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6. Verification of Coverage. The grantee shall furnish the Authority with original <br />certificates and amendatory endorsements, or copies of the applicable policy <br />language, effecting coverage required by this clause. All certificates and <br />endorsements are to be received and approved by the Executive Officer before <br />work commences. The Authority reserves the right to require complete, <br />certified copies of all required insurance policies, including endorsements <br />affecting the coverage, at any time. <br /> <br />7. Contractors. The grantee shall include all contractors as insureds under its <br />policies or shall require each contractor to provide and maintain coverage <br />consistent with the requirements of this section. To the extent generally <br />available, grantee shall also require each professional contractor to provide and <br />maintain errors and omissions liability insurance appropriate to the contractor’s <br />profession and in a reasonable amount in light of the nature of the project with a <br />minimum limit of liability of $1,000,000. <br /> <br />8. Premiums and Assessments. The Authority is not responsible for premiums and <br />assessments on any insurance policy. <br /> <br />XV. AUDITS/ACCOUNTING/RECORDS <br />The grantee shall maintain financial accounts, documents, and records (collectively, <br />“required records”) relating to this agreement, in accordance with the guidelines of <br />“Generally Accepted Accounting Principles” (“GAAP”) published by the American <br />Institute of Certified Public Accountants. The required records include, without <br />limitation, evidence sufficient to reflect properly the amount, receipt, deposit, <br />disbursement of all funds related to work under the agreement, and time and effort <br />reports that permit tracing from the request for disbursement forms to the <br />accounting records and to the supporting documentation. <br /> <br />Additionally, the Authority or its agents may review, obtain, and copy all required <br />records. The grantee shall provide the Authority or its agents with any relevant <br />information requested and shall permit the Authority or its agents access to the <br />grantee’s premises upon reasonable notice, during normal business hours, to <br />interview employees and inspect and copy books, records, accounts, and other <br />material that may be relevant to a matter under investigation for the purpose of <br />determining compliance with this agreement and any applicable laws and <br />regulations. <br /> <br />The grantee shall retain the required records for a minimum of three years following <br />final disbursement by the Authority. The records shall be subject to examination <br />and audit by the Authority and the California State Auditor during the retention <br />period. <br />34