Common use of Record Keeping and Financial Controls Clause in Contracts

Record Keeping and Financial Controls. A. With respect to all pre-construction phase services performed by CM/GC and subcontractors, CM/GC and subcontractors shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, using accounting and control systems approved by the CITY. During performance of the pre- construction phase services and for five (5) years after final payment for the pre- construction phase services, the CM/GC shall retain and shall also require all subcontractors to retain for review and/or audit by the CITY all correspondence, meeting minutes, memoranda, electronic media, books, accounts, reports, files, time cards, material invoices, payrolls, and evidence of all communications, direct and indirect costs and all other matter related to the pre-construction phase services. Upon request by the CITY, a legible copy or the original of any or all such records shall be produced by the CM/GC at any time during or after the pre-construction phase services as the CITY may request. The CM/GC shall submit to the CITY upon request all payrolls, reports, estimates, records and any other data concerning pre-construction phase services performed or to be performed. The requirements of this Section shall be included in all contracts between the CM/GC and its subcontractors. B. CM/GC represents that it has the necessary financial resources to fulfill its obligations under the CM/GC Pre-Construction Contract Documents and, if CITY agrees to execute and deliver the CM/GC Construction Contract, under the CM/GC Construction Contract Documents (including, without limitation, the financial capacity to obtain and delivery the required Payment Bond and Performance Bond) and has the necessary corporate approvals to execute the CM/GC Pre-Construction Services Contract Documents and perform the CM/GC Pre-Construction Phase Services.

Record Keeping and Financial Controls. A. With respect to all pre-construction phase services performed by CM/GC and subcontractors, CM/GC and subcontractors shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, using accounting and control systems approved by the CITY. During performance of the pre- construction phase services and for five (5) years after final payment for the pre- construction phase services, the CM/GC shall retain and shall also require all subcontractors to retain for review and/or audit by the CITY all correspondence, meeting minutes, memoranda, electronic media, books, accounts, reports, files, time cards, material invoices, payrolls, and evidence of all communications, direct and indirect costs and all other matter related to the pre-construction phase services. Upon request by the CITY, a legible copy or the original of any or all such records shall be produced by the CM/GC at any time during or after the pre-construction phase services as the CITY may request. The CM/GC shall submit to the CITY upon request all payrolls, reports, estimates, records and any other data concerning pre-construction phase services performed or to be performed. The requirements of this Section shall be included in all contracts between the CM/GC and its subcontractors. B. CM/GC represents that it has the necessary financial resources to fulfill its obligations under the CM/GC Pre-Construction Contract Documents and, if CITY agrees to execute and deliver the CM/GC Construction Contract, under the CM/GC Construction Contract Documents (including, without limitation, the financial capacity to obtain and delivery deliver the required Payment Bond and Performance Bond) and has the necessary corporate approvals to execute the CM/GC Pre-Construction Services Contract Documents and perform the CM/GC Pre-Construction Phase Services.