Common use of FISCAL MANAGEMENT SYSTEMS AND ACCOUNTING STANDARDS Clause in Contracts

FISCAL MANAGEMENT SYSTEMS AND ACCOUNTING STANDARDS. The Grantee agrees that, at a minimum, its fiscal control and accounting procedures will be sufficient to permit tracing of all grant funds to a level of expenditure adequate to establish that such funds have not been used in violation of state law or this grant agreement. The Grantee further agrees that it will maintain separate project accounts in accordance with generally accepted accounting principles. Neither Party shall be liable to the other for any delay in or failure of performance, nor shall any such delay in or failure of performance constitute default, if such delay or failure is caused by “Force Majeure.” As used in this section, “Force Majeure” is defined as follows: Acts of war and acts of god such as earthquakes, floods, and other natural disasters such that performance is impossible. Unless otherwise specified, fund reversion dates are three years from fiscal year end of the year funded.