Retainage of Records for Five Years Sample Clauses

The 'Retainage of Records for Five Years' clause requires parties to keep and maintain relevant documents and records for a period of five years after a specified event, such as the completion of a contract or project. This typically applies to financial records, correspondence, and other documentation related to the agreement, ensuring that these materials are available for review or audit if needed. The core function of this clause is to facilitate transparency and accountability by making sure that records are accessible for a reasonable period in case of disputes, regulatory inquiries, or compliance checks.
Retainage of Records for Five Years. ‌ Records must be retained and maintained available throughout the period of the performance of the Work and for a period of five (5) years after all obligations of the parties have been met, or until five (5) years after final settlement of all disputes, claims, or litigation to which the Records relate, whichever event occurs later. Overcharge Audit.‌ If an audit or Judicial Council internal review reveals that the Contractor has overcharged the Judicial Council, the Contractor will immediately pay to the Judicial Council the overcharged amount plus interest from the date of overpayment. The rate of interest will be equal to eighteen percent (18%) per year or the maximum rate permitted by applicable law, whichever is less. The audit or Judicial Council internal review will be conducted at the Judicial Council’s expense, unless the audit or review reveals that the Contractor has overcharged the Judicial Council by ten percent (10%) or more on any invoice, in which case the Contractor will reimburse the Judicial Council for all costs and Expenses incurred by the Judicial Council in connection with such audit or review, including direct and indirect costs associated with Judicial Council employees. Insurance Requirements‌
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Retainage of Records for Five Years. ‌ Records must be retained and maintained available throughout the period of the performance of the Work and for a period of five (5) years after all obligations of the parties have been met, or until five (5) years after final settlement of all disputes, claims, or litigation to which the Records relate, whichever event occurs later.
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Related to Retainage of Records for Five Years

  • RETENTION OF RECORDS/AUDIT For the purpose of determining compliance with Public Contract Code 10115, et seq. and Title 21, California Code of Regulations, Chapter 21, Section 2500 et seq. (when applicable and other matters connected with the performance of the contract pursuant to Government Code 8546.7), Consultant, subconsultants, and NCTC shall maintain and make available for inspection all books, documents, papers, accounting records, and other evidence pertaining to the performance of the contract, including but not limited to, the costs of administering the Agreement. (1) All parties shall make such materials available at their respective offices at all reasonable times during the contract period and for three years from the date of final payment under the Agreement. The state, State Auditor, NCTC, FHWA, or any duly authorized representative of the Federal Government shall have access to any books, records, and documents of Consultant and its certified public accountants’ (CPA) work papers that are pertinent to the contract and indirect cost rates (ICR) for audit, examinations, excerpts, and transactions, and copies thereof shall be furnished if requested. (2) Subcontracts in excess of $25,000 shall contain this provision.

  • Access to Records; Contractor Financial Records Contractor agrees that District and its authorized representatives are entitled to review all Contractor books, documents, papers, plans, and records, electronic or otherwise (“Records”), directly pertinent to this Contract for the purpose of making audit, examination, excerpts, and transcripts.

  • Retention of Records The Contractor and its subcontractors shall maintain all records pertinent to this Agreement, and all other financial, statistical, property, participant records, and supporting documentation for a period of no less than seven (7) years from the later of the date of acceptance of the final payment or until all audit findings have been resolved. If any litigation, claim, negotiation, audit or other action involving the records has been started before the expiration of the retention period, the records shall be retained until completion of the action and resolution of all issues which arise from it, or until the end of the seven (7) years, whichever is later, and until any outstanding litigation, audit, or claim has been fully resolved.