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Page 5 of 6 section 3. Period of Performance This Agreement will become effective on July 1, 1983 and will remain in effect until revised or until the Section 10~(f) planning funds are no longer available or until such time as the Agreement is terminated by the parties hereto. The Agreement may be terminated by either party by giving 30 days written-notice-to the other party prior to the date of termination. Section 4. Accountinq Records (a) The County of Cabarrus will be responsible for the establishment and maintenance of an accounting system for its planning work as set out in this Agreement. (b) The County of Cabarrus shall keep records in such a manner as to show the nature of each cost making up the total cost. All direct costs incurred applicable to work under this Agreement must be supported by documents such as time sheets, travel.logs, receipts, invoices, or other suitable evidence. The accounting procedures which are established for planning work as set out in this Agreement must be in accordance with generally acceptable accounting principles and reviewed and approved by the Department and the Federal Highway Administration in accordance with established procedures. (c) In accordance with Attachment P, of OMB Circular A-102, dated January, 1981, and additions or amendments thereto, the County of Cabarrus shall arrange for independent financial and compliance audits of its fiscal operations. The audit is to determine (1) financial operations are conducted properly, (2) financial statements are presented fairly, (3) the Agency has complied with laws and regulations affecting the expenditure of Federal funds, (4) internal procedures have been established to meet the objectives of federally assisted programs, and (5) financial reports to the Federal Government contain accurate and reliable information. Such audits usually will be made annually, but not less frequently than every two years. Four copies of the independent audit report are to be submitted to the Planning and Research Branch, Division of Highways, North Carolina Department of Transportation. (d) The County of Cabarrus and consultants employed by the County of Cabarrus on behalf of the Agency shall maintain all books, documents, papers, accounting records and other evidence pertaining to cost incurred for a period of not less than three (3) years from date of final payment. Such records will be available for inspection and audit by the Department or the Federal Highway Administration. (e) All consultants employed by the .County of Cabarrus on behalf of the Agency using Section 104(f) planning Funds as set forth in this Agreement must maintain accounting records in full ~ompliance with the provisions of subparagraphs (b) and (d) above, and be approved by the Department and the Federal Highway Administration.