Common use of Records, Reports and Audit Clause in Contracts

Records, Reports and Audit. Records and Financial Statement 4.1 The Developer must record all expenditure of Contributions relating to the performance of the Challenge and development of the Solution, separate from all other income and expenditure of the Developer. 4.2 The Developer must keep proper and adequate records, accounts and supporting documents in accordance with generally accepted accounting principles and as required by law, about the performance of the Challenge and development of the Solution. 4.3 Upon request, the Developer must provide a financial statement detailing the receipt and expenditure of Contributions to date, including a declaration from the Developer’s chief executive officer stating that the Contributions have been used solely for the development of the Solution.