Common use of Social Security Act Clause in Contracts

Social Security Act. The Contractor may be audited by a federal sponsoring agency or the Controller General of the United States if the purchase is affected by certain federal requirements. Section 1861 (V)(1) of The Social Security Act as amended, requires the University as Medicare providers, to notify contractors to University's Medical Divisions (who receive awards of $10,000 or more in any twelve-month period), that their books, documents and records must remain available for verification of cost by the Comptroller General for a period of four years following performance of the Contract.

Social Security Act. The Contractor may be audited by a federal sponsoring agency or the Controller Comptroller General of the United States if the purchase is affected by certain federal requirements. Section 1861 (V)(1) of The Social Security Act as amended, requires the University as Medicare providers, to notify contractors to University's ’s Medical Divisions Division (who receive received awards of $10,000 or more in any twelve-month period), that their books, documents and records must remain available for verification of cost by the Comptroller General for a period of four years following performance of the Contract.