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7. FISCAL RECORDS AND AUDIT <br />Contractor shall use recognized accounting methods in preparing such invoices <br />and 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 <br />to 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 City's <br />satisfaction, then Contractor agrees to reimburse City for those costs. Any such audit(s) <br />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 of this <br />Agreement and for a period of three (3) years, or longer if required by law, following the <br />date of final payment under this Agreement. Contractor agrees to retain all necessary <br />records/documentation for the entire length of this audit period. Contractor will be <br />notified in writing of any exception taken as a result of an audit. Any adjustments and/or <br />payments which must be made as a result of any such audit or inspection of Contractor's <br />invoices and/or records shall be made within thirty (30) days from presentation of City's <br />findings to Contractor. If Contractor fails to make such payment, Contractor agrees to <br />pay interest, accruing monthly, at a rate often percent (10%) per annum unless another <br />section of this Agreement specifies a higher rate of interest, then the higher rate will <br />prevail. Interest will be computed from the date of written notification of exception(s) to <br />the date Contractor reimburses City for any exception(s). If an audit inspection or <br />examination in accordance with this article discloses overcharges (of any nature) by <br />Contractor to City in excess of one percent (1%) of the value of that portion of the <br />contract that was audited, the actual cost of City's audit shall be reimbursed to City by <br />Contractor. Contractor reserves the right to contest any exception. <br />8. PROFESSIONAL PRACTICES <br />All services to be provided pursuant to this Agreement shall be provided by <br />personnel experienced in their respective fields and in a manner consistent with the <br />standards of care, diligence and skill ordinarily exercised by professional contractors in <br />similar circumstances in accordance with sound professional practices. Contractor's <br />engineering services will be furnished in accordance with generally accepted professional <br />engineering practice and principles and under the supervision of professional engineers <br />licensed in the State of California <br />Contractor assumes responsibility for any and all negligence, errors or omissions <br />that Contractor commits and any and all such negligence, errors or omissions committed <br />by 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 <br />intended purpose and shall be free from defects in design, workmanship, and/or <br />materials. Contractor shall provide clear title to all materials supplied hereunder free and <br />clear of all encumbrances. <br />0 <br />