Accounts and Other Records Sample Clauses
The "Accounts and Other Records" clause requires parties to maintain accurate and complete financial and business records related to the agreement. This typically involves keeping books of account, invoices, receipts, and other documentation that reflect all relevant transactions and activities. Such records may need to be kept for a specified period and made available for inspection or audit upon request. The core function of this clause is to ensure transparency, accountability, and compliance with legal or contractual obligations by providing a clear record of all dealings under the agreement.
Accounts and Other Records. (a) The Health Services Manager must ensure that all expenditure (and revenue, if any) in respect of or in connection with the performance of this Contract is recorded and accounted for correctly.
(b) The Health Services Manager must at all times maintain full, true, separate and up to date accounts and records in relation to the performance of this Contract, including details relating to the calculation of the Onsite Health Clinic Fee and in support of any Pass Through Costs claimed for payment by the Health Services Manager. Such accounts and records must:
(i) be kept in accordance with Schedule 2 (Statement of Work) and include all matters relevant to the determination of invoices under Schedule 5 (Fees and Payments);
(ii) include appropriate audit trails for transactions performed and payments made;
(iii) separately record all receipts and expenses in relation to the Health Services for the Department;
(iv) be kept in a manner that permits them to be conveniently and properly audited;
(v) be drawn in accordance with any applicable Australian Accounting Standards;
(vi) be kept in accordance with the Taxation Administration Act 1953 (Cth) and A New Tax System (Goods and Services Tax) Act 1999 (Cth), except to the extent otherwise stipulated by clause 42.1(c); and
(vii) in the case of any Health Services performed on a time and materials or cost plus basis, identify the time spent by Health Services Manager's Personnel in performing those Health Services; and
(viii) enable the extraction of all information relevant to the performance of this Contract for the Department (including as against the Department specified health data sets).
(c) The accounts and records required to be held under this clause 42.1 must be held for the Term and for a period of seven (7) years from the date of expiry or termination of this Contract, or any further period specified in advance by the Department.
Accounts and Other Records