Common use of Records Requirements Clause in Contracts

Records Requirements. Contractor agrees to maintain books, records, documents, invoices and any other evidence pertaining to the costs and expenses of this Contract and/or any document that is a part of this Contract by reference or inclusion. This includes, but is not limited to, Contractor’s balance sheets, income statements and invoices from subcontractors, Contractor’s affiliates or other vendors. Contractor’s accounting procedures and practices shall conform to generally accepted accounting principles and the costs properly applicable to the Contract shall be readily ascertainable therefrom. This includes, but is not limited to, payment (with respect to salary), overhead and subcontractors.