FINANCIAL AND PERFORMANCE AUDIT Sample Clauses

FINANCIAL AND PERFORMANCE AUDIT. (a) COMPANY will have the right to audit: (i) invoiced charges;
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FINANCIAL AND PERFORMANCE AUDIT a. COMPANY will have the right to audit: (i) invoiced charges; (ii) other BOOKS AND RECORDS; and (iii) the performance of any other of CONTRACTOR’s obligations under the CONTRACT, where capable of being verified by audit.
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FINANCIAL AND PERFORMANCE AUDIT. 12.1 Right and Purpose (a) COMPANY will have the right to audit: (i) at-cost rates (including formulae and make-up of rates, overhead, and payroll burden factors, uplifts, direct cost, and other cost reimbursable items under the CONTRACT), but not the basis or make-up of lump sums or fixed rates that are not at-cost; (ii) invoiced charges and proper invoicing; (iii) other BOOKS AND RECORDS; and (iv) the performance of any other of CONTRACTOR’s obligations under the CONTRACT, where capable of being verified by audit. (b) Based on the findings of the audit: (i) COMPANY may make a prospective and retroactive adjustment of the applicable at-cost rates as referred to above; (ii) the parties will settle any amounts charged incorrectly within 45 days of any audit finding; and (iii) CONTRACTOR will provide any SCOPE, or refund, repair, replace, or re-perform any SCOPE where the requirement to do so is identified by any audit within 45 days of any audit finding, except where it is not reasonably practical to accomplish the foregoing in 45 days, in which case the remedial actions must be performed as soon as reasonably practicable with exercise of all diligence.
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FINANCIAL AND PERFORMANCE AUDIT. A. Unless otherwise directed by the Department, the Development Owner shall arrange for the performance of an annual financial and compliance audit of funds received and performance rendered under this Agreement subject to the following conditions and limitations: (i) The Development Owner shall have an audit made by a Third Party certified public accountant in accordance with generally accepted accounting principles auditing standards for each Fiscal Year during the term of this Agreement. (ii) Unless otherwise specifically authorized by the Department in writing, the Development Owner shall submit the complete and final audit report to the Department by the first Business Day following thirty (30) calendar days from the completion of the audit but in no event later than the first Business Day following 150 calendar days from the end of each applicable Fiscal Year. (iii) The Development Owner may utilize funds budgeted under this Agreement to pay for that portion of the cost of such audited services properly allocable to the activities funded by the Department under this Agreement, provided, however, that the Department shall not make payment for the costs of such audit services until the Department has received the complete and final audit report from the Development Owner. (iv) Audits performed under this Section 9.3A are subject to review and acceptance by the Department or its designee. All audit reports shall be made available for public inspection by the first Business Day following thirty (30) calendar days from Department approval of the audit. B. Notwithstanding Section 9.3A above, the Department reserves the right to audit funds received and performance rendered under this Agreement. The Development Owner agrees to permit the Department, its designee, the State Auditor’s Office, or HUD’s Office of the Inspector General to audit the Development Owner’s records and to obtain any documents, materials, or information necessary to facilitate such audit. C. The Development Owner shall be liable to the Department for any costs paid with TCAP Funds other than Eligible Costs or otherwise disallowed pursuant to financial and compliance audit(s) of funds received by the Development Owner under this Agreement, and the Development Owner shall reimburse the Department for any such disallowed costs.
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Related to FINANCIAL AND PERFORMANCE AUDIT

  • Payment and Performance Bond Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.

  • Payment and Performance Bonds A payment bond and performance is required for a public works contract involving expenditure in excess of twenty-five thousand dollars ($25,000) and no work can be commenced prior to both bonds being approved the County. The Contractor shall furnish, at time of signing the Contract, one surety bond which shall protect the laborers and material men and shall be for $60,000, in accordance with Section 9554 of the Civil Code, and one surety bond in the amount of $60,000, guaranteeing the faithful performance of the Contract. If at any time the value of the total task orders is expected to exceed $60,000, the Contractor shall furnish, in a manner acceptable to the County, evidence that the Contractor is bonded to the expected total value of outstanding task orders for both the faithful performance and laborers and material men bonds. Contractor shall not be entitled to, nor shall County authorize, task orders when the total outstanding value of the task orders under this contract exceeds the bond values for which the County is an obligee. Said bonds to be approved by the office of the County Counsel and the County Executive Office of Orange County. Such bonds shall be the forms provided in these specifications and issued and executed by an admitted surety insurer (authorized to transact surety insurance in California). (e.g., if the bonds are issued through a surplus line broker, both the surplus line broker and the insurer with whom he is doing business for purposes of this project must be licensed in California to issue such bonds.) The faithful performance bond shall be issued by a Surety company with a minimum insurance rating of A- (Secure Best’s Rating) and VIII (Financial Size Category) as determined by the most current edition of the Best’s Key Rating Guide/Property-Casualty/United States or ▇▇▇▇▇▇.▇▇▇. The Surety Company must also be authorized to write in California by the Department of the Treasury, and must be listed on the most current edition of the Department of Treasury’s Listing of Approved Securities. If any surety upon any bond furnished in connection with this Contract becomes unacceptable to the County, or if any such surety fails to furnish reports as to his financial condition from time to time as requested by OC Public Works, the Contractor shall promptly furnish such additional security as may be required by OC Public Works or the Board of Supervisors from time to time to protect the interests of the County and of persons supplying labor or materials in the prosecution of the Work contemplated by this Contract. If the County increases the total Contract amount the Contractor is to provide a new bond for the new total Contract amount or a bond for the difference.

  • Portfolio Expense and Performance Data The Trust shall provide such data regarding each Portfolio’s expense ratios and investment performance as the Company shall reasonably request, to facilitate the registration and sale of the Variable Contracts. Without limiting the generality of the forgoing, the Trust shall provide the following Portfolio expense and performance data on a timely basis to facilitate the Company’s preparation of its annually updated registration statement for the Variable Contracts (and as otherwise reasonably requested by the Company), but in no event later than 10 calendar days after the close of each Portfolio’s fiscal year: (a) The gross “Annual Portfolio Company Expenses” for each Portfolio calculated in accordance with Item 3 of Form N-1A, before any expense reimbursements or fee waiver arrangements (and in accordance with (i) Instruction 16 to Item 4 of Form N-4, and (ii) Instruction 4(a) to Item 4 of Form N-6); (b) The net “Annual Portfolio Company Expenses” (aka “Total Annual Fund Operating Expenses”) for each Portfolio calculated in accordance with Item 3 of Form N-1A, that include any expense reimbursements or fee waiver arrangements (and in accordance with (i) Instruction 17 to Item 4 of Form N-4, (ii) Instruction 4 to Item 17 of Form N-4, (iii) Instruction 4(b) to Item 4 of Form N-6, and (iv) Instruction 4 to Item 18 of Form N-6), and the period for which the expense reimbursements or fee waiver arrangement is expected to continue and whether it can be terminated by the Portfolio (or Fund); and (c) The “Average Annual Total Returns” for each Portfolio (before taxes) as calculated pursuant to Item 4(b)(2)(iii) of Form N-1A (for the 1, 5, and 10 year periods, and in accordance with (i) Instruction 7 to Item 17 of Form N-4, and (ii) Instruction 7 to Item 18 of Form N-6).

  • Payment and Performance of Obligations Pay and perform all material Obligations under this Agreement and the other Loan Documents, and pay or perform (a) all taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its property, and (b) all other indebtedness, obligations and liabilities in accordance with customary trade practices; except to the extent that IPT or the Borrower is contesting any item described in clauses (a) or (b) of this Section 7.5 in good faith and is maintaining adequate reserves with respect thereto in accordance with GAAP.

  • Payment and Performance The Borrower will pay all amounts due under the Loan Documents in accordance with the terms thereof and will observe, perform and comply with every covenant, term and condition expressed or implied in the Loan Documents. The Borrower will cause each other Loan Party to observe, perform and comply with every such term, covenant and condition in any Loan Document.