Common use of Records of Defined Cost to be kept by the Contractor Clause in Contracts

Records of Defined Cost to be kept by the Contractor. For the purpose of Compensation Events the Contractor keeps provide a copy of the invoice/quotation to the Employer.

Records of Defined Cost to be kept by the Contractor. For the purpose of Compensation Events the Contractor keeps provide a copy of the invoice/quotation to the Employer. In order to substantiate the Defined Cost of compensation events, the Employer may require the Contractor to keep records of amounts paid by him for people employed by the Contractor, Plant and Materials, work subcontracted by the Contractor and Equipment. A site diary will be required.