Common use of RECORDS, REPORTING, ACCOUNTS AND AUDITS Clause in Contracts

RECORDS, REPORTING, ACCOUNTS AND AUDITS. 7.6.1 The Operator shall maintain records (in both, soft and hard format) of all students, teachers, staff, books, resources, equipment and compliance with the KPIs during the Services Period. 7.6.2 The Operator shall maintain books of accounts recording all payments received from the Authority and other revenues derived/collected by it from or on account of the Facility and the Services. 7.6.3 The Operator shall deliver to the Authority (after due verification by the Independent Expert) the following reports within the time specified below: (a) Quarterly reports relating to the performance of Services at the Facility, meeting/non-meeting of KPIs and a summary of the income received and expenditure incurred during such quarter prepared substantially in the form set out in ANNEX – V, and delivered to the Authority in writing (by email or facsimile) within 10 (Ten) Days after the end of each Quarter; (b) reports on any critical damage or security lapse at the Facility leading to any interruptions or outages of the Facility within 10 (Ten) Days of each such occurrence; (c) reports on any material litigation (including any winding-up proceedings or notice to commence winding- up), proceedings or material disputes to which the Operator is a party, the appointment of a receiver or administrator in relation to the business or assets of the Operator and any adverse orders or judgments passed by any Government Authorities that affects or is likely to affect the performance of the Services, as soon as reasonably possible after the occurrence of such events. 7.6.4 The Operator shall generate detailed invoices in terms of this Agreement to the Independent Auditor claiming the expenditure incurred (along with the bills/ invoices for the amount spent) for the particular quarter including the Management Fee. 7.6.5 Without limiting the Operator’s obligations under Applicable Laws, during the Services Period and for a period of 3 (Three) years thereafter, the Operator shall on demand produce to the Authority all such evidence as may be reasonably necessary to verify the accuracy of any statement, charge or computation made pursuant to any of the provisions of this Agreement. 7.6.6 The Operator shall make available to the Authority, the Independent Expert and the Independent Auditor, all books and records maintained by the Operator upon a request being made by any of them. The Operator shall and shall cause its employees and agents to fully co-operate and provide all assistance to the Authority, the Independent Expert and the Independent Auditor. 7.6.7 The Authority, the Independent Expert and the Independent Auditor will have the right to access, make copies of and audit, all such books, records, accounts, financial statements, reports, evaluations and any other information relating to the performance of the Services. 7.6.8 The Operator shall provide the Authority with 2 (two) copies of its audited financial statements, along with a report thereon by the Independent Auditor, within 60 (Sixty) Days of the close of the Financial Year. 7.6.9 The Operator shall also provide the Authority with 2 (two) copies of the Annual KPI’s report, duly reviewed and certified by the Independent Expert, within 30 (Thirty) Days of the end of each Academic Year to which they pertain. 7.6.10 If the Independent Auditor reports an inaccuracy in any statement or computation that has resulted in an over- payment or an under-payment of an amount by a Party (a "Payment Error"), the amount of such Payment Error shall be adjusted in the next quarterly payment due immediately after receipt of notification from the Independent Auditor of such Payment Error. 7.6.11 For avoidance of doubt, the Operator is required to provide KPIs report (duly verified by the Independent Expert) on quarterly basis to the Authority and the Independent Auditor which will conform, inter alia, the meeting of the KPIs. Also, the Parties agree that the Operator shall conduct the financial audits in accordance with the Applicable Laws at the end of each Financial Year and provide the audited financial statements in accordance with this Agreement. 7.6.12 Notwithstanding the above mentioned, the Operator may provide the KPIs report for the first two quarters, which report shall not affect the Annuity Payments in respect of the first two quarters. Operator is however strictly required to adhere with the time lines and frequency as mentioned in the KPIs in respect of, inter alia, annual management plans, implementation framework timelines, annual scheme of studies, baseline surveys and all other necessary documentation as mentioned in the KPIs.

RECORDS, REPORTING, ACCOUNTS AND AUDITS. 7.6.1 The Operator shall maintain records (in both, soft and hard format) of all students, teachers, staff, books, resources, equipment and compliance with the KPIs during the Services Period. 7.6.2 The Operator shall maintain books of accounts recording all expenses incurred and payments received from the Authority and other revenues derived/collected by it from or on account of the Facility and the Services. 7.6.3 The Operator shall deliver to the Authority (after due verification by the Independent Expert) the following reports within the time specified below: (a) Quarterly reports relating to the performance of Services at the Facility, meeting/non-meeting of KPIs and a summary of the income received and expenditure incurred during such quarter prepared substantially in the form set out in ANNEX – V, and delivered to the Authority in writing (by email or facsimile) within 10 (Ten) Days after the end of each Quarter; (b) reports on any critical damage or security lapse at the Facility leading to any interruptions or outages of the Facility within 10 (Ten) Days of each such occurrence; (c) reports on any material litigation (including any winding-up proceedings or notice to commence winding- up), proceedings or material disputes to which the Operator is a party, the appointment of a receiver or administrator in relation to the business or assets of the Operator and any adverse orders or judgments passed by any Government Authorities that affects or is likely to affect the performance of the Services, as soon as reasonably possible after the occurrence of such events. 7.6.4 The Operator shall generate detailed invoices in terms of this Agreement to the Independent Auditor claiming the expenditure incurred (along with the bills/ invoices for the amount spent) for the particular quarter including the Management Fee. 7.6.5 Without limiting the Operator’s obligations under Applicable Laws, during the Services Period and for a period of 3 (Three) years thereafter, the Operator shall on demand produce to the Authority all such evidence as may be reasonably necessary to verify the accuracy of any statement, charge or computation made pursuant to any of the provisions of this Agreement. 7.6.6 The Operator shall make available to the Authority, the Independent Expert and the Independent Auditor, all books and records maintained by the Operator upon a request being made by any of them. The Operator shall and shall cause its employees and agents to fully co-operate and provide all assistance to the Authority, the Independent Expert and the Independent Auditor. 7.6.7 The Authority, the Independent Expert and the Independent Auditor will have the right to access, make copies of and audit, all such books, records, accounts, financial statements, reports, evaluations and any other information relating to the performance of the Services. 7.6.8 The Operator shall provide the Authority with 2 (two) copies of its audited financial statements, along with a report thereon by the Independent Auditor, within 60 (Sixty) Days of the close of the Financial Year. 7.6.9 The Operator shall also provide the Authority with 2 (two) copies of the Annual KPI’s report, duly reviewed and certified by the Independent Expert, within 30 (Thirty) Days of the end of each Academic Year to which they pertain. 7.6.10 If the Independent Auditor reports an inaccuracy in any statement or computation that has resulted in an over- payment or an under-payment of an amount by a Party (a "Payment Error"), the amount of such Payment Error shall be adjusted in the next quarterly payment due immediately after receipt of notification from the Independent Auditor of such Payment Error. 7.6.11 For avoidance of doubt, the Operator is required to provide KPIs report (duly verified by the Independent Expert) on quarterly basis to the Authority and the Independent Auditor which will conform, inter alia, the meeting of the KPIs. Also, the Parties agree that the Operator shall conduct the financial audits in accordance with the Applicable Laws at the end of each Financial Year and provide the audited financial statements in accordance with this Agreement. 7.6.12 Notwithstanding the above mentioned, the Operator may provide the KPIs report for the first two quarters, which report shall not affect the Annuity Payments in respect of the first two quarters. Operator is however strictly required to adhere with the time lines and frequency as mentioned in the KPIs in respect of, inter alia, annual management plans, implementation framework timelines, annual scheme of studies, baseline surveys and all other necessary documentation as mentioned in the KPIs.

RECORDS, REPORTING, ACCOUNTS AND AUDITS. 7.6.1 The Operator shall maintain records (in both, soft and hard format) of all movable and immovable assets including, but not limited to books, resources, machinery, furniture, fixtures, equipment, etc. and students, teachers, staff, books, resources, equipment staff and compliance with the KPIs during the Services Period. 7.6.2 The Operator shall maintain books of accounts recording all payments received from the Authority and other revenues derived/collected by it from or on account of the Facility and the Services. 7.6.3 The Operator shall deliver to the Authority (after due verification by the Independent Expert) the following reports within the time specified below: (a) Quarterly reports relating to the performance of Services at the Facility, meeting/non-meeting of KPIs and a summary of the income received and expenditure incurred during such quarter prepared substantially in the form set out in ANNEX – V, and delivered to the Authority in writing (by email or facsimile) within 10 (Tenten) Days after the end of each Quarter; (b) reports on any critical damage or security lapse at the Facility leading to any interruptions or outages of the Facility within 10 (Ten) Days of each such occurrence; (c) reports on any material litigation (including any winding-up proceedings or notice to commence winding- up), proceedings or material disputes to which the Operator is a party, the appointment of a receiver or administrator in relation to the business or assets of the Operator and any adverse orders or judgments passed by any Government Authorities that affects or is likely to affect the performance of the Services, as soon as reasonably possible after the occurrence of such events. 7.6.4 The Operator shall generate detailed invoices in terms of this Agreement to the Independent Auditor claiming the expenditure incurred (along with the bills/ invoices for the amount spent) for the particular quarter including the Management Fee. 7.6.5 Without limiting the Operator’s obligations under Applicable Laws, during the Services Period and for a period of 3 (Three) years thereafter, the Operator shall on demand produce to the Authority all such evidence as may be reasonably necessary to verify the accuracy of any statement, charge or computation made pursuant to any of the provisions of this Agreement. 7.6.6 The Operator shall make available to the Authority, the Independent Expert and the Independent Auditor, all books and records maintained by the Operator upon a request being made by any of them. The Operator shall and shall cause its employees and agents to fully co-operate and provide all assistance to the Authority, the Independent Expert and the Independent Auditor. 7.6.7 The Authority, the Independent Expert and the Independent Auditor will have the right to access, make copies of and audit, all such books, records, accounts, financial statements, reports, evaluations and any other information relating to the performance of the Services. 7.6.8 The Operator shall provide the Authority with 2 (two) copies of its audited financial statements, along with a report thereon by the Independent Auditor, within 60 (Sixty) Days of the close of the Financial Year. 7.6.9 The Operator shall also provide the Authority with 2 (two) copies of the Annual KPI’s report, duly reviewed and certified by the Independent Expert, within 30 (Thirty) Days of the end of each Academic Year to which they pertain. 7.6.10 If the Independent Auditor reports an inaccuracy in any statement or computation that has resulted in an over- payment or an under-payment of an amount by a Party (a "Payment Error"), the amount of such Payment Error shall be adjusted in the next quarterly payment due immediately after receipt of notification from the Independent Auditor of such Payment Error. 7.6.11 For avoidance of doubt, the Operator is required to provide KPIs report (duly verified by the Independent Expert) on quarterly basis to the Authority and the Independent Auditor which will conform, inter alia, the meeting of the KPIs. Also, the Parties agree that the Operator shall conduct the financial audits in accordance with the Applicable Laws at the end of each Financial Year and provide the audited financial statements in accordance with this Agreement. 7.6.12 Notwithstanding the above mentioned, the Operator may provide the KPIs report for the first two quarters, which report shall not affect the Annuity Payments in respect of the first two quarters. Operator is however strictly required to adhere with the time lines and frequency as mentioned in the KPIs in respect of, inter alia, annual management plans, implementation framework timelines, annual scheme of studies, baseline surveys and all other necessary documentation as mentioned in the KPIs. 7.6.13 A Compliance Manager shall be appointed in accordance with the job description as stipulated in the Technical Bid. The Compliance Manage shall be responsible for ensuring that the Operator complies with its outside regulatory requirements and internal policies. He/she will be responsible for making sure that organization abides by the terms and conditions, Key Performance Indicators (KPIs) and Scope of Work under this Concession Agreement. The detailed responsibilities of Compliance Manager has been incorporated in Technical Information (Annex I).

RECORDS, REPORTING, ACCOUNTS AND AUDITS. 7.6.1 6.5.1 The Operator Concessionaire shall maintain records (in both, soft format and hard formatformat may be provided if demanded by the Implementing Agencies or the Independent Auditor) of all students/trainees, teachers/trainers, staff, books, resources, equipment and compliance with the KPIs during the Services Contract Period. 7.6.2 6.5.2 All fees of the students that is fully funded and subsidized by the Implementing Agencies and paid to the Concessionaire in advance shall be utilized for the O&M of the institute. 6.5.3 The Operator Concessionaire shall maintain books of accounts accounts, recording all expenditures incurred during the contract period and payments received from the Authority Primary Implementing Agency and other revenues derived/collected (if any, with the prior written permission of the Primary Implementing Agency) by it from or on account of the Facility Institute and the ServicesWorks. 7.6.3 6.5.4 The Operator Concessionaire shall deliver to the Authority (after due verification by the Independent Expert) Implementing Agencies, the following reports within the time specified below: (a) Quarterly Semi-annual reports relating in the form and manner mutually agreed between the parties that shall include, but not limited to the performance of Services Works at the FacilityInstitute, meeting/non-meeting of KPIs and a summary of the income received and expenditure incurred during such quarter six (6) months prepared substantially in the form set out in ANNEX – VSCHEDULE–VII, and delivered to the Authority Implementing Agencies in writing (by email or facsimile) within 10 30 (Tenthirty) Days after the end of each Quarter;six (6) month period. (b) reports Reports on any critical damage or security lapse at the Facility Institute leading to any interruptions or outages of the Facility Institute within 10 seven (Ten07) Days of each such occurrence;. (c) reports on The Concessionaire shall promptly notify the Implementing Agencies of any material litigation (including any winding-up proceedings litigation, proceedings, or notice to commence winding- up)disputes that may affect the management of this Contract, proceedings or material disputes to which the Operator is a party, the appointment of a receiver or administrator in relation to the business or assets of the Operator and Concessionaire. The Concessionaire shall also notify the Implementing Agencies of any adverse orders or judgments passed by any Government Authorities that affects may affect or is are likely to affect the performance of the ServicesWorks, as soon as reasonably possible after the occurrence of such events. 7.6.4 The Operator shall generate detailed invoices in terms of this Agreement to the Independent Auditor claiming the expenditure incurred (along with the bills/ invoices for the amount spentd) for the particular quarter including the Management Fee. 7.6.5 Without limiting the Operator’s obligations under Applicable Laws, during the Services Period and for Annual Audit Report within a period of 3 30 (Threethirty) years thereafter, days from the Operator shall on demand produce to the Authority all such evidence as may be reasonably necessary to verify the accuracy of any statement, charge or computation made pursuant to any issuance date of the provisions of this Agreement. 7.6.6 The Operator shall make available to the Authority, the Independent Expert and the Independent Auditor, all books and records maintained Audit report by the Operator upon a request being made by any of them. The Operator shall and shall cause its employees and agents to fully co-operate and provide all assistance to the Authority, the Independent Expert and the Independent Auditorauditors. 7.6.7 The Authority, the Independent Expert and the Independent Auditor will have the right to access, make copies of and audit, all such books, records, accounts, financial statements, reports, evaluations and any other information relating to the performance of the Services. 7.6.8 The Operator shall provide the Authority with 2 (two) copies of its audited financial statements, along with a report thereon by the Independent Auditor, within 60 (Sixty) Days of the close of the Financial Year. 7.6.9 The Operator shall also provide the Authority with 2 (two) copies of the Annual KPI’s report, duly reviewed and certified by the Independent Expert, within 30 (Thirty) Days of the end of each Academic Year to which they pertain. 7.6.10 If the Independent Auditor reports an inaccuracy in any statement or computation that has resulted in an over- payment or an under-payment of an amount by a Party (a "Payment Error"), the amount of such Payment Error shall be adjusted in the next quarterly payment due immediately after receipt of notification from the Independent Auditor of such Payment Error. 7.6.11 For avoidance of doubt, the Operator is required to provide KPIs report (duly verified by the Independent Expert) on quarterly basis to the Authority and the Independent Auditor which will conform, inter alia, the meeting of the KPIs. Also, the Parties agree that the Operator shall conduct the financial audits in accordance with the Applicable Laws at the end of each Financial Year and provide the audited financial statements in accordance with this Agreement. 7.6.12 Notwithstanding the above mentioned, the Operator may provide the KPIs report for the first two quarters, which report shall not affect the Annuity Payments in respect of the first two quarters. Operator is however strictly required to adhere with the time lines and frequency as mentioned in the KPIs in respect of, inter alia, annual management plans, implementation framework timelines, annual scheme of studies, baseline surveys and all other necessary documentation as mentioned in the KPIs.

RECORDS, REPORTING, ACCOUNTS AND AUDITS. 7.6.1 The Operator shall maintain records (in both, both soft and hard format) of all studentsmovable and immovable assets including, teachers, staffbut not limited to, books, resources, equipment machinery, furniture, fixtures, equipment, etc., and patients, staff, and compliance with the KPIs and Budget Guidelines, as applicable, during the Services Concession Period. 7.6.2 The Operator shall maintain books of accounts recording all payments received from the Authority and other revenues derived/derived/ collected by it from or on account of the Facility and the Services. 7.6.3 The Operator shall deliver to the Authority (after due verification by the Independent Expert) the following reports within the time specified below: (a) Quarterly reports and/ or annual reports, as applicable in terms of this Agreement, relating to the performance of Services at the Facility, meeting/meeting/ non-meeting of KPIs KPIs, compliance of applicable covenants, and a summary of the income received and expenditure incurred during such quarter Quarter prepared substantially in the form set out in ANNEX – V, V (REPORTING FORMS) and delivered to the Authority Authority, Independent Expert, and Independent Auditor, in writing (by email or facsimileand post) within 10 fifteen (Ten15) Days after the end of each Quarter; (b) reports on any critical damage or security lapse at the Facility leading to any interruptions or outages of the Facility within 10 to the Authority, Independent Expert, and Independent Auditor as soon as reasonably possible but not later than three (Ten3) Days of after each such occurrence;; and (c) reports on any material litigation (including any winding-up proceedings or notice to commence winding- winding-up), proceedings or material disputes to which the Operator is a party, the appointment of a receiver or administrator in relation to the business or assets of the Operator Operator, and any adverse orders or judgments passed by any Government Authorities that affects or is likely to affect the performance of the Services, to the Authority, Independent Expert, Independent Auditor, as soon as reasonably possible after the occurrence of such events. 7.6.4 The Operator shall generate detailed invoices in terms of this Agreement to the Independent Expert and Independent Auditor claiming the expenditure incurred (along with the bills/ invoices for the amount spent) for the particular quarter Quarter, including the Management Fee. 7.6.5 Without limiting the Operator’s 's obligations under Applicable Laws, during the Services Concession Period and for a period of 3 three (Three3) years thereafter, the Operator shall shall, on demand demand, produce to the Authority all such evidence as may be reasonably necessary to verify the accuracy of any statement, charge or computation made pursuant to any of the provisions of this Agreement. 7.6.6 The Operator shall make available to the Authority, the Independent Expert Expert, and the Independent Auditor, Auditor all books and records maintained by the Operator upon a request being made by any of them. The Operator shall and shall cause its employees and agents to fully co-operate cooperate and provide all assistance to the Authority, the Independent Expert Expert, and the Independent Auditor. 7.6.7 The Operator shall keep the record up to date on HMIS and ensure timely submission of QPR and other reports. 7.6.8 The Authority, the Independent Expert Expert, and the Independent Auditor will have shall reserve the right to access, make copies of of, and audit, audit all such books, records, accounts, financial statements, reports, evaluations evaluations, and any other information relating to the performance of the ServicesServices by the Operator under this Project. 7.6.8 7.6.9 The Operator shall provide the Authority with 2 two (two2) copies of its audited financial statements, along with a report thereon by the Independent Expert and Independent Auditor, within 60 sixty (Sixty60) Days of the close of the Financial Year. 7.6.9 7.6.10 The Operator shall also provide the Authority with 2 (two) copies of the Annual KPI’s report, duly reviewed and certified by the Independent Expert, within 30 (Thirty) Days of the end of each Academic Year to which they pertain. 7.6.10 If the Independent Auditor reports an inaccuracy in any statement or computation that has resulted in an over- payment or an under-payment of an amount by a Party (a "Payment Error"), the amount of such Payment Error shall be adjusted in the next quarterly payment due immediately after receipt of notification from the Independent Auditor of such Payment Error. 7.6.11 For avoidance of doubt, the Operator is required to provide KPIs report (duly verified by the Independent Expert) on quarterly basis to the Authority and the Independent Auditor which will conform, inter alia, the meeting of the KPIs. Also, the Parties agree that the Operator shall conduct the financial audits in accordance with the Applicable Laws at the end of each Financial Year and provide the audited financial statements in accordance with this Agreement. 7.6.12 Notwithstanding the above mentioned, the Operator may provide the KPIs report for the first two quarters, which report shall not affect the Annuity Payments in respect of the first two quarters. Operator is however strictly required to adhere with the time lines and frequency as mentioned in the KPIs in respect of, inter alia, annual management plans, implementation framework timelines, annual scheme of studies, baseline surveys and all other necessary documentation as mentioned in the KPIs.two

RECORDS, REPORTING, ACCOUNTS AND AUDITS. 7.6.1 The Operator shall maintain records (in both, soft and hard format) of all movable and immovable assets including, but not limited to books, resources, machinery, furniture, fixtures, equipment, etc. and students, teachers, staff, books, resources, equipment staff and compliance with the KPIs during the Services Period. 7.6.2 The Operator shall maintain books of accounts recording all payments received from the Authority and other revenues derived/collected by it from or on account of the Facility and the Services. 7.6.3 The Operator shall deliver to the Authority (after due verification by the Independent Expert) the following reports within the time specified below: (a) Quarterly reports relating to the performance of Services at the Facility, meeting/non-meeting of KPIs KPIs, compliance of applicable covenants and a summary of the income received and expenditure incurred during such quarter prepared substantially in the form set out in ANNEX – V, and delivered to the Authority in writing (by email or facsimileand post) within 10 15 (TenFifteen) Days after the end of each Quarter; (b) reports on any critical damage or security lapse at the Facility leading to any interruptions or outages of the Facility within 10 (Ten) Days of each such occurrence; (c) reports on any material litigation (including any winding-up proceedings or notice to commence winding- up), proceedings or material disputes to which the Operator is a party, the appointment of a receiver or administrator in relation to the business or assets of the Operator and any adverse orders or judgments passed by any Government Authorities that affects or is likely to affect the performance of the Services, as soon as reasonably possible after the occurrence of such events. 7.6.4 The Operator shall generate detailed invoices in terms of this Agreement to the Independent Auditor claiming the expenditure incurred (along with the bills/ invoices for the amount spent) for the particular quarter including the Management Fee. 7.6.5 Without limiting the Operator’s obligations under Applicable Laws, during the Services Period and for a period of 3 (Three) years thereafter, the Operator shall on demand produce to the Authority all such evidence as may be reasonably necessary to verify the accuracy of any statement, charge or computation made pursuant to any of the provisions of this Agreement. 7.6.6 The Operator shall make available to the Authority, the Independent Expert and the Independent Auditor, all books and records maintained by the Operator upon a request being made by any of them. The Operator shall and shall cause its employees and agents to fully co-operate and provide all assistance to the Authority, the Independent Expert and the Independent Auditor. 7.6.7 The Authority, the Independent Expert and the Independent Auditor will have the right to access, make copies of and audit, all such books, records, accounts, financial statements, reports, evaluations and any other information relating to the performance of the Services. 7.6.8 The Operator shall provide the Authority with 2 (two) copies of its audited financial statements, along with a report thereon by the Independent Auditor, within 60 (Sixty) Days of the close of the Financial Year. 7.6.9 The Operator shall also provide the Authority with 2 (two) copies of the Annual KPI’s KPIs’ report, duly reviewed and certified by the Independent Expert, within 30 (Thirty45(Forty Five) Days of the end of each Academic Year to which they pertain. 7.6.10 If the Independent Auditor reports an inaccuracy in any statement or computation that has resulted in an over- payment or an under-payment of an amount by a Party (a "Payment Error"), the amount of such Payment Error shall be adjusted in the next quarterly payment due immediately after receipt of notification from the Independent Auditor of such Payment Error. 7.6.11 For avoidance of doubt, the Operator is required to provide KPIs report (duly verified by the Independent Expert) on quarterly basis to the Authority and the Independent Auditor which will conform, inter alia, the meeting of the KPIs. Also, the Parties agree that the Operator shall conduct the financial audits in accordance with the Applicable Laws at the end of each Financial Year and provide the audited financial statements to the authority in accordance with this Agreement. 7.6.12 Notwithstanding the above mentioned, the Operator may provide the KPIs report for the first two quarters, which report shall not affect the Annuity Payments in respect of the first two quarters. Operator is however strictly required to adhere with the time lines and frequency as mentioned in the KPIs in respect of, inter alia, annual management plans, implementation framework timelines, annual scheme of studies, baseline surveys and all other necessary documentation as mentioned in the KPIs. 7.6.13 A Compliance Manager shall be appointed in accordance with the job description as stipulated in the Technical Bid. The Compliance Manage shall be responsible for ensuring that the Operator complies with its outside regulatory requirements and internal policies. He/she will be responsible for making sure that organization abides by the terms and conditions, Key Performance Indicators (KPIs) and Scope of Work under this Concession Agreement. The detailed responsibilities of Compliance Manager have been incorporated in Technical Information (Annex I).

RECORDS, REPORTING, ACCOUNTS AND AUDITS. 7.6.1 The Operator shall maintain records (in both, soft and hard format) of all movable and immovable assets including, but not limited to books, resources, machinery, furniture, fixtures, equipment, etc. and students, teachers, staff, books, resources, equipment staff and compliance with the KPIs during the Services Period. 7.6.2 The Operator shall maintain books of accounts recording all payments received from the Authority and other revenues derived/collected by it from or on account of the Facility and the Services. 7.6.3 The Operator shall deliver to the Authority (after due verification by the Independent Expert) the following reports within the time specified below: (a) Quarterly reports relating to the performance of Services at the Facility, meeting/non-meeting of KPIs KPIs, compliance of applicable covenants and a summary of the income received and expenditure incurred during such quarter prepared substantially in the form set out in ANNEX – V, and delivered to the Authority in writing (by email or facsimileand post) within 10 15 (TenFifteen) Days after the end of each Quarter; (b) reports on any critical damage or security lapse at the Facility leading to any interruptions or outages of the Facility within 10 (Ten) Days of each such occurrence; (c) reports on any material litigation (including any winding-up proceedings or notice to commence winding- up), proceedings or material disputes to which the Operator is a party, the appointment of a receiver or administrator in relation to the business or assets of the Operator and any adverse orders or judgments passed by any Government Authorities that affects or is likely to affect the performance of the Services, as soon as reasonably possible after the occurrence of such events. 7.6.4 The Operator shall generate detailed invoices in terms of this Agreement to the Independent Auditor claiming the expenditure incurred (along with the bills/ invoices for the amount spent) for the particular quarter including the Management Fee. 7.6.5 Without limiting the Operator’s obligations under Applicable Laws, during the Services Period and for a period of 3 (Three) years thereafter, the Operator shall on demand produce to the Authority all such evidence as may be reasonably necessary to verify the accuracy of any statement, charge or computation made pursuant to any of the provisions of this Agreement. 7.6.6 The Operator shall make available to the Authority, the Independent Expert and the Independent Auditor, all books and records maintained by the Operator upon a request being made by any of them. The Operator shall and shall cause its employees and agents to fully co-operate and provide all assistance to the Authority, the Independent Expert and the Independent Auditor. 7.6.7 The Authority, the Independent Expert and the Independent Auditor will have the right to access, make copies of and audit, all such books, records, accounts, financial statements, reports, evaluations and any other information relating to the performance of the Services. 7.6.8 The Operator shall provide the Authority with 2 (two) copies of its audited financial statements, along with a report thereon by the Independent Auditor, within 60 (Sixty) Days of the close of the Financial Year. 7.6.9 The Operator shall also provide the Authority with 2 (two) copies of the Annual KPI’s report, duly reviewed and certified by the Independent Expert, within 30 45 (ThirtyForty Five) Days of the end of each Academic Year to which they pertain. 7.6.10 If the Independent Auditor reports an inaccuracy in any statement or computation that has resulted in an over- payment or an under-payment of an amount by a Party (a "Payment Error"), the amount of such Payment Error shall be adjusted in the next quarterly payment due immediately after receipt of notification from the Independent Auditor of such Payment Error. 7.6.11 For avoidance of doubt, the Operator is required to provide KPIs report (duly verified by the Independent Expert) on quarterly basis to the Authority and the Independent Auditor which will conform, inter alia, the meeting of the KPIs. Also, the Parties agree that the Operator shall conduct the financial audits in accordance with the Applicable Laws at the end of each Financial Year and provide the audited financial statements in accordance with this Agreement.Laws 7.6.12 Notwithstanding the above mentioned, the Operator may provide the KPIs report along with the compliance of Covenant’s for the first two quarters, which report shall not affect the Annuity Payments in respect of the first two quarters. Operator is however strictly required to adhere with the time lines and frequency as mentioned in the KPIs in respect of, inter alia, annual management plans, implementation framework timelines, annual scheme of studies, baseline surveys and all other necessary documentation as mentioned in the KPIs. 7.6.13 A Compliance Manager shall be appointed in accordance with the job description as stipulated in the Technical Bid. The Compliance Manage shall be responsible for ensuring that the Operator complies with its outside regulatory requirements and internal policies. He/she will be responsible for making sure that organization abides by the terms and conditions, Key Performance Indicators (KPIs) and Scope of Work under this Concession Agreement. The detailed responsibilities of Compliance Manager has been incorporated in Technical Information (Annex I).