Common use of Retainage of Records for Five Years Clause in Contracts

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