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Tire Lease Agreement IFB TR 2025-01 <br /> Access to Third Party Contract Records <br /> The Contractor shall permit the authorized representatives of the Buyer(s), such as the Federal <br /> Transit Administration or the State of Illinois to inspect and audit all data and records of the <br /> Contractor relating to the Contractor's performance under any subsequent contract or agreement. <br /> This applies to all third-party contract records (at any tier), as required. The Contractor and its <br /> subcontractors shall maintain books, records, and documents and shall undertake such <br /> accounting procedures and practices as may be deemed necessary to assure proper accounting of <br /> all funds paid pursuant to any subsequent contract or agreement. All costs charged to items <br /> performed under any subsequent contract or agreement shall be supported by properly executed <br /> and clearly identified invoices, contracts, vouchers, or checks evidencing in detail the nature and <br /> propriety of the charges. These records shall be subject at all reasonable times of the normal <br /> business day to inspection, review, or audit by the Buyer, its authorized representative(s),the US <br /> Secretary of Transportation, Comptroller, the State Auditor, or other governmental officials <br /> authorized by law to monitor the contract or agreement and project site. The Contractor's fiscal <br /> management system shall include the capability to provide accurate, current, and complete <br /> disclosure of the financial status of any subsequent contract or agreement upon request. <br /> Changes to Federal Requirements <br /> The Contractor agrees that the most recent of such Federal, State,and Local requirements will <br /> govern the administration of the procurement solicitation and any subsequent contract at any <br /> particular time, except if there is sufficient evidence in any contract of a contrary intent. Such <br /> contrary intent might be evidenced by a letter signed by the Federal Transit Administration <br /> (FTA) or the Illinois Department of Transportation (IDOT),the language of which modifies or <br /> otherwise conditions the text of the procurement solicitation or contract. Requirements that apply <br /> to the Agency, Award,the accompanying Underlying Agreement, and any Amendments thereto <br /> may change due to changes in federal, state or local law, regulation, other requirements,or <br /> guidance, or changes in the Agency's Underlying Agreement including any information <br /> incorporated by reference and made part of that Underlying Agreement, and applicable changes <br /> to those federal requirements will apply to this Agreement and parties thereto at any tier. <br /> Termination <br /> All contracts in excess of$10,000 must address termination for cause and for convenience by the <br /> non-federal entity including the manner by which it will be effected and the basis for settlement. <br /> 12 <br />