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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 /> 42 <br />