Record Keeping and Financial Controls. CM acknowledges that this Agreement is to be administered on an “open book” arrangement relative to Costs of the Work and all other amounts included in the Contract Price. CM shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, using accounting and control systems in accordance with generally accepted accounting principles and as may be provided in the Contract Documents. During the performance of the Work and for a period of three (3) years after Final Payment, Owner and Owner’s accountants and other designees shall be afforded reasonable access from time to time, to audit in accordance with the General Conditions of the Contract.
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Sources: Construction Manager at Risk Agreement, Construction Manager at Risk Agreement
Record Keeping and Financial Controls. CM acknowledges that this Agreement is to be administered on an “open book” arrangement relative to Costs of the Work and all other amounts included in the Contract Price. CM shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, using accounting and control systems in accordance with generally accepted accounting principles and as may be provided in the Contract Documents. During the performance of the Work and for a period of three (3) years after Final Payment, Owner and Owner’s accountants and other designees shall be afforded reasonable access from time to time, to audit in accordance with the General Conditions of the Contract.Final
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