OPEN BOOK DATA Clause Samples
The Open Book Data clause requires one party to provide transparent access to financial or operational records related to a contract or project. In practice, this means the party must share detailed data such as costs, expenses, or pricing information with the other party, often for purposes like auditing, verifying charges, or ensuring compliance with agreed terms. This clause's core function is to promote transparency and trust between parties by allowing verification of financial dealings, thereby reducing the risk of disputes or hidden costs.
OPEN BOOK DATA. 2.1 The Provider shall keep or cause to be kept full and proper books of account in relation to the provision of the Services (including in relation to both the Charges and Bursary Payment) and the entries made therein shall be kept up-to-date at all times and shall include all such matters and things which are usually entered in books of account in the United Kingdom kept by persons or companies engaged in concerns of a similar nature in accordance with best accountancy practices.
2.2 Such books of account, invoices, charge out rates, time sheets, or other time recording documents kept by the Provider in connection with the provision of the Services and all vouchers, receipts, invoices, orders, contractual documentation and other documentation relating to the Services to which the Contractor is a party (“Open Book Data”) shall be open to inspection by the Department or any persons appointed to act on the Department's behalf at any reasonable time having made prior appointment with the Provider. The Department shall be entitled to ask for a copy of the Open Book Data or any part thereof which (subject to the prior payment of the Provider’s reasonable copying and administrative charges) the Provider shall provide within 10 Working Days of the Department's written request.
2.3 If the Department reasonably considers the Open Book Data does not accurately represent and detail sums relating to this Contract, and the Services then the Provider shall provide the Department with documentary evidence relating to such sums and contractual obligations.
2.4 During the Term, and for a period of 7 years following the end of the Term, the Contractor shall:
(a) maintain and retain the Open Book Data; and
(b) disclose and allow the Department and/or the auditor (whether internal or external) of the Department access to the Open Book Data.
OPEN BOOK DATA. The Service Provider acknowledges the importance to the Purchaser of the Financial Transparency Objectives and the Purchaser’s need for complete transparency in the way in which the Charges are calculated. During the Term, and for a period of 7 years following the end of the Term, the Service Provider shall maintain and retain the Open Book Data; and disclose and allow the Purchaser and/or the Audit Agents access to the Open Book Data.
OPEN BOOK DATA. The Supplier acknowledges the importance to the Authority of the Financial Transparency Objectives and the Authority’s need for complete transparency in the way in which the Charges are calculated. During the Term, and for a period of 7 years following the end of the Term, the Supplier shall: maintain and retain the Open Book Data; and disclose and allow the Authority and/or the Audit Agents access to the Open Book Data.
OPEN BOOK DATA. 8A.1 The Contractor acknowledges the importance to the DFE and the DFE's need for complete transparency in the way in which the Charges are calculated.