Common use of Record Keeping and Finance Controls Clause in Contracts

Record Keeping and Finance Controls. With respect to all Work performed by CM@Risk, its Subcontractors and consultants under this Agreement, CM@Risk, 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 CM@Risk 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 CM@Risk at any time during or after the Work as the Owner may request. The CM@Risk 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 CM@Risk and its Subcontractors and any consultants employed by the CM@Risk.

Record Keeping and Finance Controls. With respect to all Work performed by CM@Risk, its Subcontractors and consultants Consultants under this Agreement, CM@Risk, its Subcontractors and any consultantsConsultants, 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 CM@Risk shall retain and shall also require all Subcontractors and any consultants 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 CM@Risk at any time during or after the Work as the Owner may request. The CM@Risk 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 Consultant payment applications or invoices and such Subcontractor’s or any consultantConsultant’s progress payment checks. The requirements of this Article shall be provided for in all contracts between the CM@Risk and its Subcontractors and any consultants Consultants employed by the CM@Risk.