AUDITS RIGHTS & ACCOUNTING – SUBCONTRACT AGREEMENT
- The CONTRACTOR, the COMPANY or its duly authorized representatives shall have access, at all reasonable times, including non-business hours, to the SUBCONTRACTOR’s books, records, correspondence, instructions, invoices, plans, drawings, receipts, vouchers and memoranda of every description pertaining to the Subcontract Works for the purpose of auditing and verifying the cost of the Subcontract Works or for any other reason associated with the Subcontract Works. Such right shall not extend to the audit of the makeup of the lump sum price, any fixed rates, unit prices, or percentage mark-ups contained in the Subcontract.
The SUBCONTRACTOR shall keep full and detailed accounts and records in accordance with this Subcontract. The CONTRACTOR shall have the right to attend within business hours at all places where the Subcontract Works is performed or relevant information is stored for the purpose of reviewing any relevant documents, accounts, records and reports, which pertain directly or indirectly to the Subcontract Works performed on a reimbursable cost basis in order to satisfy itself that:
- the charges made or incurred by the SUBCONTRACTOR are properly computed in accordance with this Subcontract.
- the SUBCONTRACTOR has complied with all agreed procedures.
- The CONTRACTOR, the COMPANY and its authorized representatives shall have the right to reproduce any of the previously mentioned documents. The SUBCONTRACTOR shall preserve, and include in its Subcontract a similar obligation to preserve, all the previously mentioned documents for a period of five (5) years after the effective date of the Certificate of Acceptance or after earlier termination of the Subcontract, whichever is longer.