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13 <br />(1) Consistent with the Project Description, plans, specifications, and Project Budget <br />and all other provisions of this Agreement; <br />(2) Necessary in order to accomplish the Project; <br />(3) Reasonable in amount for the goods or services purchased; <br />(4) Actual net costs to the Contractor, i.e., the price paid minus any refunds (e.g., <br />refundable sales and use taxes pursuant to N.C.G.S. 105-164.14), rebates, or <br />other items of value received by the Contractor that have the effect of reducing the <br />cost actually incurred; <br />(5) Incurred (and be for work performed) within the period of performance and period <br />covered of this Agreement unless specific authorization from the Department to <br />the contrary is received; <br />(6) Satisfactorily documented; <br />(7) Treated uniformly and consistently under accounting principles and procedures <br />approved or prescribed by the Department; and <br />(8) In compliance with U.S. DOT regulations pertaining to allowable costs at 49 C.F.R. <br />§ 18.22(b) or 49 C.F.R. § 19.27, which regulations specify the applicability of U.S. <br />Office of Management and Budget (U.S. OMB) circulars and Federal Acquisition <br />Regulation (FAR) provisions are follows: <br />(a1) U.S. OMB Guidance for Grants and Agreements, "Cost Principles for State, <br />Local, and Indian Tribal Governments (OMB Circular A-87)", 2 C.F.R. Part <br />225, applies to Project costs incurred by a Contractor that is a State, local, or <br />Indian tribal government. <br />(b1) U.S. OMB Guidance for Grants and Agreements, "Cost Principles for <br />Educational Institutions (OMB Circular A-21), "2 C.F.R. Part 220, applies to <br />Project costs incurred by a Contractor that is an institution of higher <br />education. <br />(c1) U.S. OMB Guidance for Grants and Agreements "Cost Principles for Non- <br />profit Organizations (OMB Circular A-122)," 2 C.F.R. Part 230, applies to <br />Project costs incurred by a Contractor that is a private nonprofit organization. <br />(d1) FAR, at 48 C.F.R., Subpart 31.2, "Contracts with Commercial Organizations" <br />applies to Project costs incurred by a Contractor that is a for-profit <br />organization. <br />Section 12. Amendments/Revisions to the Project. <br />The Contractor agrees that a change in Project circumstances causing an inconsistency <br />with the terms of this Agreement for the Project will require an amendment or revision to <br />this Agreement for the Project, signed by the original signatories or their authorized <br />designees or successors. The Contractor agrees that a change in the fundamental <br />information submitted in its Application will also require an Amendment to its Application or <br />this Agreement for the Project. The Contractor agrees that the project will not incur <br />any costs associated with the amendment or revision before receiving notification <br />of approval from the division. The Contractor agrees that any requests for <br />amendments and or revisions will be submitted in accordance with the policies and <br />procedures established by FTA and the Department. <br />Section 13. Record Retention, and Access. <br />a. Record Retention. The Contractor and its third party contractors shall retain all <br />records pertaining to this Project for a period of five (5) years from the date of final <br />payment to the Contractor, or until all audit exceptions have been resolved, whichever is <br />longer, in accordance with "Records Retention and Disposition Schedule". <br />Revised 1 /6/ 10 <br />