R95-55 AUTHORIZING AGREEMENT ILLINOIS STATE WATER SURVEY

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SRA 95-163 / Page 3 10 . FISCAL MANAGEMENT. The University shall maintain complete and accurate accounting records in accordance with accepted accounting practices f_or institutions of higher education. These records shall be available for inspection, review, and audit at reasonable times by the Sponsor, or its duly authorized representative, at Sponsor' s expense, for five (5) years following the end of the University' s fiscal year (July 1-June 30) in which such costs are incurred. The funds provided by the Sponsor shall be applied to the direct and indirect costs of this investigation. Indirect costs shall be assessed at the applicable rate(s) in effect at the time direct costs are incurred. Title to equipment and all other items purchased with funds provided by the Sponsor shall be titled to and remain with the University. 11 . WARRANTIES. The University makes no representations or warranties, expressed or implied, regarding its performance under this Agreement, including but not limited to, the marketability, use or fitness for any particular purpose of the research results developed under this work. Further, it is understood University shall not be liable for special, consequential, or incidental damages, as a result of Sponsor ' s use of the final technical report and the results contained therein provided by the University. Sponsor agrees to release the University and its employees and agents from, and agrees to be responsible for, any and all costs, damages, and expenses, including attorney' s fees, arising from any claims, damages, and liabilities asserted by third parties which is not due to the negligence of University arising from Sponsor' s use of said results. 12 . TERMINATION. This Agreement may be terminated by either party giving to the other a minimum of sixty (60) days prior written notice. If the Sponsor terminates this Agreement, Sponsor shall pay for all direct costs incurred, and applicable indirect costs, up to and including the effective date of termination, and for all non-cancellable obligations made before receipt of notice of termination, even though they may extend beyond such termination date. If University terminates this Agreement, the Sponsor shall pay the University for all direct costs incurred, and applicable indirect costs, up to and including the effective date of termination.