longer period as may be required by law; provided, however, that such right shall be limited to the extent Owner deems necessary to determine or confirm matters relating to any adjustment to the Guaranteed Maximum Price (whether arising from changes in the Work or otherwise) or the cost of any Work performed on a cost plus or time and materials basis. The Design/Builder shall require the Architect, Engineers and all contractors to comply with the provision of this Section 14.15 by insertion of the provisions hereof in each subcontractor; provided, however, that the Owner’s right to review and audit records of lump sum subcontractors shall be limited to the extent necessary to confirm adjustments in the subcontract amounts or for any work performed on a cost plus or time and material basis. If any inspection or audit by the Owner reveals an overcharge, the Design/Builder shall pay the Owner upon demand an amount equal to such overcharge, as reimbursement for said overcharge (whether before or after final payment).
Owner's Audit Rights. Owner, Hotel Consultant, Trustee and their designees shall, at any time throughout the Operating Term, have the right to audit and verify the books and records of the Hotel and the operations of the Hotel, upon reasonable prior written notice to Manager. Owner, Hotel Consultant, Trustee and their designees shall also be entitled to conduct spot audits or examinations of the same at the Hotel without prior notice from time to time, when such notice could impair the purposes of the audit. Any audit and verification pursuant to this Section 2.20.5 shall be conducted in such a fashion as to interfere as little as reasonably practicable with Manager’s normal business operations and during normal business hours. Manager shall cooperate with Owner, Hotel Consultant Trustee and their designees in connection with such audit and shall promptly make available to Owner, Hotel Consultant, Trustee and their designees any and all information relating to the Hotel that they may reasonably request in connection with such audit. Owner, Hotel Consultant and Trustee shall not be responsible for failure to discover any defalcations during any audit or inspection of the financial records. If Gross Operating Revenue or Net Operating Income as set forth in Manager’s quarterly or annual operating reports to Owner are found to be understated or overstated by more than three percent (3%), then Manager must immediately pay to Owner the reasonable cost of such audit (any amount not in excess of Fifty Thousand Dollars ($50,000) shall be deemed reasonable), as well as correct the misstatements as shown by such audit. If Manager is not responsible for the cost of the audit hereunder, then the cost of an audit conducted pursuant to this Article shall be funded from the Surplus Revenue Fund. If there is an insufficiency of funds in the Surplus Revenue Fund, such insufficiency shall be funded from the Operating Expense Reserve Fund and if the Operating Expense Reserve Fund is not sufficient, then from the Gross Operating Revenue as an Operating Expense. Notwithstanding the preceding sentence, the costs of such audit shall not be included in the calculation of any Performance Test.
Owner's Audit Rights. Contractor shall maintain all Project-related records, including but not limited to the following: (1) all correspondence; (2) books of account (kept in accordance with generally accepted accounting procedures); (3) electronic files, change order and claim files, subcontract files, vendor files; (4) daily reports; (5) RFI and change order logs; (6) shop drawings, schedules, schedule updates; and (7) all other schedule-related data, minutes of meetings, monthly reports and all other supporting documentation pertaining to Work performed by Contractor under this Agreement (the “Project Records”). Contractor shall maintain all Project Records for a period of two (2) years after Final Completion (“Retention Period”). Owner shall have the right to audit, copy and inspect all such Project Records, including all electronic records, files and renderings which are retained in computers or on diskettes, at all reasonable times during the course of the Work and during the Retention Period to the full extent as may be necessary to assist Owner in the resolution of any issues pertaining to Change Orders based on time and expense, Claims, or any other issues pertaining to an increase or decrease in the Contract Price and/or the Contract Time. Further, Owner shall have access at all reasonable times to records necessary for evaluation and verification of cost or pricing data with respect to the following: (1) all negotiated Change Orders to this Agreement; (2) instances where the parties are unable to resolve cost data or scheduling issues pertaining to pending Change Orders (3) instances where the parties are unable to resolve cost data or scheduling issues pertaining to any pending Change Order Claims; and (4) compliance with Owner's business ethics policies.
Owner's Audit Rights. Owner or Owner’s duly authorized representative shall, until three (3) years after final payment under this Agreement, have access to and the right to audit and examine any of the Contractor’s (and any Subcontractor’s) invoices, books and records pertaining to this Agreement and if such audit fails to substantiate the amount of charges imposed or to be imposed by Contractor on Owner under this Agreement, then Owner shall be entitled to a reduction or refund. In addition, if such audit shows that the charges imposed by Contractor on Owner were overstated by more than four percent (4%), Contractor shall promptly reimburse Owner for the actual cost to Owner of such audit.
Owner's Audit Rights. Owner shall have the right, at any time within one (1) year after the date of any Operator invoice for reimbursement of costs of Capital Improvements Services, to audit those books and records of Operator that relate to the Capital Improvements Services covered by such invoice, to verify the costs reflected on such invoice. Any such audit shall be conducted by Owner or its designated auditor after ten (10) days prior written notice to Operator, at Owner's cost and expense, during normal business hours in the offices of Operator, or such other location as may be appropriate. Operator shall cooperate with and provide reasonable assistance to Owner or its auditor in connection with the performance of any such audit, at Operator's sole cost and expense. Owner shall assert any claim for refund of the cost of Capital Improvements Services reimbursed to Operator under the audited invoice within sixty (60) days after the receipt of the audit report. Unless Operator notifies Owner of any dispute to Owner's claim for refund relating to any such audit within thirty (30) days of receipt of such refund claim, the amount of such refund claim shall be due and payable by Operator to Owner forty (40) days after Operator's receipt of such refund claim, together with interest at the Interest Rate from the date of any overpayment to Operator until the date of refund of such overpayment by Operator. Should Operator dispute the claim and refuse to pay any refund claim by Owner resulting from the exercise of Owner's audit rights, the dispute shall be addressed in accordance with Article VIII.
Owner's Audit Rights. Consultant shall maintain, and require its employees and agents, or others for whom the Consultant is legally liable under this Agreement to maintain detailed records of all its Services, including Additional Services, Reimbursable Expenses and personnel hours expended during the course of such Services. Such financial records shall be kept in accordance with generally accepted accounting principles and shall be promptly made available to Owner and its authorized representatives for purposes of audit promptly after receipt of written notice from Owner.
