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Attachment F <br /> Warranties and Representations <br /> Financial Management <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 <br /> contain information pertaining to grant awards , authorizations , obligations , unobligated <br /> balances , assets , outlays , income and interest . <br /> ( 3) Effective control over and accountability for all funds , property and other assets . Recipient <br /> shall 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 <br /> provisions of the applicable OMB cost principles and the terms and conditions of this <br /> 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 <br /> Recipient shall be alert to conflicts of interest as well as noncompetitive practices among contractors that <br /> may restrict or eliminate competition or otherwise restrain trade . In order to ensure excellent contractor <br /> performance and eliminate unfair competitive advantage , contractors that develop or draft specifications , <br /> requirements , statements of work , invitations for bids and/or requests for proposals shall be excluded <br /> from competing for such procurements . Awards shall be made to the bidder or offeror whose bid or offer <br /> is responsive to the solicitation and is most advantageous to the Recipient , considering the price , quality <br /> and other factors . Solicitations shall clearly set forth all requirements that the bidder or offeror must fulfill <br /> in order for the bid or offer to be evaluated by the Recipient. Any and all bids or offers may be rejected <br /> when it is in the Recipient's interest to do so . <br /> 36 <br />