(a) Each Participant commits to:
(1) maintaining, for at least the Relevant Period, all of the records and other documentation referred to in this Agreement that relate to the Works in accordance with, where applicable, good accounting practices, standards and procedures;
(2) fully disclose any corporate or other objectives or affiliations that could reasonably be considered to have an adverse impact on the achievement of either or both of the Project Owner's VfM Statement or the Alliance Objectives;
(3) making the records and other documentation available to each other (or each other's nominated auditor) on request; and
(4) making available to each other (or each other's nominated auditor) any existing documentation or information in whatever form relating to the Works.
(b) The obligation to make records and documentation available does not apply to records or documentation that may be the subject of legal professional privilege or are confidential lawyer/client communications.
Guidance Note: To satisfy this commitment, the Participants must fully document their involvement in the Project (including all Reimbursable Costs incurred by the Participants in performing the Works) and be transparent in all of their dealings with each other in respect of the Project. For this purpose, the Participants must agree recordkeeping and accounting practices and procedures which will be implemented by the Participants. The Participants must give a real commitment to ensuring that the Owner is able to understand any information, analysis and methodology contained in the documentation prepared by the Participants in respect of the Project. In turn, the Owner must ensure that it has allocated adequate professional resources to properly understand that documentation. As part of the preparation of the TOC, the Non-Owner Participants must have been fully transparent in respect of each of the cost components of performing the Works and ensure that no cost components have been hidden from the Owner (either by absence from, or aggregation in, the TOC). |