Common use of Record Retention, Audit and Claims Clause in Contracts

Record Retention, Audit and Claims. 6.1 The Trade Contractor shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management under this Trade Contract Agreement and as directed and approved by the Authority and Team. Trade Contractor shall afford the Authority reasonable access to appropriate personnel for interviews and the necessary and relevant records, books, cost reports, labor rates, labor schedules, correspondence, instructions, drawings, receipts, Subcontracts, purchase orders, vouchers, memoranda, and other electronic and hard copy data to the extent relating to the Trade Contractor’s right to payment under and the Trade Contractor’s compliance with the terms and conditions of this Trade Contract Agreement, and the Trade Contractor shall preserve this information for a period of seven (7) years after final payment, or for such longer period as may be required by Applicable Laws. The Trade Contractor shall account for and keep track of the Cost of the Trade Contractor Work, including all materials, equipment and labor utilized in the performance of the Trade Contractor Work, and shall keep such full and detailed accounts as may be necessary for proper financial management under this Trade Contract Agreement. Subcontractors retained by the Trade Contractor on a “cost-plus” basis shall have the same obligations to retain records and cooperate with audits as are required of the Trade Contractor under this Paragraph 6.1. In addition to all other rights under the Trade Contract Documents, the Authority and Team representatives shall have the right to conduct full and complete audits of the Trade Contractor with respect to the Trade Contractor Work and also to the extent relating to the Trade Contractor’s right to payment under and the Trade Contractor’s compliance with the terms and conditions of this Trade Contract Agreement. The Trade Contractor shall provide the Authority and Team copies of all documents and records associated with the Work that the Authority or Team deem necessary. The Trade Contractor shall provide all Subcontracts, material purchase orders, and insurance certificates to the requesting party in an executed format for all Subcontractors and Suppliers prior to any such Person commencing work on the Project.

Record Retention, Audit and Claims. 6.1 The Trade Contractor shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management under this Trade Contract Agreement and as directed and approved by the Authority and Team. Trade Contractor shall afford the Authority reasonable access to appropriate personnel for interviews and the necessary and relevant records, books, cost reports, labor rates, labor schedules, correspondence, instructions, drawings, receipts, Subcontracts, purchase orders, vouchers, memoranda, and other electronic and hard copy data to the extent relating to the Trade Contractor’s right to payment under and the Trade Contractor’s compliance with the terms and conditions of this Trade Contract Agreement, and the Trade Contractor shall preserve this information for a period of seven (7) years after final payment, or for such longer period as may be required by Applicable Laws. The Trade Contractor shall account for and keep track of the Cost of the Trade Contractor Work, including all materials, equipment and labor utilized in the performance of the Trade Contractor Work, Work and shall keep such full and detailed accounts as may be necessary for proper financial management under this Trade Contract Agreement. Subcontractors retained by the Trade Contractor on a “cost-plus” basis shall have the same obligations to retain records and cooperate with audits as are required of the Trade Contractor under this Paragraph 6.1. In addition to all other rights under the Trade Contract Documents, the Authority and Team representatives shall have the right to conduct full and complete audits of the Trade Contractor with respect to the Trade Contractor Work and also to the extent relating to the Trade Contractor’s right to payment under and the Trade Contractor’s compliance with the terms and conditions of this Trade Contract Agreement. The Trade Contractor shall provide the Authority and Team copies of all documents and records associated with the Work that the Authority or Team deem necessary. The Trade Contractor shall provide all Subcontracts, material purchase orders, and insurance certificates to the requesting party in an executed format for all Subcontractors and Suppliers prior to any such Person commencing work on the Project.

Record Retention, Audit and Claims. 6.1 The Trade Contractor shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management under this Trade Contract Agreement and as directed and approved by the Authority and Team. Trade Contractor shall afford the Authority reasonable access to appropriate personnel for interviews and the necessary and relevant records, books, cost reports, labor rates, labor schedules, correspondence, instructions, drawings, receipts, Subcontracts, purchase orders, vouchers, memoranda, and other electronic and hard copy data to the extent relating to the Trade Contractor’s right to payment under and the Trade Contractor’s compliance with the terms and conditions of this Trade Contract Agreement, and the Trade Contractor shall preserve this information for a period of seven (7) years after final payment, or for such longer period as may be required by Applicable Laws. The Trade Contractor shall account for and keep track of the Cost of the Trade Contractor Work, including all materials, equipment and labor utilized in the performance of the Trade Contractor Work, and shall keep such full and detailed accounts as may be necessary for proper financial management under this Trade Contract Agreement. Subcontractors retained by the Trade Contractor on a “cost-cost- plus” basis shall have the same obligations to retain records and cooperate with audits as are required of the Trade Contractor under this Paragraph 6.1. In addition to all other rights under the Trade Contract Documents, the Authority and Team representatives shall have the right to conduct full and complete audits of the Trade Contractor with respect to the Trade Contractor Work and also to the extent relating to the Trade Contractor’s right to payment under and the Trade Contractor’s compliance with the terms and conditions of this Trade Contract Agreement. The Trade Contractor shall provide the Authority and Team copies of all documents and records associated with the Work that the Authority or Team deem necessary. The Trade Contractor shall provide all Subcontracts, material purchase orders, and insurance certificates to the requesting party in an executed format for all Subcontractors and Suppliers prior to any such Person commencing work on the Project.