Common use of Accounting and Bookkeeping Clause in Contracts

Accounting and Bookkeeping. The Operator agrees to maintain separate accounting and bookkeeping records for the operations of the Sports Center pursuant to this Agreement and to utilize generally accepted accounting principles and practices in such accounting records. The Operator shall, at reasonable times and upon request, permit the County's auditors to inspect, examine and copy any and all of the Operator's books, papers, reports, correspondence, sales tax returns, federal and state tax returns memoranda, cash register records and other records of the Operator which are pertinent to this Agreement. The Operator shall perform a physical inventory of FF&E items with a value over $1,000 on an annual basis and shall provide the County a copy of same upon completion.