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Attachment D <br /> Warranties and Representations <br /> Financial Manaeement <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 the <br /> 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 be <br /> alert to conflicts of interest as well, as noncompetitive practices among contractors that may restrict or eliminate <br /> competition or otherwise restrain trade. In order to ensure excellent contractor performance and eliminate unfair <br /> competitive advantage, contractors that develop or draft specifications, requirements, statements of work, and <br /> invitations for bids and/or requests for proposals shall be excluded from competing for such procurements. Awards <br /> shall be made to the bidder or offeror whose bid or offer is responsive to the solicitation and is most advantageous to <br /> the Recipient, considering the price, quality and other factors . Solicitations shall clearly set forth all requirements <br /> that the bidder or offeror must fulfill in order for the bid or offer to be evaluated by the Recipient. Any and all bids <br /> or offers may be rejected when it is in the Recipient's interest to do so. <br /> 41 <br />