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Attachment D <br /> Warranties and Representations <br /> Financial Manaaement <br /> Recipient' s financial management system must include the following: <br /> ( 1 ) Accurate, current and complete disclosure of the financial results of this project or program <br /> (2) Records that identify the source and use of funds for all activities . These records shall contain <br /> information pertaining to grant awards, authorizations, obligations, unobligated balances, assets, <br /> outlays, income and interest. <br /> (3 ) Effective control over and accountability for all funds, property and other assets . Recipient shall <br /> safeguard all assets and assure that they are used solely for authorized purposes . <br /> (4) Comparison of expenditures with budget amounts for each Request for Payment. Whenever <br /> appropriate, financial information should be related to performance and unit cost data. <br /> (5) Written procedures to determine whether costs are allowed and reasonable under the provisions of <br /> the applicable OMB cost principles and the terms and conditions of this Agreement. <br /> (6) Cost accounting records that are supported by backup documentation. <br /> Competition <br /> All procurement transactions shall be done in a manner to provide open and free competition. The Recipient shall <br /> be alert to conflicts of interest as well as noncompetitive practices among contractors that may restrict or <br /> eliminate competition or otherwise restrain trade . In order to ensure , excellent contractor performance and <br /> eliminate unfair competitive advantage, contractors that develop or draft specifications, requirements, statements <br /> of work, and invitations for bids and/or requests for proposals shall be excluded from competing for such <br /> procurements. Awards shall be made to the bidder or offeror whose bid or offer is responsive to the solicitation <br /> and is most advantageous to the Recipient, considering the price, quality and other factors . Solicitations shall <br /> clearly set forth all requirements that the bidder or offeror must fulfill in order for the bid or offer to be evaluated <br /> by the Recipient. Any and all bids or offers may be rejected when it is in the Recipient's interest to do so . <br /> 49 <br />