Agmt04 California State Library - Laserfiche WebLink

Browse Search

SECTION 7. SUSPENSION OR TERMINATION OF PAYMENT State may at any time during the term of this Agreement, suspend or terminate payment to Grantee, in whole or in part, in the event of any of the following occurrences: A. If Grantee has made or makes any material misrepresentation with respect to information.or statements furnished to the State required by this Agreement. If there is any litigation with respect to the performance by Grantee of any of its obligations under this Agreement, which may materially jeopardize or adversely affect the undertaking of, or carrying out of, the purposes of this Agreement. If Grantee fails to comply with any of the terms of this Agreement. If Grantee applies for, or consents to, or acquiesces in the appointment of a receiver, trustee, liquidator or custodian for all or part of its property; or if Grantee files a voluntary petition in bankruptcy or petition or an answer seeking liquidation or reorganization under the United States Bankruptcy Code or any other law related to bankruptcy or insolvency or relief of debtors. B. C. D. SECTION 8. STATE'S RIGHT TO AUDIT A. Grantee shall maintain, by generally accepted accounting principles applicable for local government, a complete record of all financial transactions related to this Agreement. The accounting standards used shall be those promulgated by the Government Accounting Standards Board and the Financial Accounting Standards Board in effect during the term of this Agreement. In determining whether Grant funds are expended for intended purposes as prescribed under this Agreement, the entire Project, including the progress of the Project and Grant fund expenditures, are subject to audit and examination by the California Department of Finance (DOF) during the Project and for a period of five years after the final payment has been made, or for such longer period, if any, as is required by DOF. Grantee agrees that the California State Library and DOF auditors or representatives, upon reasonable advance notice to Grantee, shall have access and the right to audit, examine, and make excerpts or transcripts of or from records. Records include contracts, subcontracts, invoices, receipts, payrolls and personnel information, conditions of employment, documents of change orders, budget change requests, indirect costs allocation plan, and all other data or financial records relating to matters covered under this Agreement. B. C.