Agmt 2006 State Coastal Conservancy

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e e City of San Leandro Grant Agreement No. 05-012 Page 12 ' INSURANCE (Continued) require each professional contractor to provide and maintain Errors and Omissions Liability insurance appropriate to the contractor's profession and in a reasonable amount in light of the nature of the project. 8. Premiums and Assessments. The Conservancy is not responsible for premiums and assessments,- on any insurance policy. A UDITS/ACCOUNTlNGIRECORDS The grantee shall maintain financial accounts, documents, and records (collectively, "records") relating to this agreement, in accordance with the guidelines of "Generally Accepted Accounting Practices" ("GAAP") published by the American Institute of Certified Public Accountants. The records shall include, without limitation, evidence sufficient to reflect properly the amount, receipt, deposit, and disbursement of all funds. . related to the implementation of the project, and the use, management, operation and maintenance of the real property Time and effort reports are also required. The grantee shall mairttain adequate supporting records in a manner that permits tracing frqm the request for disbursement forms. to the accounting records and to the supporting. documentation. Additionally, the Conservancy or its agents may review, obtain, and copy all records relating to performance of the agreement. The grantee. shall provide the Conservancy or its agents with any relevant information requested and shall permit the Conservancy or its agents access to the grantee's premises upon reasonable notice, during normal business hours, to interview employees and inspect and copy books, records, accounts, and other material that may be relevant to a matter under investigation for the purpose of determining compliance with this agreement and any applicable laws and regulations. The grantee shall retain the required records for a minimum of three years following the later affinal disbursement by the Conservancy, and the final year to which the particular records pertain. The records shall be subject to examination and audit by the Conservancy and the Bureau of State Audits during the retention periods. If the grantee retains any contractors to accomplish any of the work of this agreement, the grantee shall first enter into an agreement with each contractor requiring the contractor to meet the terms of this section and to make the terms applicable to aJ) subcontractors. The Conservancy may disallow all or part of the cost of any activity or action thatit determines to be not in compliance with the requirements of this agreement.