Page 1 of 23 - Kuwait Oil Company

GENERAL CONDITIONS FOR INFORMATION TECHNOLOGY CONTRACTS (2001)Page 17 of 2333. RECORDS33.1 The Contractor shall maintain, and shall ensure its Subcontractors maintain, in accordancewith generally accepted good accounting principles and practices time sheets, books,records and proper accounts pertaining to the performance of the Services andparticularly in respect of invoices of its reimbursable expenditure and fees and any otherreimbursements payable to others engaged by the Contractor under this Contract, whichshall include the Contractor’s and Subcontractors personnel records, correspondence,plans, instructions, drawings, receipts, vouchers, memoranda, tapes, data, informationstored by computer and other devices and such other documentation and related systemof controls necessary to allow the Company to conduct a comprehensive audit to verifythe cost of the Services and the Contractor’s compliance with the Contract.33.2 The Contractor and its Subcontractor shall preserve the documents and information referredto in clause 33.1 during the performance of the Services and for a further period of notless than five (5) years after termination of the Contract or completion of the Services.33.3 The Company and/or its authorised representative shall, at all times, have access to andbe permitted to examine and make copies of all documents and data referred to inclause 33.1 and shall be authorised to interview Contractor’s and subcontractorspersonnel as the Company may deem necessary to audit and verify the cost of theServices and the Contractor’s compliance with the Contract.34. METHOD OF PAYMENT34.1 PaymentMay 2001In consideration of the satisfactory execution of the Services, the Company shall pay theContractor the Contract Price based on the rates and terms stated in the ContractSpecification and the relevant appendices.34.2 The Contractor shall submit its invoices to the Company’s Financial AccountsDepartment claiming payment for the Services executed according the aboveschedule.34.3 MethodThe Company shall make payment, as certified, within one month from receipt of theContractor’s invoice to a bank account nominated by the Contractor.34.4 Effect of Payment of Contract PriceThe Contractor acknowledges that any payment, in part or in total, of the Contract Pricedoes not constitute an acceptance by the Company of the Services and does not amountto waiver of any right or action which the Company may have at any time against the