Common use of Record Keeping and Finance Controls Clause in Contracts

Record Keeping and Finance Controls. With respect to all Work performed by Contractor, its Subcontractors and Consultants under this Agreement, the Contractor, its Subcontractors and any Consultants, shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, using accounting and control systems in accordance with generally accepted accounting principles, and subject to approval by the Owner. During performance of the Work and for five (5) years after Final Payment, the Contractor shall retain and shall also require all Subcontractors and any Consultants to retain for review and/or audit by the Owner all correspondence, meeting minutes, memoranda, electronic media, books, accounts, reports, files, time cards, material invoices, payrolls, and evidence of all communications, direct and indirect costs and all other matter related to the Work. Upon request by the Owner, a legible copy or the original of any or all such records shall be produced by the Contractor at any time during or after the Work as the Owner may request. The Contractor shall submit to the Owner upon request all payrolls, reports, estimates, records and any other data concerning Work performed or to be performed and concerning materials supplied or to be supplied, as well as Subcontractor or any Consultant payment applications or invoices and such Subcontractor’s or any Consultant’s progress payment checks. The requirements of this Article shall be provided for in all contracts between the Contractor and its Subcontractors and any Consultants employed by the Contractor.

Record Keeping and Finance Controls. With respect to all Work performed by ContractorXXXX, its Subcontractors and Consultants under this Agreement, the ContractorXXXX, its Subcontractors and any Consultants, shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, management using accounting and control systems in accordance with generally accepted accounting principles, and subject to approval approved by the Owner. During performance of the Work and for five (5) years after Final Paymentfinal payment for the entire Work (even if the Work is done in phases or portions), the Contractor XXXX shall retain and shall also require all Subcontractors and any Consultants to retain for review and/or audit by the Owner all correspondence, meeting minutes, memoranda, electronic media, books, accounts, reports, files, time cards, material invoices, payrolls, and evidence of all communications, direct and indirect costs and all other matter related to the Work. Upon request by the Owner, a legible copy or the original of any or all such records shall be produced by the Contractor XXXX at any time during or after the Work as the Owner may request. The Contractor XXXX shall submit to the Owner upon request all payrolls, reports, estimates, records and any other data concerning Work performed or to be performed and concerning materials supplied or to be supplied, as well as Subcontractor or any Consultant payment applications or invoices and such Subcontractor’s or any Consultant’s progress payment checks. The requirements of this Article Section 7.3 shall be provided for included in all contracts between the Contractor XXXX and its Subcontractors and any Consultants employed by the ContractorXXXX.

Record Keeping and Finance Controls. With respect to all Work performed by ContractorDesign-Builder, its Subcontractors and Consultants Subconsultants, under this Agreement, the ContractorDesign-Builder, its Subcontractors and any ConsultantsSubconsultants, shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, using accounting and control systems in accordance with generally accepted accounting principles, and subject to approval approved by the Owner. During performance of the Work and for five (5) years after Final Payment, the Contractor Design-Builder shall retain and shall also require all Subcontractors and any Consultants Subconsultants to retain for review and/or audit by the Owner all correspondence, meeting minutes, memoranda, electronic media, books, accounts, reports, files, time cards, material invoices, payrolls, and evidence of all communications, direct and indirect costs and all other matter related to the Work. Upon request by the Owner, a legible copy or the original of any or all such records shall be produced by the Contractor Design-Builder at any time during or after the Work as the Owner may request. The Contractor Design-Builder shall submit to the Owner upon request all payrolls, reports, estimates, records and any other data concerning Work performed or to be performed and concerning materials supplied or to be supplied, as well as Subcontractor or any Consultant Subconsultant payment applications or invoices and such Subcontractor’s or any ConsultantSubconsultant’s progress payment checks. The requirements of this Article Section shall be provided for in all contracts between the Contractor Design-Builder and its any Subcontractors and any Consultants Subconsultants employed by the ContractorDesign-Builder.