Record Keeping and Financial Controls. A. With respect to all pre-construction phase services performed by CM/GC and subcontractors, CM/GC and subcontractors shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, using accounting and control systems approved by the CITY. During performance of the pre- construction phase services and for five (5) years after final payment for the pre- construction phase services, the CM/GC shall retain and shall also require all subcontractors to retain for review and/or audit by the CITY all correspondence, meeting minutes, memoranda, electronic media, books, accounts, reports, files, time cards, material invoices, payrolls, and evidence of all communications, direct and indirect costs and all other matter related to the pre-construction phase services. Upon request by the CITY, a legible copy or the original of any or all such records shall be produced by the CM/GC at any time during or after the pre-construction phase services as the CITY may request. The CM/GC shall submit to the CITY upon request all payrolls, reports, estimates, records and any other data concerning pre-construction phase services performed or to be performed. The requirements of this Section shall be included in all contracts between the CM/GC and its subcontractors.
Record Keeping and Financial Controls. CM acknowledges that this Agreement is to be administered on an “open book” arrangement relative to Costs of the Work and all other amounts included in the Contract Price. CM shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, using accounting and control systems in accordance with generally accepted accounting principles and as may be provided in the Contract Documents. During the performance of the Work and for a period of three (3) years after Final Payment, Owner and Owner’s accountants and other designees shall be afforded reasonable access from time to time, to audit in accordance with the General Conditions of the Contract.
Record Keeping and Financial Controls. Design-Builder acknowledges that this Agreement is to be administered on an “open book” arrangement relative to Costs of the Work, including the development and agreement upon the Contract Price for Phase 2 Services; provided that if Owner and Design-Builder convert to or agree to a lump sum form of compensation for the Phase 2 Contract Price (“Fixed Contract Price”), then the provisions of this Section 7.6 shall not apply to such Fixed Contract Price and any adjustments made on a lump sum basis. Design-Builder shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, using accounting and control systems in accordance with generally accepted accounting principles, and in such accounts as may be necessary for Owner’s utility accounting purposes. During the performance of the Work and for a period of three (3) years after Final Payment, Owner and Owner’s accountants shall be afforded access from time to time, upon reasonable notice, to Design-Builder’s records, books, correspondence, receipts, subcontracts, purchase orders, vouchers, memoranda and other data relating to the Work, all of which Design- Builder shall preserve for a period of three (3) years after Final Payment, provided, however, that such access, review, and audit rights shall not extend to any compensation amounts established on the basis of fixed rates for overhead or fee, or an agreed fixed sum, or unit rates for any element of cost. (The following Article 8 will be completed at the time the Agreement is executed.)
Record Keeping and Financial Controls. With respect to all Construction Work performed by XXXX and its Subcontractors, XXXX and its Subcontractors shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, using accounting and control systems approved by the Owner. During performance of the Construction Work and for five (5) years after final payment for the entire Construction Work, the XXXX shall retain and shall also require all Subcontractors to retain for review and/or audit by the Owner all correspondence, meeting minutes, memoranda, electronic media, books, accounts, reports, files, time cards, material invoices, payrolls, and evidence of all communications, direct and indirect costs and all other matter related to the Construction Work. Upon request by the Owner, a legible copy or the original of any or all such records shall be produced by the XXXX at any time during or after the Construction Work as the Owner may request. The XXXX shall submit to the Owner upon request all payrolls, reports, estimates, records and any other data concerning Construction Work performed or to be performed and concerning materials supplied or to be supplied, as well as Subcontractor payment applications or invoices and such Subcontractor’s progress payment checks. The requirements of this Section 5.0 shall be included in all contracts between the XXXX and its Subcontractors.
Record Keeping and Financial Controls. Design-Builder acknowledges that this Agreement is to be administered on an “open book” arrangement relative to Costs of the Work and all other amounts included in the Contract Price. Design-Builder shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, using accounting and control systems in accordance with generally accepted accounting principles and as may be provided in the Contract Documents. During the performance of the Work and for a period of three (3) years after Final Payment, Owner and Owner’s accountants and other designees shall be afforded reasonable access from time to time, to audit in accordance with Section 00700DB, Article 17.15 of the General Conditions of the Contract.
Record Keeping and Financial Controls. Design-Builder acknowledges that this Agreement is to be administered on an “open book” arrangement relative to Costs of the Work, including the development and agreement upon the Contract Price for Phase 2
