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6. Accountinj;!;. At all times from the effective date of this Contract until completion of this Project. the Contractor shall maintain properly segregated books of stite funds, matching funds, and other funds associated with this Project. All receipts and expenditures associated with said Project shall be doalmented 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%) nmst 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 aoove. a. Unless otherwise provided in this Contract, if Exhibit A provides for mote 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 doc::umented proof of proper expenditure of State funds thus far received to a contract monitor designated by the State. b. The Contractor shall request the final 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 shall be included in a final project cep<rt. Upon detecmining to its satisfaction that aU ftmds cereived by the Contracta' have been p-opedy 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 shall be remitted to the State at that time. 7. ~. The State or its authorized representative shall have the right to inspect, examine, and audit Contractor's records, boob 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 disaetionary audit may be ca1Jed for at any time and for any reason from the effective date of this Contract until five (5) years after the date fmal 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 hours. Whether or not the State calls for a discretionary audit as provided for in this paragiaph, if the Project is accomplished within a single fiscal year of the Contract, the ContJ:actor 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 report 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. IndeoendentContrackX. 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 requited to be performed by the Contractoc 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 win be performed by the Contractor or under its supervision, and aU personnel engaged in the work shall be fully qualified and shall be authorized under State and local law to perform such services. 9. Termination of CODtract for Cause. H. through any cause. the COQtractor shan fail to fulfill in a timely and proper manDer 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 terminate this Contract for cause by giving written notice to the Contractor of such tennination and specifying the effective date thereof, at least five (5) days before the effective date of such termination. In that event, all finished or unfinished document.'l, 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 receive just and equitable compensation for any satisfactory work completed on such documents and other materials. Notwithstanding the above, the Contractor shall no( be relieved of liability to the State foe 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 determined. Page 2 of 6 Pages