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FISCAL RECORDS AND AUDIT <br />CONTRACTOR shall use recognized accounting methods in preparing such invoices and <br />reports. CITY reserves the right to designate its own employee representative(s) or its <br />contracted representatives with a certified public accounting firm who shall have the right to <br />audit CONTRACTOR's accounting procedures and internal controls of CONTRACTOR's <br />financial systems and to examine any cost, revenue, payment, claim, other records or <br />supporting documentation resulting from any items set forth in this Agreement. If <br />CONTRACTOR fails to provide supporting documentation for any costs charged CITY to <br />CITY's satisfaction, then CONTRACTOR agrees to reimburse CITY for those costs. Any <br />such audit(s) shall be undertaken by CITY or its representative(s) at reasonable times and in <br />conformance with generally accepted auditing standards. CONTRACTOR agrees to fully <br />cooperate with any such audit(s). This right to audit shall extend during the length <br />of this Agreement and for a period of three (3) years, or longer if required by law, following <br />the date of final payment under this Agreement. CONTRACTOR agrees to retain all <br />necessary records/documentation for the entire length of this audit period. CONTRACTOR <br />will be notified in writing of any exception taken as a result of an audit. Any adjustments <br />and/or payments which must be made as a result of any such audit or inspection of <br />CONTRACTOR's invoices and/or records shall be made within thirty (30) days from <br />presentation of CITY's findings to CONTRACTOR. If CONTRACTOR fails to make such <br />payment, CONTRACTOR agrees to pay interest, accruing monthly, at a rate of ten percent <br />(10%) per annum unless another section of this Agreement specifies a higher rate of interest, <br />then the higher rate will prevail. Interest will be computed from the date of written <br />notification of exception(s) to the date CONTRACTOR reimburses CITY for any <br />exception(s). If an audit inspection or examination in accordance with this article discloses <br />overcharges (of any nature) by CONTRACTOR to CITY in excess of one percent (1%) of <br />the value of that portion of the contract that was audited, the actual cost of CITY's audit shall <br />be reimbursed to CITY by CONTRACTOR. CONTRACTOR reserves the right to contest <br />any exception. <br />8. PROFESSIONAL PRACTICES <br />All services to be provided pursuant to this Agreement shall be provided by personnel <br />experienced in their respective fields and in a manner consistent with the standards of care, <br />diligence and skill ordinarily exercised by professional contractors in similar circumstances <br />in accordance with sound professional practices. CONTRACTOR's engineering services <br />will be furnished in accordance with generally accepted professional engineering practice <br />and principles and under the supervision of professional engineers licensed in the State of <br />California. <br />CONTRACTOR assumes responsibility for any and all negligence, errors or omissions that <br />CONTRACTOR commits and any and all such negligence, errors or omissions committed by <br />a subcontractor of CONTRACTOR in performance of this Agreement. All equipment and/or <br />materials supplied pursuant to this Agreement shall be merchantable and fit for the intended <br />purpose and shall be free from defects in design, workmanship, and/or materials. <br />