Common use of RECORDKEEPING AND RECORD RETENTION Clause in Contracts

RECORDKEEPING AND RECORD RETENTION. The contractor shall establish and maintain adequate records of all expenditures incurred under the contract. All records must be kept in accordance with generally accepted accounting procedures. All procedures must be in accordance with federal, state and local ordinances. The contracting agency shall have the right to audit, review, examine, copy, and transcribe any pertinent records or documents relating to any contract resulting from this bid/proposal held by the contractor. The contractor will retain all documents applicable to the contract for a period of not less than three (3) years after final payment is made.

RECORDKEEPING AND RECORD RETENTION. The contractor Contractor shall establish and maintain adequate records of all expenditures incurred under the contractContract. All records must be kept in accordance with generally accepted accounting procedures. All procedures must be in accordance with federal, state and local ordinances. The contracting agency shall have the right to audit, review, examine, copy, and transcribe any pertinent records or documents relating to any contract resulting from this bid/proposal held by the contractorContractor. The contractor Contractor will retain all documents applicable to the contract for a period of not less than three (3) years after final payment is made.