In consideration of the specific type contract contemplated, the town may require that:
(A) The proposed contractors accounting system shall permit timely development of all necessary cost data in the form required by the specific contract type contemplated;
(B) The proposed contractor’s accounting system is adequate to allocate cost in accordance with generally accepted accounting principals; and
(C) The proposed contractor’s books and records as which may apply to the contract shall be retained for a period of three years from the date of final payment under the prime contract and by the subcontractor for a period of three years from the date of final payment under a subcontract unless a shorter period is otherwise authorized in writing.
(Ord. 001-3, passed 3-1-2001)