Common use of Record Keeping and Finance Controls Clause in Contracts

Record Keeping and Finance Controls. 7.6.1. CM@Risk understands and agrees that records of the CM@Risk's direct personnel payroll, reimbursable expenses pertaining to this Project and records of accounts between the City and CM@Risk shall be kept on a generally recognized accounting basis and shall be available for three years after Final Acceptance of the Project. 7.6.2. CM@Risk understands and agrees that City, its authorized representative, and/or the appropriate federal agency, reserve the right to audit the CM@Risk’s records to verify the accuracy and appropriateness of all pricing data, including data used to negotiate Contract Documents and any Change Orders. 7.6.3. CM@Risk understands and agrees that City reserves the right to decrease Contract Price and/or payments made hereunder if, upon audit of the CM@Risk’s records, the audit discloses that CM@Risk has provided false, misleading, or inaccurate cost and pricing data and/or information. 7.6.4. CM@Risk understands and agrees that it shall include a similar provision in all its agreements with Subconsultants and Subcontractors providing services under the Contract Documents to ensure the City, its authorized representative, and/or the appropriate federal agency, has access to the Subconsultants’ and Subcontractors’ records to verify the accuracy of cost and pricing data. 7.6.5. CM@Risk understands and agrees that City reserves the right to decrease Contract Price and/or payments made hereunder if the above provision is not included in CM@Risk’s Subconsultant’s and Subcontractor’s contracts, and one or more Subconsultants and/or Subcontractors do not allow the City access to audit their records to verify the accuracy and appropriateness of pricing data.