Common use of BOOKS OF RECORD AND AUDIT PROVISION Clause in Contracts

BOOKS OF RECORD AND AUDIT PROVISION. Contractor shall maintain on a current basis, complete books and records relating to this Agreement. Such records shall include, but not be limited to, documents supporting all bids and all expenditures for which any reimbursement is sought. The books and records shall be original entry books. In addition, Contractor shall maintain detailed payroll records, including all subsistence, travel and field expenses, and canceled checks, receipts and invoices for all items for which any reimbursement is sought. These documents and records shall be retained for at least ten years from the completion of this Agreement (42CFR Sections 433.32, 438.3(h) and (u)). Contractor will permit Christian Valley Park, CSD to audit all books, accounts or records relating to this Agreement or all books, accounts or records of any business entities controlled by Contractor who participated in this Agreement in any way. Any such audit may be conducted on Contractor's premises with notice from Christian Valley at least 21 days prior to the proposed inspection date. Contractor shall promptly refund any moneys erroneously charged. If Christian Valley Park, CSD ascertains that it has been billed erroneously by Contractor for an amount equaling 5% or more of the original bid, Christian Valley may send a notice of error to Contractor detailing the error in billing and factual evidence supporting Christian Valley Park, CSD’s claim. Contractor shall have 15 days from the date of receipt to remedy the error by return of the over charge or dispute the error using factual evidence. If the parties do not agree, the Parties shall hire an independent accountant to audit the records. The Party that the auditor decides against shall be liable for the costs of the audit in addition to any other penalty to be imposed. This paragraph applies to any contract which provides for reimbursement of expenses.

BOOKS OF RECORD AND AUDIT PROVISION. Contractor shall maintain on a current basis, complete books and records relating to this Agreement. Such records shall include, but not be limited to, documents supporting all bids and all expenditures for which any reimbursement is sought. The books and records shall be original entry books. In addition, Contractor shall maintain detailed payroll records, including all subsistence, travel and field expenses, and canceled checks, receipts and invoices for all items for which any reimbursement is sought. These documents and records shall be retained for at least ten years from the completion of this Agreement (42CFR Sections 433.32, 438.3(h) and (u)). Contractor will permit Christian Valley Park, CSD to audit all books, accounts or records relating to this Agreement or all books, accounts or records of any business entities controlled by Contractor who participated in this Agreement in any way. Any such audit may be conducted on Contractor's premises with notice from Christian Valley at least 21 days prior to the proposed inspection date. Contractor shall promptly refund any moneys erroneously charged. If Christian Valley Park, CSD ascertains that it has been billed erroneously by Contractor for an amount equaling 5% or more of the original bid, Christian Valley may send a notice of error to Contractor detailing the error in billing and factual evidence supporting supporitng Christian Valley Park, CSDValley’s claim. Contractor shall have 15 days from the date of receipt to remedy the error by return of the over charge or dispute the error using factual evidence. If the parties do not agree, the Parties shall hire an independent accountant accoutant to audit the records. The Party that the auditor decides against shall be liable for the costs of the audit in addition to any other penalty to be imposed. This paragraph applies to any contract which provides for reimbursement of expenses.