PAYMENT SUBJECT TO AUDIT Sample Clauses

PAYMENT SUBJECT TO AUDIT. Payments made to the GRANTEE are subject to review, later verification and subsequent audit by the CITY. A final financial and compliance audit may be initiated up to three (3) years after the final payment has been paid. This provision survives termination of this Agreement. Prior to entering into this Agreement, the GRANTEE shall have provided to the DCS Director’s sole satisfaction, a listing of substantiating documentation (e.g. detailed receipts, invoices, payroll statement), the GRANTEE will produce, upon the DCS Director’s request, documentation justifying allowable costs within the stated period. When audits disclose overpayments to the GRANTEE, the CITY may, at its option, either require the GRANTEE to repay the overpayment by the CITY or deduct the amount of overpayment from monies due the GRANTEE under this Agreement or under any other Agreement between the GRANTEE and the CITY. Any overpayments not repaid through actual repayment or by deduction within thirty (30) calendar days of notice to the GRANTEE shall be charged simple interest at ten percent (10%) per annum. The thirty (30) calendar day notice of repayment or deduction shall commence upon mailing of written notice to the GRANTEE.
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Related to PAYMENT SUBJECT TO AUDIT

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