Maryland Code, STATE FINANCE AND PROCUREMENT 15-110
Terms Used In Maryland Code, STATE FINANCE AND PROCUREMENT 15-110
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(1) before the expiration of the period of retention under subsection (c) of this section, a person who submits cost and price information under § 13-220 of this article, if the books, accounts, or records being audited are reasonably connected with the cost and price information;
(2) a contractor or subcontractor under a procurement contract if, from an audit of a cost-type contract, the unit has reason to believe that costs have been inappropriately assigned to the cost-type contract from a fixed-price contract; and
(3) a contractor or subcontractor under a procurement contract that:
(i) was awarded by a method other than competitive sealed bids; and
(ii) is not a firm fixed-price procurement contract.
(b) An audit under this section may be conducted by:
(1) the Department of Legislative Services;
(2) a unit engaged in procurement; or
(3) as authorized by law, any other unit.
(c) A person subject to an audit under subsection (a) of this section shall keep books, accounts, and records for:
(1) at least 3 years after the day on which the person receives final payment under a procurement contract or a subcontract; or
(2) if longer, the period required under the procurement contract.