Common use of Record Keeping and Finance Controls Clause in Contracts

Record Keeping and Finance Controls. Design-Builder acknowledges that this Agreement is to be administered on an “open book” arrangement relative to Costs of the Work. Design-Builder 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 six (6) years after Final Payment, Owner and Owner’s accountants shall be afforded access to, and the right to audit, including electronic audit \ Design-Builder’s records, books, correspondence, receipts, subcontracts, purchase orders, vouchers, memoranda and other data relating to the Work, all of which Design-Builder shall preserve for a period of six (6) years after Final Payment. Such inspection shall take

Record Keeping and Finance Controls. Design-Design Builder acknowledges that this Agreement is to be administered on an “open book” book arrangement relative to Costs of the Work. Design-Design Builder 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 six five (65) years after Final Payment, Owner and Owner’s accountants shall be afforded access tofrom time to time, and the right upon reasonable notice, to audit, including electronic audit \ Design-Design Builder’s records, books, correspondence, receipts, subcontracts, purchase orders, vouchers, memoranda and other data relating to the Work, all of which Design-Design Builder shall preserve for a period of six five (65) years after Project Final Payment. Such inspection shall take.