Common use of RECORDS AVAILABLE FOR AUDIT AND INSPECTION Clause in Contracts

RECORDS AVAILABLE FOR AUDIT AND INSPECTION. The Contractor shall maintain all books, documents, payroll papers, accounting records and all other evidence pertaining to this Contract, in accordance with Generally Accepted Accounting Principles consistently applied, and make them available at reasonable times during the term of this Contract and for three (3) years thereafter for inspection for any reason whatsoever by VEIC, the Commission, the DPS, or any other authorized representative of the State, or agents of the federal government. Storage of electronic images of documents shall comply with the requirements of this paragraph. All such records shall also be available for inspection by VEIC for purposes of assessing the Contractor’s performance under this Contract; responding to any inquiry by the Commission, the DPS, or any other authorized representative of the State, or agents of the federal government; to provide information pertaining to any pending or ongoing litigation, claim or audit; or in the event that Contractor breaches any of the terms of this Contract. If any litigation, claim, or audit is commenced before the expiration of the three-year period, the records shall be retained until all litigation, claims or audit findings involving the records has been resolved. Contractor shall include in its contract(s) a provision that states that its contractor(s)’ records related to the Contract Scope of Work shall be subject to audit and examination during the term of this Contract in accordance with the terms of this paragraph and for a period of three years after final payment under the relevant contract(s). Contractor shall comply with any standard format and documentation developed by VEIC and the DPS to implement the requirements of this Paragraph. The fact that such inspection or monitoring is undertaken shall in no way relieve the Contractor of its obligations to properly perform its duties in accordance with this Contract nor from Contractor’s full responsibility and liability for damages or loss caused by Contractor, its subcontractor(s), employees or agents. Contractor’s obligations under this Paragraph shall be continual and shall not be affected by VEIC’s acceptance of an invoice from Contractor.

RECORDS AVAILABLE FOR AUDIT AND INSPECTION. The Contractor shall maintain all books, documents, payroll papers, accounting records and all other evidence pertaining to this Contract, in accordance with Generally Accepted Accounting Principles consistently applied, and make them available at reasonable times during the term of this Contract and for three (3) years thereafter for inspection for any reason whatsoever by VEIC, the CommissionBoard, the DPS, or any other authorized representative of the State, or agents of the federal government. Storage of electronic images of documents shall comply with the requirements of this paragraph. All such records shall also be available for inspection by VEIC for purposes of assessing the Contractor’s performance under this Contract; responding to any inquiry by the CommissionBoard, the DPS, or any other authorized representative of the State, or agents of the federal government; to provide information pertaining to any pending or ongoing litigation, claim or audit; or in the event that Contractor breaches any of the terms of this Contract. If any litigation, claim, or audit is commenced before the expiration of the three-year period, the records shall be retained until all litigation, claims or audit findings involving the records has been resolved. Contractor shall include in its contract(s) a provision that states that its contractor(s)’ records related to the Contract Scope of Work shall be subject to audit and examination during the term of this Contract in accordance with the terms of this paragraph and for a period of three years after final payment under the relevant contract(s). Contractor shall comply with any standard format and documentation developed by VEIC and the DPS to implement the requirements of this Paragraph. The fact that such inspection or monitoring is undertaken shall in no way relieve the Contractor of its obligations to properly perform its duties in accordance with this Contract nor from Contractor’s full responsibility and liability for damages or loss caused by Contractor, its subcontractor(s), employees or agents. Contractor’s obligations under this Paragraph shall be continual and shall not be affected by VEIC’s acceptance of an invoice from Contractor.

RECORDS AVAILABLE FOR AUDIT AND INSPECTION. SAMPLE The Contractor shall maintain all books, documents, payroll papers, accounting records and all other evidence pertaining to this Contract, in accordance with Generally Accepted Accounting Principles consistently applied, and make them available at reasonable times during the term of this Contract and for three (3) years thereafter for inspection for any reason whatsoever by VEIC, the Commission, the DPS, or any other authorized representative of the State, or agents of the federal government. Storage of electronic images of documents shall comply with the requirements of this paragraph. All such records shall also be available for inspection by VEIC for purposes of assessing the Contractor’s performance under this Contract; responding to any inquiry by the Commission, the DPS, or any other authorized representative of the State, or agents of the federal government; to provide information pertaining to any pending or ongoing litigation, claim or audit; or in the event that Contractor breaches any of the terms of this Contract. If any litigation, claim, or audit is commenced before the expiration of the three-year period, the records shall be retained until all litigation, claims or audit findings involving the records has been resolved. Contractor shall include in its contract(s) a provision that states that its contractor(s)’ records related to the Contract Scope of Work shall be subject to audit and examination during the term of this Contract in accordance with the terms of this paragraph and for a period of three years after final payment under the relevant contract(s). Contractor shall comply with any standard format and documentation developed by VEIC and the DPS to implement the requirements of this Paragraph. The fact that such inspection or monitoring is undertaken shall in no way relieve the Contractor of its obligations to properly perform its duties in accordance with this Contract nor from Contractor’s full responsibility and liability for damages or loss caused by Contractor, its subcontractor(s), employees or agents. Contractor’s obligations under this Paragraph shall be continual and shall not be affected by VEIC’s acceptance of an invoice from Contractor.

RECORDS AVAILABLE FOR AUDIT AND INSPECTION. The Contractor shall maintain all books, documents, payroll papers, accounting records and all other evidence pertaining to this Contract, in accordance with Generally Accepted Accounting Principles consistently applied, and make them available at reasonable times during the term of this Contract and for three (3) years thereafter for inspection for any reason whatsoever by VEIC, the Commission, the DPS, or any other authorized representative of the State, or agents of the federal government. Storage of electronic images of documents shall comply with the requirements of this paragraph. All such records shall also be available for inspection by VEIC for purposes of assessing the Contractor’s performance under this Contract; responding to any inquiry by the Commission, the DPS, or any other authorized representative of the State, or agents of the federal government; to provide information pertaining to any pending or ongoing litigation, claim or audit; or in the event that Contractor breaches any of the terms of this ContractParagraph. If any litigation, claim, or audit is commenced before the expiration of the three-three- year period, the records shall be retained until all litigation, claims or audit findings involving the records has been resolved. Contractor shall include in its contract(ssubcontract(s) a provision that states that its contractor(ssubcontractor(s)’ records related to the Contract Scope of Work shall be subject to audit and examination during the term of this Contract in accordance with the terms of this paragraph Paragraph and for a period of three years after final payment under the relevant contract(ssubcontract(s). Contractor shall comply with any standard format and documentation developed by VEIC and the DPS to implement the requirements of this Paragraph. The fact that such inspection or monitoring is undertaken shall in no way relieve the Contractor of its obligations to properly perform its duties in accordance with this Contract nor from Contractor’s full responsibility and liability for damages or loss caused by Contractor, its subcontractor(s), employees or agents. Contractor’s obligations under this Paragraph shall be continual and shall not be affected by VEIC’s acceptance of an invoice from Contractor.

RECORDS AVAILABLE FOR AUDIT AND INSPECTION. The Contractor shall maintain all relevant books, documents, payroll papers, accounting records and all other evidence pertaining to this Contract, in accordance with Generally Accepted Accounting Principles consistently applied, and make them available at reasonable times during the term of this Contract and for three (3) years thereafter after the termination hereof for inspection for any reason whatsoever by VEIC, the Commission, the DPS, or any other authorized representative of the State, or agents of the federal government. Storage of electronic images of documents shall comply with the requirements of this paragraph. All such records shall also be available for inspection by VEIC for purposes of assessing the Contractor’s performance under this Contract; responding to any inquiry by the Commission, the DPS, or any other authorized representative of the State, or agents of the federal government; to provide information pertaining to any pending or ongoing litigation, claim or audit; or in the event that Contractor breaches any of the terms of this Contract. If any litigation, claim, or audit is commenced before the expiration of the three-year periodperiod following the termination of the Contract, the records shall be retained until all litigation, claims or audit findings involving the records has have been resolved. Contractor shall include in its contract(ssubcontract(s) a provision that states that its contractor(ssubcontractor(s)’ records related to the Contract Scope of Work shall be subject to audit and examination during the term of this Contract in accordance with the terms of this paragraph and for a period of three years after final payment under the relevant contract(s). Contractor shall comply with any standard format and documentation developed by VEIC and the DPS to implement the requirements of this Paragraph. The fact that such inspection or monitoring is undertaken shall in no way relieve the Contractor of its obligations to properly perform its duties in accordance with this Contract nor from Contractor’s full responsibility and liability under this Contract for damages or loss caused by Contractor, its subcontractor(s), employees or agentsagents . Contractor’s obligations under this Paragraph 9 shall be continual and shall not be affected by VEIC’s acceptance of an invoice from Contractor.