Common use of Record Retention and Access to Records Clause in Contracts

Record Retention and Access to Records. The Professional agrees that the Owner, or any of its duly authorized representatives at any time during the term of this agreement shall have unimpeded, prompt access to and the right to audit and examine any pertinent books, documents, papers, and records of Professional related to Professional’s charges and performance under this agreement. All records related to this agreement shall be kept by Professional for a period of three (3) years after final payment under this agreement and all pending matters are closed unless the Owner authorizes their earlier disposition. However, if any litigation, claim, negotiation, audit or other action arising out of or related in any way to this Contract has been started before the expiration of the three (3) year period, the records shall be retained for one (1) year after all issues arising out of the action are finally resolved. Professional agrees to refund to the Owner any overpayment disclosed by any such audit arising out of or related in any way to this Contract. However, if any litigation, claim, negotiation, audit or other action has been started before the expiration of the three (3) year period, the records shall be retained for one (1) year after all issues arising out of the action are finally resolved.