Records and Open Book Accounting Sample Clauses
The "Records and Open Book Accounting" clause requires parties to maintain accurate and complete financial records related to the contract and to make these records available for inspection by the other party or an authorized auditor. In practice, this means that invoices, receipts, and supporting documentation must be kept up-to-date and accessible, often for a specified period after the contract ends. This clause ensures transparency in financial dealings, helps prevent disputes over payments or costs, and allows for verification of compliance with contractual terms.
Records and Open Book Accounting shall require the Contractor to keep (and where appropriate to procure that each sub-contractor shall keep) books of account in accordance with best accountancy practices with respect to this Contract showing in detail: administrative overheads; payments to Sub-Contractors and by Sub-Contractors to sub-contractors; capital and revenue expenditure; and such other items as the Authority may reasonably require from time to time to conduct costs audits for verification of cost expenditure or estimated expenditure, for the purpose of this Contract.
Records and Open Book Accounting. The Contractor shall (and shall procure that each sub-contractor shall) at all times: maintain a full record of particulars of the costs of performing the Works and the Services; upon request by the Authority, provide any of the costs referred to in clause 82.1.1, including details of any funds held by the Contractor specifically to cover such costs, in such form and detail as the Authority may require; and provide such facilities as the Authority may reasonably require for its representatives to visit any place where the records are held and examine the records maintained under this clause.
Records and Open Book Accounting. Records and Reports
Records and Open Book Accounting. The Contractor shall (and shall procure that each sub-contractor shall) at all times:
54.1.1 maintain a full record of particulars of the costs of performing the Works and the Services;
54.1.2 upon request by the Authority, provide a written summary of any of the costs referred to in Clause 54.1.1 (Records and Open Book Accounting), including details of any funds held by the Contractor specifically to cover such costs, in such form and detail as the Authority may reasonably require to enable the Authority to monitor the performance by the Contractor of its obligations under this Contract; and
54.1.3 provide such facilities as the Authority may reasonably require for its representatives to visit any place where the records are held and examine the records maintained under this Clause;
Records and Open Book Accounting. 41.1 The Provider shall:
41.1.1 at all times maintain a full record of particulars of the costs of performing its obligations under this Contract;
41.1.2 upon request by the Council, provide a written summary of any of the costs referred to in clause 41.1.1, including details of any funds held by the Provider specifically to cover such costs, in such form and detail as the Council may reasonably require to enable the Council to monitor the performance by the Provider of its obligations under this Contract; and
41.1.3 provide such access as the Council may reasonably require for its representatives to visit any place where the records are held and examine the records maintained under this clause 41.1.
41.2 The Provider shall keep books of account in accordance with best accountancy practices with respect to this Contract, showing in detail:
41.2.1 administrative overheads;
41.2.2 where applicable, any payments made to Sub-Contractors;
41.2.3 capital and revenue expenditure;
41.2.4 such other items as the Council may reasonably require from time to time to conduct costs audits for verification of cost expenditure or estimated expenditure, for the purpose of this Contract;
Records and Open Book Accounting. The Contractor shall (and shall procure that each sub-contractor shall) at all times:
Records and Open Book Accounting provide such facilities as the Authority may reasonably require for its representatives to visit any place where the records are held and examine the records maintained under this clause 30 (Contractor’s Records and Provision of Information); not store any records outside of the United Kingdom without the prior written consent of the Authority.
Records and Open Book Accounting. The Provider shall: at all times maintain a full record of particulars of the costs of performing its obligations under this Framework Agreement; upon request by the Council, provide a written summary of any of the costs referred to in clause 13.1.1, including details of any funds held by the Provider specifically to cover such costs, in such form and detail as the Council may reasonably require to enable the Council to monitor the performance by the Provider of its obligations under this Framework Agreement; and provide such access as the Council may reasonably require for its representatives to visit any place where the records are held and examine the records maintained under this clause 13. Compliance with clause 13 shall require the Provider to keep books of account in accordance with best accountancy practices with respect to this Framework Agreement, showing in detail: administrative overheads; where applicable, any payments made to Sub-Contractors; capital and revenue expenditure; such other items as the Council may reasonably require from time to time to conduct costs audits for verification of cost expenditure or estimated expenditure, for the purpose of this Framework Agreement;
Records and Open Book Accounting. Maintenance and provision of records
36.1 WEPCo shall, and shall procure that each WEPCo Party and Project Service Provider shall, maintain a true and complete set of records of personnel and all activities relating to the performance of this Agreement or any Project Agreement and all transactions related thereto and a complete up to date and orderly documentary record of all transactions entered into by WEPCo, such WEPCo Party or Project Service Provider, as the case may be for the purposes of Supply Chain Agreements including copies of all Supply Chain Agreements and all such other information reasonably required by any of the Participants and/or specified in any Agreement.
36.2 WEPCo shall ensure that:
36.2.1 all documents kept pursuant to Clause 36.1 shall be kept in good order and shall be available at all reasonable times for inspection by the Participants, the Participants' Representatives and any third party identified by the Participants, including any Governmental audit organisation, and WEPCo shall make available (or, as the case may be, procure the availability of) such items of clarification or substantiation as may be required by any of the Participants in relation thereto including such oral or written explanations as may be considered necessary by any of the Participants (acting reasonably); and
36.2.2 WEPCo and any WEPCo Party and Project Service Provider shall provide any Participant with a copy of any or all of the documents referred to in Clause 36.1 free of charge within five (5) Business Days of the Participant's request for the same.
Records and Open Book Accounting. The Provider shall: at all times maintain a full record of particulars of the costs of performing its obligations under this Contract; upon request by the Council, provide a written summary of any of the costs referred to in clause 41.1.1, including details of any funds held by the Provider specifically to cover such costs, in such form and detail as the Council may reasonably require to enable the Council to monitor the performance by the Provider of its obligations under this Contract; and provide such access as the Council may reasonably require for its representatives to visit any place where the records are held and examine the records maintained under this clause 41.1. The Provider shall keep books of account in accordance with best accountancy practices with respect to this Contract, showing in detail: administrative overheads; where applicable, any payments made to Sub-Contractors; capital and revenue expenditure; such other items as the Council may reasonably require from time to time to conduct costs audits for verification of cost expenditure or estimated expenditure, for the purpose of this Contract;