Contract Provisions

Section 1400 Section 1400.3520  Contract Provisions a)         Mandatory Provisions The following provisions are required for all contracts entered into by the Treasurer's office, in addition to the requirements of State and federal law and the regulations of the Office of the Comptroller: 1)         Subcontractors.  Any contract granted hereunder must state whether the services of a subcontractor will be used.  The contract must require the disclosure in writing of the names and address of each subcontractor having a subcontract with an annual value of more than $50,000, the general type of work to be performed by each subcontractor, and the expected amount of money each will receive under the contract.  The contractor will be required to get approval from the Chief Procurement Officer prior to adding or changing subcontractors. A subcontractor, or contractor on behalf of a subcontractor, may identify information that is deemed proprietary or confidential. If the Chief Procurement Officer determines the information is not relevant to the primary contract, the Chief Procurement Officer may excuse the inclusion of the information. If the Chief Procurement Officer determines the information is proprietary or could harm the business interest of the subcontractor, the Chief Procurement Officer may, in his or her discretion, redact the information. Redacted information shall not become part of the public record. [30 ILCS 500/20-120(a)] 2)         Subject to Appropriation.  All leases must recite that they are subject to termination and cancellation in any year for which the General Assembly fails to make an appropriation to make payments under the terms of the lease. 3)         Right to Audit Books and Records A) Maintenance of books and records.  Every contract and subcontract shall require the contractor or subcontractor, as applicable, to maintain books and records relating to the performance of the contract or subcontract and necessary to support amounts charged to the State under the contract or subcontract.  The books and records shall be maintained by the contractor or subcontractor for a period of at least 3 years from the later of the date of final payment under the contract or completion of the contract or subcontract and thatperiod shall be extended for the duration of any audit in progress at the time of that period's expiration. [30 ILCS 500/20-65(a)] B) Audit.  Every contract and subcontract shall provide that all books and records required to be maintained under subsection (a) shall be available for review and audit by the Auditor General and the Treasurer's office. Every contract and subcontract shall require the contractor and subcontractor, as applicable, to cooperate fully with any audit. [30 ILCS 500/20-65(b)] b)         Optional Provision Any contract entered into by the Treasurer's office under this Part may contain a clause requiring that if more favorable terms are granted by the contractor to any similar governmental agency in any state in a contemporaneous agreement let under the same or similar financial terms and circumstances for comparable supplies or services, the more favorable terms shall be applicable under the contract. [30 ILCS 500/25-30]