Common use of RECORDS; RIGHT TO AUDIT Clause in Contracts

RECORDS; RIGHT TO AUDIT. The Professional Services Consultant is required to retain records which shall include, but not be limited to, copies of all Design Documents, documents, plans, Drawings/drawings, Specifications/specifications, submittals, correspondence, minutes, memoranda, tape recordings, videos, policies, procedures, accounting records and other data, regardless of type and regardless of whether such items are in written form, in the form of electronic data, or in any other form, which document any of the Projects under any Release Orders issued under this BOA, its design, and the construction of any related projects, and all costs relating thereto, and that in Princeton University’s judgment have any bearing on or pertain to any matters, rights, duties or obligations under or covered by the BOA. The Professional Services Consultant shall retain all records relating to this BOA until the expiration of ten (10) years after final payment is made under this BOA’s final Release Order or for any longer period of time as may be required by law or good business practice, or six (6) months after final resolution (by non- appealable judgment or settlement) of any disputes, whichever may be later. Upon the request of Princeton University, and by no later than three (3) days after written notice, the Professional Services Consultant shall make its records available during normal business hours to Princeton University, its authorized representative(s) or to any state, federal or other regulatory authority. In the event that Professional Services Consultant receives any request in any manner or medium for any records relating to the BOA or any Release Order issued thereunder, Professional Services Consultant shall provide written notice to Princeton University of same within twenty-four (24) hours of such request. Any such state, federal or other regulatory authority, Princeton University or its authorized representative(s) shall be entitled to inspect, examine, review, copy and audit the Professional Services Consultant’s records at its own expense, within adequate work space at the Professional Services Consultant’s facilities. Failure by the Professional Services Consultant to supply substantiating records shall be reason to exclude the related costs from amounts which might otherwise be payable by Princeton University to the Professional Services Consultant pursuant to the BOA.