Common use of Records of Expenditures Clause in Contracts

Records of Expenditures. The Development Manager shall keep and maintain records of monies expended, obligations incurred and credits accrued; and maintain for auditing by the Management Committee those accounting records used by the Development Manager for the purpose of accumulating financial and statistical data for Development Work. The Development Manager shall retain each such record for five (5) years or such longer period of time as determined by the Management Committee; provided, however, that the Development Manager shall have the right at the end of such five (5) year period to advise the Participants that it intends to dispose of such records within six (6) months of the date the notice is given, and shall have the right to so dispose of the records unless a Participant or Participants provide the Development Manager with written notice prior to the end of such six (6) month period that the Participant(s) shall take custody of such records no later than the end of such six (6) month period.