Common use of Maintaining Books and Records Clause in Contracts

Maintaining Books and Records. (i) United shall maintain books and records of all payments, price adjustments, credits, debits, weights and supporting documentation establishing the bases for the price and all similar data related to the performance under this Agreement, in order that all provisions of this Agreement can be adequately administered and United’s performance under this Agreement can be adequately verified. In so doing, United shall use accounting methods and practices in accordance with generally accepted accounting principles, consistently applied. Such books and records are to be retained for a minimum of five (5) Years from the last day on which this Agreement is in effect, unless there is an ongoing Tampa Electric audit or dispute involving such books and records at the end of the five (5) Years, in which case such books and records shall be retained until such audit is completed or dispute is resolved. In addition, United shall itemize for Tampa Electric all data pertaining to price adjustments requested under Section 7.4 of this Agreement and United shall make its books and records available to Tampa Electric at any reasonable time so that Tampa Electric can document any change, revision or adjustment to the various prices specified herein. United shall submit additional information which Tampa Electric may request which is reasonably available from United’s records and pertinent to the adjustment to be made. (ii) Tampa Electric shall maintain records, operational documentation and similar data relating to its performance under this Agreement. Such records are to be retained for a minimum of five (5) Years from the last day on which this Agreement is in effect, unless there is an ongoing audit or dispute involving such records at the end of the five (5) Year period. In such event, Tampa Electric shall maintain such records until such audit is completed or such dispute is resolved.