Res 1978-055 - Laserfiche WebLink

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10. The Grantee/Borrower shall establish, maintain and preserve, and require each of its contractors and subcontractors to establish, maintain and preserve property management, project performance, financial management and reporting documents and systems, and such other books, records, and other data pertinent to the Project as the Government may require. While such records shall be retained for a period of three years following receipt of final payment by the Grantee/Borrower, detailed exceptions are stated in 13 CFR. I 11. The Grantee/Borrower shall require that each of its contractors and subcontractors render to the Government and the General Accounting Office the right to inspect and monitor all work, materials, payrolls, records and personnel, invoices and other relevant data and records pertaining to the development and construction of the Project. 12. The Grantee/Borrower covenants that each of its officials or employees having custody of the Project funds during acquisition, construction, development and operation shall be bonded at all times in an amount at least equal to the total funds in his custody at anyone time; provided that if the Grantee/Borrower is a State or local unit of government, the Bond shall be in such amount as normally required by such body. 13. The Grantee/Borrower shall carry insurance, and require each contractor and subcontractor to carry insurance, of such types and in such amounts as the Government may specify, with insurance carriers acceptable to the Government; provided that if the Grantee/Borrower is a State or local unit of government the insurance requirements normally required by the State or local units of government will prevail. 14. The Grantee/Borrower shall follow such other procedures consistent with the terms of this Agreement and the accomplishment of the objectives of the Project as the Government may reasonably require. I 15. The Government reserves the right to require the Grantee/Borrower to submit, prior to the commencement of construction, an independent appraisal or appraisals by an appraiser or appraisers acceptable to the Government of the current fair market value of any or all of the land and facilities (including buildings, machinery and equipment) to be included as part of the aggregate cost of the Project. 16. The Government will not disburse any grant funds prior to award of all construction contracts for the Project. No disbursement of funds will exce~p the Government's share of the cost then due and payable. 17. The Government reserves the right to suspend the grant or loan, and withhold further payments, or prohibit the Grantee/Borrower from incurring additional obligations, pending corrective action by the Grantee/Borrower or a decision by the Government to terminate the grant or loan unless the Project is completed to the satisfaction of the Government. - 15 -