Common use of Owner's Audit Rights Clause in Contracts

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. § 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 Contractor’s facilities and databases where such records are located, and shall be provided adequate and appropriate w work space, in order to conduct audits in compliance with this section.