Common use of Records and Inspection Clause in Contracts

Records and Inspection. Subrecipient shall keep proper books of account and records on all activities associated with the Contract (collectively, the “Records”). Subrecipient shall maintain the Records in accordance with generally accepted accounting principles and shall retain the Records for (5) five years after PHB makes final payments and all other pending matters are closed. Subrecipient shall permit PHB, HUD, the Comptroller General of the United States, or any of their duly authorized representatives, to inspect, review and make excerpts and transcripts of the Records with respect to the receipt and disbursement of funds received hereunder. The authorized representatives shall have access to the Records at any reasonable time for as long as the Records are maintained. This Section shall survive the expiration of the term and any termination of the Contract and upon such termination Subrecipient shall promptly transfer all Records to PHB.

Records and Inspection. Subrecipient Recipient shall keep proper books of account and records on all activities associated with the Contract (collectively, the “Records”). Subrecipient Recipient shall maintain the Records in accordance with generally accepted accounting principles and shall retain the Records for five (5) five years after PHB makes final payments and all other pending matters are closed. Subrecipient Recipient shall permit PHB, [USE IF FEDERAL FUNDS HUD, the Comptroller General of the United States, or any of their duly authorized representatives, ,] to inspect, review and make excerpts and transcripts of the Records with respect to the receipt and disbursement of funds received hereunder. The authorized representatives shall will have access to the Records at any reasonable time for as long as the Records are maintained. This Section shall will survive the expiration of the term and any termination of the Contract and upon such termination Subrecipient Recipient shall promptly transfer all Records to PHB.