AUDIT/RETENTION OF RECORDS Clause Samples
The AUDIT/RETENTION OF RECORDS clause requires one or both parties to maintain and preserve certain documents and records related to the agreement for a specified period. Typically, this clause grants the right for the other party or its representatives to review or audit these records to verify compliance with contractual obligations, such as financial transactions or performance metrics. Its core function is to ensure transparency and accountability, allowing parties to detect errors, fraud, or non-compliance and thereby protecting their interests.
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AUDIT/RETENTION OF RECORDS. Vendor and its subcontractors shall maintain books and records relating to the performance of the contract or subcontract and necessary to support amounts charged to the State pursuant the contract or subcontract. Books and records, including information stored in databases or other computer systems, shall be maintained by the Vendor for a period of three years from the later of the date of final payment under the contract or completion of the contract, and by the subcontractor for a period of three years from the later of final payment under the term or completion of the subcontract. If federal funds are used to pay contract costs, the Vendor and its subcontractors must retain its records for five years. Books and records required to be maintained under this section shall be available for review or audit by representatives of: the procuring Agency/University, the Auditor General, the Executive Inspector General, the Chief Procurement Officer, State of Illinois internal auditors or other governmental entities with monitoring authority, upon reasonable notice and during normal business hours. Vendor and its subcontractors shall cooperate fully with any such audit and with any investigation conducted by any of these entities. Failure to maintain books and records required by this section shall establish a presumption in favor of the State for the recovery of any funds paid by the State under the contract for which adequate books and records are not available to support the purported disbursement. The Vendor or subcontractors shall not impose a charge for audit or examination of the Vendor’s books and records. 30 ILCS 500/20-65.
AUDIT/RETENTION OF RECORDS. Vendor and its subcontractors shall maintain books and records relating to the performance of the Agreement or subcontract and necessary to support amounts charged to the City under the Agreement or subcontract. Books and records, including information stored in databases or other computer systems, shall be maintained by Vendor for a period of three years from the later of the date of final payment under the Agreement or completion of the Agreement, and by the subcontractor for a period of three years from the later of final payment under the term or completion of the subcontract. If federal funds are used to pay contract costs, Vendor and its subcontractors must retain its records for five years. Books and records required to be maintained under this section shall be available for review or audit by representatives of the City upon reasonable notice and during normal business hours. Vendor and its subcontractors shall cooperate fully with any such audit and with any investigation conducted by any of these entities. Failure to maintain books and records required by this section shall establish a presumption in favor of the City for the recovery of any funds paid by the City under the Agreement for which adequate books and records are not available to support the purported disbursement. Vendor or subcontractors shall not impose a charge upon the City for audit or examination of Vendor’s books and records.
AUDIT/RETENTION OF RECORDS. CONTRACTOR shall allow the authorized representatives of PVTA, the U.S. Department of Transportation, the Comptroller General of the United States, and the State of California, the Los Angeles County Metropolitan Transportation Authority, the County of Los Angeles to inspect and audit all data and records of the CONTRACTOR relating to performance under this AGREEMENT. Such audit shall be allowed upon reasonable notice of any aforementioned agency. Further, CONTRACTOR shall maintain all required records for three years after final payment under this AGREEMENT and until all other pending matters are closed.
AUDIT/RETENTION OF RECORDS. Vendor shall maintain books and records relating to the performance of the contract or subcontract and necessary to support amounts charged to the State pursuant the contract or subcontract. Books and records, including information stored in databases or other computer systems, shall be maintained by Vendor for a period of three years from the later of the date of final payment under the contract or completion of the contract, and by the subcontractor for a period of three years from the later of final payment under the term or completion of the subcontract. If federal funds are used to pay contract costs, Vendor must retain its records for five years. Books and records required to be maintained under this section shall be available for review or audit by representatives of: the procuring Agency/University, the Auditor General, the Executive Inspector General, the Chief Procurement Officer, State of Illinois internal auditors or other governmental entities with monitoring authority, upon reasonable notice and during normal business hours. Vendor shall cooperate fully with any such audit and with any investigation conducted by any of these entities. Failure to maintain books and records required by this section shall establish a presumption in favor of the State for the recovery of any funds paid by the State under the contract for which adequate books and records are not available to support the purported disbursement. Vendor shall not impose a charge for audit or examination of Vendor’s books and records. 30 ILCS 500/20-65.
AUDIT/RETENTION OF RECORDS. Lenovo shall have the right to audit and inspect End User’s usage of the Software and to verify End User’s compliance with the provisions of these Software Terms (including all payment terms, if any) during End User’s normal business hours. End User shall promptly remedy any underpayments that are discovered, and if any underpayment exceeds 5% of the amount owed over the audited period, then End User shall reimburse Lenovo for the costs of the audit. End User shall retain the applicable records pertaining to its performance obligations for seven (7) years after the termination or completion of such obligation.
AUDIT/RETENTION OF RECORDS. Upon reasonable notice, Lumina shall have the right to audit and inspect Licensee’s usage of Licensed Software and to verify Licensee’s compliance with the provisions of this Agreement (including all payment terms, if any) during Licensee’s normal business hours. Licensee shall promptly remedy any underpayments that are discovered, and if any underpayment exceeds 5% of the amount owed over the audited period, then Licensee shall reimburse Lumina for the costs of the audit. Licensee shall retain the applicable records pertaining to its performance obligations for five (5) years after the termination or completion of such obligation.
AUDIT/RETENTION OF RECORDS. VENDOR and its subcontractors shall maintain books and records related to performance of this Contract or subcontract and necessary to support amounts charged to the District in accordance with applicable law, terms and conditions of this Contract, and generally accepted accounting practice. VENDOR shall maintain these books and records for a minimum of three (3) years after the completion of the Contract, final payment, or completion of any Contract audit or litigation, whichever is later. All books and records shall be available for review or audit by the District, its representatives, the District's Internal Auditor, and other governmental entities with monitoring authority upon reasonable notice and during normal business hours. VENDOR agrees to cooperate fully with any such review or audit. If any audit indicates overpayment to Contractor, or subcontractor, the District shall adjust future or final payments otherwise due. If no payments are due and owing to the Contractor, or if the overpayment exceeds the amount otherwise due, the Contractor shall immediately refund all amounts which may be due to the District. Failure to maintain the books and records required by this Section shall establish a presumption in favor of the District for the recovery of any funds paid by the District under the Contract for which adequate books and records are not available to support the purported disbursement.
AUDIT/RETENTION OF RECORDS. If requested by Trilio, no more than twice in any twelve-month period, Customer shall provide a certified audit report as to Customer's compliance with this Agreement. Customer shall promptly work with ▇▇▇▇▇▇ to remedy any underpayments that are discovered or find a mutually agreeable resolution. Customer shall retain the applicable records pertaining to its performance obligations for three (3) years after the termination or completion of such obligation.
AUDIT/RETENTION OF RECORDS. ENGINEER and its subcontractors shall maintain books and records related to performance of this Agreement or subcontract and necessary to support amounts charged to the COMMISSION in accordancewith applicable law, terms and conditions of this Agreement, and generally accepted accounting practice. ENGINEER shall maintain these books and records for a minimum of three
AUDIT/RETENTION OF RECORDS. Unless otherwise required by this Contract, Contractor and its Subcontractors shall maintain books and records relating to the performance of the Contract or any Subcontract and necessary-to- support amounts charged to the State under the Contract or subcontract. Books and records, including information stored in databases or other computer systems, shall be maintained by Contractor for a period of three (3) years from the later of the date of final payment under the Contract or completion of the Contract, and by a Subcontractor for a period of three (3) years from the later of the date of final payment under the Subcontract or completion of the Subcontract. If federal funds are used to pay Contract costs, Contractor and its Subcontractors must retain the books and records for ten