74.2  Books of Account

Compliance with clause 74.1 (Records of Costs) shall require the Contractor to keep (and where appropriate to procure that the sub-contractors shall keep) books of account in accordance with best accountancy practices with respect to this Agreement showing in detail:

74.2.1  administrative overheads;

74.2.2  payments made to Sub-Contractors and to sub-contractors;

74.2.3  capital and revenue expenditure; and

74.2.4  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 purposes of this Agreement,

and the Contractor shall have (and procure that its sub-contractors shall have) the books of account evidencing the items listed in clauses 74.2.1 (Books of Account) to 74.2.4 (Books of Account) inclusive available for inspection by the Authority (and its advisors) upon reasonable notice, and shall promptly present a written report of these to the Authority as and when requested from time to time.