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<br />the Agreement. Consultant and City hereby agree that such charges represent a <br />fair and reasonable estimate of the costs that City will incur by reason of <br />Consultant's delinquencies. Deduction of such charges by City shall in no event <br />constitute a waiver of Consultant's default with respect to such delinquencies, nor <br />prevent City from exercising any of the other rights and remedies granted herein <br />or by law. <br /> <br />f. <br /> <br />Consultant shall not incur operating expenses, except in accordance with a written <br />budget approved by the Executive Director. <br /> <br />4. RECORDS AND AUDITING <br /> <br />a. <br /> <br />Consultant shall, at all times during the tenn of this Agreement, keep or cause to <br />be kept, true and complete books, records and accounts of all financial <br />transactions in the operation of all business activities, of whatever nature, <br />conducted in pursuance of the rights granted herein. The records must be <br />supported by source documents such as sales slips, cash register tapes, purchase <br />invoices or other pertinent documents. <br /> <br />b. <br /> <br />Except as otherwise provided herein, all parking charges shall be recorded by <br />means of cash registers or other comparable devices as provided for Consultant's <br />use by City which display to the customer the amount of the transaction and <br />automatically issue a receipt. The registers shall be equipped with devices which <br />lock-in parking charge total and other transaction numbers and details. Totals <br />registered shall be read and recorded at the beginning and end of each day. Cash <br />register tapes, tickets and reconciliation of the preceding day's transaction shall be <br />submitted to the Executive Director monthly. Consultant shall issue serially <br />numbered tickets for each admission, and shall keep an adequate record of said <br />tickets, both issued and un-issued, and shall be responsible for the distribution and <br />collection of monthly parking card and monthly revenues. <br /> <br />c. <br /> <br />Consultant's book of account, records and supporting source documents related to <br />the Agreement or to business operations conducted within or from the Premises <br />shall be kept and made available at one location within the limits of the County of <br />Orange, California. City shall, through its duly authorized agents or <br />representatives, have the right to examine and audit said books of account, <br />records, and supporting source documents at any and all reasonable times for the <br />purpose of determining the accuracy thereof, and of the monthly statements of <br />sales made and monies received. <br /> <br />d. <br /> <br />The Executive Director at his sole discretion, upon request of Consultant, may <br />authorize the above-referenced books and records to be kept in a single location <br />outside the limits of Orange County provided Consultant shall agree to pay all <br />expenses including, but not limited to, transportation, food and lodging necessary <br />for the Executive Director to send a representative to audit said books and <br /> <br />10 <br /> <br />I~ <br />