Common use of Time Records Clause in Contracts

Time Records. The Contractor shall cause to be maintained complete, accurate, and detailed records of all time devoted to the project by the Contractor and each consultant or subcontractor employed by the Contractor. The TOWN may at all reasonable times audit such records. The Contractor shall comply with Mass. Gen. Laws, Chapter 30, Section 39R, which requires the Contractor to: i) maintain accurate and detailed accounts for a six-year period after the final payment [(b)(1)]. ii) file regular statements of management concerning internal auditing controls [(c)]. iii) file an annual audited financial statement [(d)]. iv) submit a statement from an independent certified public accountant that such CPA has examined management’s internal auditing controls and expresses an opinion as to their consistency with management’s statement in (b) above and whether such statements are reasonable with respect to transactions and assets that are substantial in relation to the CONTRACTOR'S financial statement [(c)(4)(1)-(2)].

Time Records. The Contractor CONTRACTOR shall cause to be maintained complete, accurate, and detailed records of all time devoted to the project by the Contractor CONTRACTOR and each consultant or subcontractor employed by the ContractorCONTRACTOR. The TOWN OWNER may at all reasonable times audit such records. The Contractor CONTRACTOR shall comply with Mass. Gen. Laws, Massachusetts General Laws Chapter 30, Section 39R, which requires the Contractor CONTRACTOR to: i) a. maintain accurate and detailed accounts for a six-year period after the final payment [(b)(1)]. ii) b. file regular statements of management concerning internal auditing controls [(c)]. iii) c. file an annual audited financial statement [(d)]. iv) d. submit a statement from an independent certified public accountant that such CPA has examined management’s internal auditing controls and expresses an opinion as to their consistency with management’s statement in (b) above and whether such statements are reasonable with respect to transactions and assets that are substantial in relation to the CONTRACTOR'S financial statement [(c)(4)(1)-(2)].