Common use of Record Keeping and Finance Controls Clause in Contracts

Record Keeping and Finance Controls. Construction Manager acknowledges that this Agreement is to be administered on an open book arrangement relative to Costs of the Work. Construction Manager 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 as may be provided in the Contract Documents. During the performance of the Work and for a period of five (5) years after Final Payment, Owner and Owner’s accountants shall be afforded access from time to time, upon reasonable notice, to Construction Manager’s records, books, correspondence, receipts, subcontracts, purchase orders, vouchers, memoranda and other data relating to the Work, all of which Construction Manager shall preserve for a period of five (5) years after Project Final Payment.