Common use of Retention of Records/Audits Clause in Contracts

Retention of Records/Audits. (a) Contractor must establish and maintain books, records, contracts, sub-contracts, papers, financial records, supporting documents, statistical records, and all other documents pertaining to this Contract (collectively, the “Records”), in whatsoever form or format (including electronic storage media) is reasonable, safe, and sufficient. (b) Contractor must retain all Records for a minimum period of three years after final payment is made under the Contract. If an audit has been initiated and audit findings have not been resolved at the end of the three year period, the Records shall be retained until resolution of the audit findings or any litigation which may be based on the terms of the Contract, at no additional cost to City. Records shall be retained for longer periods when the retention period exceeds the time frames required by law or ordinance. (c) At all reasonable times for as long as the Records are maintained, Contractor must allow persons duly authorized by City (including City’s auditor and inspector general offices), to have full access to and the right to examine, copy, or audit any of the Records, regardless of the form in which kept. Contractor will not charge City for any setup, supervision, or space in connection with the examination and audit. Photocopying charges will not exceed the actual and reasonable cost of the copies to Contractor, and City shall be permitted to bring its photocopying equipment if City so desires. (d) Contractor must comply with and cooperate in any audits or reports requested by City, and must ensure that all related party transactions are disclosed to the auditor. (e) Contractor must permit City to interview any of Contractor’s employees, subcontractors, and subcontractor employees to assure City of the satisfactory performance of the terms and conditions of the Contract. Unless the parties agree otherwise or City is willing to pay for the employee’s reasonable travel expenses, the interviews will be conducted at the employee’s primary place of work. Contractor will not charge City for any employee time unless the interview time for that employee exceeds eight hours in a calendar year. (f) Following any audit or review, if performance of Contractor is, in the opinion of City, deficient, City will deliver to Contractor a written report of the deficiencies and request for development by Contractor of a corrective action plan. Contractor xxxxxx agrees to prepare and submit to City said corrective action plan within ten days of receiving City’s written report. Thereafter, Contractor must correct all deficiencies in the corrective action plan within a reasonable time after City’s receipt of the corrective action plan. (g) All reports and other information provided by Contractor pursuant to this Section shall be submitted under penalties of perjury under Section 837.06, Florida Statutes. (h) Contractor must include the aforementioned audit, inspection, investigation, and record-keeping requirements in all subcontracts and Contract assignments. (i) Contractor agrees to reimburse City for the reasonable costs of investigation incurred by City for audits, inspections, and investigations that uncover a material violation of the Contract. Such costs shall include the salaries of investigators, including overtime, travel, and lodging expenses, and expert witness and documentary fees. Contractor shall not be responsible for any costs of investigations that do not uncover a material violation of this Contract.

Retention of Records/Audits. (a) Contractor must establish and maintain books, records, contracts, sub-contracts, papers, financial records, supporting documents, statistical records, records and all other documents pertaining to this the Contract (collectively, the “Records”), in whatsoever form or format (including electronic storage media) is reasonable, safe, safe and sufficient. (b) Contractor must retain all Records for a minimum period of three (3) years after the final payment is made under the Contract. If an audit has been initiated and audit findings have not been resolved at the end of the three (3) year period, the Records shall be retained until resolution of the audit findings or any litigation which may be based on the terms of the Contract, at no additional cost to CityKHA. Records shall be retained for longer periods when the retention period exceeds the time frames required by law or ordinance. (c) At all reasonable times for as long as the Records are maintained, Contractor must allow persons duly authorized by City KHA (including CityKHA’s auditor auditor, Council Auditor’s Office and inspector general offices), and to have full access to and the right to examine, copy, copy or audit any of the Records, regardless of the form in which kept. Contractor will not charge City KHA for any setup, supervision, supervision or space in connection with the examination and audit. Photocopying charges will not exceed the actual and reasonable cost of the copies to Contractor, and City KHA shall be permitted to bring its photocopying equipment if City KHA so desires. (d) Contractor must comply with and cooperate in any audits or reports requested by CityKHA, and must ensure that all related party transactions are disclosed to the auditor. (e) Contractor must permit City KHA to interview any of Contractor’s employees, subcontractors, subcontractors and subcontractor employees to assure City KHA of the satisfactory performance of the terms and conditions of the Contract. Unless the parties agree otherwise or City KHA is willing to pay for the employee’s reasonable travel expenses, the interviews will be conducted at the employee’s primary place of work. Contractor will not charge City KHA for any employee time unless the interview time for that employee exceeds eight (8) hours in a calendar year. (f) Following any audit or review, if performance of Contractor is, in the opinion of CityKHA, deficient, City KHA will deliver to Contractor a written report of the deficiencies and request for development by Contractor of a corrective action plan. Contractor xxxxxx hereby agrees to prepare and submit submit, to City KHA, said corrective action plan within ten (10) business days of receiving CityKHA’s written report. Thereafter, Contractor must correct all deficiencies in the corrective action plan within a reasonable time after CityKHA’s receipt of the corrective action plan. (g) All reports and other information provided by Contractor pursuant to this Section shall be submitted under penalties of perjury perjury, under Section 837.06, Florida Statutes. (h) Contractor must include the aforementioned audit, inspection, investigation, investigation and record-record- keeping requirements in all subcontracts and Contract assignments. (i) Contractor agrees to reimburse City KHA for the reasonable costs of investigation incurred by City KHA for audits, inspections, inspections and investigations that uncover a material violation of the Contract. Such costs shall include the salaries of investigators, including overtime, travel, travel and lodging expenses, and expert witness and documentary fees. Contractor shall not be responsible for any costs of investigations that do not uncover a material violation of this the Contract.