Common use of The Firm Clause in Contracts

The Firm. a. shall provide any adjustments needed for proper financial statement presentation, approved by Agency management, to the OSA by October I 5, 2021, and subsequent years. Draft financials shall be provided by October 22, 2021, and subsequent years. The completed audit reports and management letter on the audited funds will be required by October 31, 2021, and subsequent years. If the completed audit report differs significantly from the draft provided, OSA shall request a reconciliation between the reports from the Firm. b. The ▇▇▇▇ acknowledges that the Agency and OSA are relying on the timely completion of this contract in its scheduling and budgeting and that time is of the essence. If the Firm fails to meet the completion date prescribed herein, the Agency and/or OSA may, at their option, reduce the agreed compensation by an amount not to exceed ten percent ( I 0%) of the total contract amount as liquidated damages for the failure to complete the contract by the completion date provided the failure to meet the report delivery deadline is not the result of Agency delays.