Retention Requirements for Records Clause Samples

The "Retention Requirements for Records" clause sets out the obligations for how long parties must keep certain documents or records related to the agreement. Typically, it specifies the types of records to be retained, the minimum retention period (such as three or seven years), and may outline acceptable formats for storage, like electronic or paper copies. This clause ensures that important information is available for audits, legal compliance, or dispute resolution, thereby reducing the risk of lost or inaccessible records.
Retention Requirements for Records. The obligation of the NFE to return any funds as a result of later refunds, corrections, or other transactions including final indirect cost rate adjustments.
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Retention Requirements for Records a. Upon reasonable notice, the Recipient shall have access to the Subrecipient’s records during normal business hours. b. The Subrecipient shall maintain all records pertinent to the activities to be funded under this Agreement for a period of five (5) years after final payment is received and for such additional period as may be required until all claims, litigation and appeals pertaining or related to the Agreement have been completely resolved.
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Retention Requirements for Records. In accordance with 2 CFR 200.333, financial records, supporting documents, statistical records, and all other NFE records pertinent to an award must be retained for a period of three years from the date of submission of the final expenditure report. For awards that are renewed quarterly or annually, from the date of the submission of the quarterly or annual financial report as authorized by the USDA awarding agency or pass-through entity in the case of a subrecipient(s). The only exceptions are the following: (a) If any litigation, claim, or audit is started before the expiration of the 3-year period, the records must be retained until all litigation, claims, or audit findings involving the records have been resolved and final action taken. (b) When notified in writing by the USDA awarding agency, cognizant agency for audit, oversight agency for audit, cognizant agency for indirect costs, or pass-through entity to extend the retention period. (c) Records for real property and equipment acquired with Federal funds must be retained for 3 years after final disposition. (d) When records are transferred to or maintained by the USDA awarding agency or pass- through entity, the 3-year retention requirement is not applicable. (e) Records for program income transactions after the period of performance. (f) Indirect cost rate proposals and cost allocation plans.
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Retention Requirements for Records. ‌ a. If any litigation, claim, or audit is started before the expiration of the 3-year period, the records must be retained until all litigation, claims, or audit findings involving the records have been resolved and final action taken. b. When notified in writing by the USDA awarding agency, cognizant agency for audit, oversight agency for audit, cognizant agency for indirect costs, or pass-through entity to extend the retention period. c. Records for real property and equipment acquired with Federal funds must be retained for 3 years after final disposition. d. When records are transferred to or maintained by the USDA awarding agency or pass- through entity, the 3-year retention requirement is not applicable. e. Records for program income transactions after the period of performance. f. Indirect cost rate proposals and cost allocation plans. As outlined in 2 CFR 200.335, the USDA awarding agency must request transfer of certain records to its custody from the NFE when it determines that the records possess long-term retention value. However, in order to avoid duplicate recordkeeping, the USDA awarding agency may decide for the NFE to retain any records that are continuously needed for joint use.
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Retention Requirements for Records. The contractor shall retain financial records, supporting documents, statistical records and all other records pertinent to the financial assistance agreement for a period of three years starting from the date of submission of the final payment request. Authorized representatives of federal awarding agencies, the Federal Inspectors General, the Comptroller General of the United States, the City or any of their designees shall have access to any pertinent books, documents, and records of contractor in order to conduct audits or examinations. The contractor agrees to allow monitoring and auditing by the City and/or authorized representative. If any litigation, claim, negotiation, audit, or other action involving the records has been started before the expiration of the three-year period, the contractor shall retain records until all litigations, claims or audit findings involving the records have been resolved and final action taken.
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Retention Requirements for Records. 9.1 Financial records, supporting documents, statistical records, and all other non- Federal entity records pertinent to a Federal award must be retained for a period of three years from the date of submission of the final expenditure report or, for Federal awards that are renewed quarterly or annually, from the date of the submission of the quarterly or annual financial report, respectively, as reported to the Federal awarding agency or pass-through entity in the case of a sub-recipient. Federal awarding agencies and pass-through entities must not impose any other record retention requirements upon non-Federal entities. The only exceptions are the following: 9.1.1 If any litigation, claim, or audit is started before the expiration of the 3-year period, the records must be retained until all litigation, claims, or audit findings involving the records have been resolved and final action taken. 9.1.2 When the non-Federal entity is notified in writing by the Federal awarding agency, cognizant agency for audit, oversight agency for audit, cognizant agency for indirect costs, or pass-through entity to extend the retention period. 9.1.3 Records for real property and equipment acquired with Federal funds must be retained for 3 years after final disposition. 9.1.4 When records are transferred to or maintained by the Federal awarding agency or pass-through entity, the 3-year retention requirement is not applicable to the non-Federal entity. 9.1.5 Records for program income transactions after the period of performance. In some cases recipients must report program income after the period of performance. Where there is such a requirement, the retention period for the records pertaining to the earning of the program income starts from the end of the non-Federal entity's fiscal year in which the program income is earned. 9.1.6 Indirect cost rate proposals and cost allocations plans. This paragraph applies to the following types of documents and their supporting records: Indirect cost rate computations or proposals, cost allocation plans, and any similar accounting computations of the rate at which a particular group of costs is chargeable (such as computer usage chargeback rates or composite fringe benefit rates).
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Retention Requirements for Records. Financial records, supporting documents, statistical records, and all other records pertinent to this Agreement shall be retained for a period of three (3) years from the date of submission of the final expenditure report. The only exceptions are the following: (A) if any litigation, claim, financial management review or audit is started before the expiration of the three-year period, the records shall be retained until all litigation, claims, or audit findings involving the records have been resolved and final action taken; (B) records for real property and equipment acquired with federal funds shall be retained for three (3) years after final disposition; (C) when records are transferred to or retained by the HHS awarding agency, the three (3) year retention requirement is not applicable; and (D) indirect cost rate proposals, cost allocations plan, etc., as specified in 42 C.F.R. part 74.53(g).
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Retention Requirements for Records. Federal law (2 CFR Section 200.333) requires that all financial records, supporting documents, statistical records, and all other records pertinent to a Federal award be retained for a period of three years from the date of submission of the final expenditure report or, for Federal awards that are renewed quarterly or annually, from the date of the submission of the quarterly or annual financial report, respectively, as reported to the Federal awarding agency or pass-through entity in the case of a subrecipient. Federal awarding agencies and pass-through entities must not impose any other record retention requirements upon non-Federal entities. Contractor hereby acknowledges and agrees that it will comply with the applicable records retention requirements of this regulation.
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Retention Requirements for Records. NFWF Subrecipient shall maintain all records connected with this Agreement for a period of at least three (3) years following the latest end date of the funding source(s) referenced above in line 19. FUNDING SOURCE INFORMATION/FEDERAL AND NON-FEDERAL or the close-out of all pending matters or audits related to this Agreement, whichever is later. As funding source end dates may be extended over time, the NFWF Subrecipient will be notified of the most up-to-date record retention requirements upon closure of this Award. If any litigation, claim, or audit is started (irrespective of the NFWF Subrecipient’s involvement in such matter) before the expiration of the 3-year period, the records shall be retained until all litigation, claims or audit findings or pending matters involving the records have been resolved and final action taken. NFWF shall notify NFWF Subrecipient if any such litigation, claim or audit takes place or if funding source end date(s) is extended so as to extend the retention period. Records for real property and equipment acquired with federal funds must be retained for at least three (3) years following disposition of such real property. For awards solely funded with funding sources with “N/A” listed as the end date, NFWF Subrecipient shall maintain all records connected with this Agreement for a period of at least three (3) years following the date of final payment or the Period of Performance end date, whichever is later.
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Related to Retention Requirements for Records

  • RECORD RETENTION REQUIREMENTS To the extent applicable, Supplier must comply with the record retention requirements detailed in 2 C.F.R. § 200.333. The Supplier further certifies that it will retain all records as required by 2 C.F.R. § 200.333 for a period of 3 years after grantees or subgrantees submit final expenditure reports or quarterly or annual financial reports, as applicable, and all other pending matters are closed.

  • Certification Requirements The applicant will provide Vista Laboratories, Inc. with all product information for the evaluation of the product to be certified and warrant that the information provided is accurate and complete so that Vista Labs may perform the services requested. If the product was tested at an external laboratory, the applicant must provide the complete test report to Vista Labs. If the external testing facility is not ISO 17025 accredited, or does not have the proper scope, Vista Labs must determine if the test report can be used for certification activities. The applicant’s information is used to perform a product review and evaluation to determine the product’s compliance to the specific certification requested. Throughout the process, the client agrees to make claims regarding certification consistent with the scope of certification. The applicant agrees to supply the required number of product samples, to be determined by Vista Labs, to the laboratory for testing, measurement, and evaluation purposes. The client understands that certain tests may damage or destroy the sample and acknowledge that Vista Labs is not responsible for such damages. Samples will be returned only upon request by the applicant and at the applicant’s expense, after the completion of certification. Samples will be disposed of after six months if not requested for return by applicant. The product is ineligible for certification if it has been modified by the client after testing or certification. Changes to the product must be approved by Vista Laboratories. Vista Labs reserves the right to re- evaluate the product as a result of information that raises questions concerning the conformance of the product. Certified products maintain fulfilment of product requirements if the certification applies to ongoing production. If the client provides copies of the certification documents to other parties, the documents are reproduced in their entirety, or as specified in the certification scheme. In making reference to its product certification in media, such as brochures or advertisement, the client complies with the requirements of the Vista Labs or as specified by the certification scheme. The client complies with any requirements that may be prescribed in the certification scheme relating to the use of marks of conformity, and on all product correspondences and product related information. Vista Labs reserves the right to revise or withdraw the requirements as required in order to maintain conformance with FCC rules and regulations governing the product. The product may continue with certification and receive certification upon demonstration of compliance with the revised requirements, to the satisfaction of Vista Laboratories.