Common use of RECORD RETENTION REQUIREMENTS Clause in Contracts

RECORD RETENTION REQUIREMENTS. (a) The governmental unit or its agent’s records and the records of contractors, including professional services contracts, shall be subject at all reasonable times to inspection, copying and audit by the department. (am) Governmental units required to have a single audit based on receipt of federal funds shall include local assistance grants within the scope of such examinations. (b) The governmental unit or its agent or contractors of the governmental unit shall preserve and make all records available to the department: 1. For 3 years after the date of final settlement; or 2. For a longer period if required by statute or contract; or 3. For 3 years after the date of termination of a grant agree- ment. If a grant is partially terminated, records shall be retained for a period of 3 years after the date of final settlement. 4. Cost−share agreement records shall be kept for the duration of the maintenance period of the cost−share agreement with the longest maintenance period to enable the governmental unit to ful- fill its responsibility under s. NR 120.05. (c) The governmental unit or its agent or contractors of the governmental unit shall preserve and make the following records available to the department until any appeals, litigation, claims or exceptions have been finally resolved: 1. Records which relate to appeals, disputes or litigation on the settlement of claims arising out of the performance of the proj- ect for which funds were awarded; and 2. Records which relate to costs or expenses of the project to which the department or any of its duly authorized representatives has taken exception.