Common use of Reports as Basis for Payment Clause in Contracts

Reports as Basis for Payment. All Time and Materials Change Order reports shall be signed by Contractor’s Project Manager. Owner will compare its records with Contractor’s reports, make the necessary adjustments and compile the costs of Time and Materials Change Order Work. When such reports are agreed upon and signed by both Parties, they will become the basis of payment, but shall not preclude subsequent adjustment based on a later audit. Contractor’s (and each Subcontractor’s) cost records pertaining to Work paid for on a time and materials basis shall be open, during all regular business hours, to inspection or audit by representatives of Owner during the life of the Contract and for a period of not less than seven years after termination of the Contract, and Contractor (and each Subcontractor) shall retain such records for that period. If an audit is to be commenced more than 60 days after termination of the Contract, Contractor will be given a 20-day notice of the time when such audit is to begin.

Reports as Basis for Payment. All Time and Materials Change Order reports shall be signed by Contractor’s Project Manager. Owner Authority will compare its records with Contractor’s reports, make the necessary adjustments and compile the costs of Time and Materials Change Order Work. When such reports are agreed upon and signed by both Parties, they will become the basis of payment, but shall not preclude subsequent adjustment based on a later audit. Contractor’s (and each Subcontractor’s) cost records pertaining to Work paid for on a time and materials basis shall be open, during all regular business hours, to inspection or audit by representatives of Owner Authority during the life of the Contract and for a period of not less than seven years after termination of the Contract, and Contractor (and each Subcontractor) shall retain such records for that period. If an audit is to be commenced more than 60 days after termination of the Contract, Contractor will be given a 20-day notice of the time when such audit is to begin.

Reports as Basis for Payment. All Time and Materials Change Order reports shall be signed by Contractor’s Project Manager. Owner Authority will compare its records with Contractor’s reports, make the necessary adjustments and compile the costs of Time and Materials Change Order Work. When such reports are agreed upon and signed by both Partiesparties, they will become the basis of payment, but shall not preclude subsequent adjustment based on a later audit. Contractor’s (and each Subcontractor’s) cost records pertaining to Work paid for on a time and materials basis shall be open, during all regular business hours, to inspection or audit by representatives of Owner the Authority during the life of the Contract and for a period of not less than seven years after termination of the ContractFinal Acceptance, and the Contractor (and each Subcontractor) shall retain such records for that period. If an audit is to be commenced more than 60 days Days after termination of the ContractFinal Acceptance, Contractor will be given a 20-day Day notice of the time when such audit is to begin.