2004/06/02 Council Agenda Packet

8 1. Evidence of vendor selection or rejection; 2. The basis for the cost or price; and 3. Justification for lack of competitive bids if not obtained. Contractors and subcontractors under this Agreement must obtain prior approval from the County to enter into sole source contracts or contracts where only one bid or proposal is received when the acquisition cost exceeds $5,000. Requests for prior approval must include a copy of the proposed contract(s) and any related procurement documents and justifications for noncompetitive procurement, if applicable. GENERAL BUDGET STANDARDS The following standards apply to all contracts incorporating this Agreement: A. No payment shall be made for any goods, materials, or services purchased under this Agreement unless the goods, materials, or services are expressly detailed within the approved budget and statement of work set forth in the contract. B. The Contractor may request budget revisions to any portion of this Agreement, which shall be in writing in a format prescribed by the County. C. The Contractor agrees that on completion of the contract term, unexpended funds awarded under this Agreement shall remain with the County. FISCAL ACCOUNTABILITY STANDARDS During the contract period, the Contractor agrees to maintain financial systems, which will assure the following for this Agreement: A. Accurate, current and complete disclosure of all direct and indirect costs. B. Records that identify all sources and application of funds. C. Control and accountability for all funds, property and other assets. D. Procedures that ensure comparison of actual costs with approved budgets. E. Procedures to assure timely disbursement of funds received by the Contractor from the County. F. Procedures to assure all costs are allowable, reasonable and are properly allocated to each funding source. G. Source documentation that supports all accounting records. 5 4 April 14, 2004 Basic Terms&Conditions HSD-2004-05-198 City of Everett Page 12