54.2  Books of Account

Compliance with Clause 54.1 (Records and Open Book Accounting) shall require the Contractor to keep (and where appropriate to procure that each Sub-Contractor shall keep) books of account in accordance with best accountancy practices with respect to this Contract, showing in detail:

54.2.1  administrative overheads;

54.2.2  payments to Sub-Contractors and by Sub-Contractors to sub-contractors;

54.2.3  capital and revenue expenditure; and

54.2.4  such other items as the Authority may reasonably require from time to time to conduct costs audits for verification of cost expenditure or estimated expenditure, for the purpose of this Contract,

and the Contractor shall have (and procure that the Sub-Contractors shall have) the books of account evidencing the items listed in Clauses 54.2.1 to 54.2.4 inclusive, available for inspection by the Authority (and its advisers) upon reasonable notice, and shall promptly present a written report of these to the Authority as and when requested from time to time.