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6. Accountin2:. At all times from the effective date of this Contract until completion of this Project, the Contractor shall maintain properly segregated books of State funds, matching funds. and other funds associated with this Project. All receipts and expenditures associated with said Project shall be documented in a detailed and specific manner, and shall accord with the -Budget- set forth in Exhibit A. Contractor may adjust budgeted expenditure amounts up to ten percent (10%) within said Budget without approval of the State. Adjustments of budget expenditure amounts in excess of ten percent (10%) must be authorized by the State in an amendment to this Contract properly executed and approved pursuant to the State FISCal Rules. In no event shall the State's total consideration exceed the amount shown in Paragraph 5 above. a. Unless otherwise provided in this Contract, if Exhibit A provides for more than one payment by the State, the initial payment set forth in the Payment Schedule shall be made as soon as practicable after proper execution of this Contract. The Contractor shall initiate all subsequent payment requests by submitting documented proof of proper expendHure of State funds thus far received to a contract monitor designated by Ihe State. b. The Contractor shan request the finaJ payment, which is the amount withheld by the State until the Project is accepted for completion. for the Project by submitting to the contract monitor a detailed costs accounting of all State funds received and expended towards completion of the Project which sbaD be included in a final project report. Upon determining to its satisfaction that all funds received by the Contractor have been properly spent towards the goals of the Project, the State shall promptly make final payment to the Contractor. c. Within ninety (90) days of completion of the Project, the Contractor shall submit to the contract monitor a detailed cost accounting of expenditures of the final payment received from the State as well as a full and final project expenditure report. Any State funds not expended in connection with the Project shaJl be remitted to the State at that time. 7. Audit. The State or its authorized representative shall have the right to inspect. examine, and audit Contractor's records, books and accounts, including the right to hire an independent Certified Public Accountant of the State's choosing and at the State's expense to do so. Such discretionary audit may be called for at any time and for any reason from the effective date of this Contract until fIVe (5) years after the date final payment for this Project is received by the contractor, provided that the audit is performed at a time convenient to the Contractor and during regular business houts. Whether or not the State calls for a discretionary audit as provided for in this paragraph, if the Project is accomplished within a single fiscal year of the Contract, the Contractor shall, at the conclusion of the Project, and in addition to any other reports required, submit a report and auditor's statement of the Project account to the Colorado Water Conservation Board. Such repon shall be prepared in conjunction with Contractor's regular yearly audit, and must be submitted within six (6) months after the close of the then current Contractor's fiscal year. 8. Indeoendent Contractor. a. Contractor is a grantee and shall be an independent contractor and shall have no authorization, express or implied, to bind the State to any agreements, settlements, liability or understanding except as expressly set forth herein. b. The Contractor represents that the Contractor has, or will secure at its own expense all personnel, as employees of the Contractor, necessary to perform the work and services required to be performed by the Contractor under this Contract. Such personnel may not be employees of or have any contractual relationship with the State and no such personnel are eligible for any employee benefits. unemployment compensation or any other benefits accorded to State employees and Contractor agrees to indemnify the State for any costs for which the State may be found liable in these regards. Contractor shall pay when due all required employment taxes and income tax withholding. AU of the services required hereunder will be performed by the Contractor or under its supervision, and all personnel engaged in the work shall be fully qualified and shall be authorized under State and local law to perform such seIVices. 9. Termination of Contract for Cause. ]f, through any cause, the Contractor shall fail to fulfill in a timely and proper n14mner his obligations under this Contract, or if the Contractor shall violate any of the covenants, agreements, or stipulations of this Contract, the State shall thereupon have the right to tenninate this Contract for cause by giving written notice to the Contractor of such termination and specifying the effective date thereof, at least fwe (5) days before the effective date of such termination. In that event, aU finished or unfinished documents, data, studies, surveys, drawings, maps, models, photographs, and reports or other material prepared by the Contractor under this Contract shall. at the option of the State, become its property, and the Contractor shall be entitled to receM: just and equitable compensation for any satisfactory work completed on such documents and other materials. Notwithstanding the above, the Contractor shall not be relieved of liability to the State for any damages sustained by the State by virtue of any breach of the Contract by the Contractor, and the State may withhold any payments to the Contractor for the purpose of setoff until such time as the exact amount of damages due the State from the Contractor is detennined. Page 2 of 6 Pages