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r <br /> (2) INCORPORATION OF LAWS. RULES. REGULATIONS AND POLICIES . <br /> Both the Recipient and the Department shall be governed by applicable State and Federal laws, <br /> rules and regulations, including but not limited to those identified in Attachment A. <br /> (3) PERIOD OF AGREEMENT. <br /> This Agreement shall begin upon execution by both parties and continue for the normal operating <br /> lifetime or shelf life of said goods and equipment, unless' terminated earlier in accordance with the provisions of <br /> paragraph (7) of this Agreement. The condition and/or depletion of equipment will be reported annually as required <br /> by the Scope of Work, Attachment B of this Agreement. <br /> (4) MODIFICATION OF CONTRACT. <br /> Either party may request modification of the provisions of this Agreement. Changes, which are <br /> mutually agreed upon, shall be valid only when reduced to writing, duly signed by each of the parties hereto, and <br /> attached to the original of this Agreement. <br /> (5) RECORDKEEPING <br /> (a) As applicable, Recipient's performance under this Agreement shall be subject to the federal <br /> "Common Rule: Uniform Administrative Requirements for State and Local Governments" (53 Federal Register <br /> 8034) or OMB Circular No. A- 110, "Grants and Agreements with Institutions of High Education, Hospitals, and <br /> Other Nonprofit Organizations," and either OMB Circular No. A -87, "Cost Principles for State and Local <br /> Governments," OMB Circular No . A-21 , "Cost Principles for Educational Institutions," or OMB Circular No. A- <br /> 122, " Cost Principles for Nonprofit Organizations. " If this Agreement is made with a commercial (for-profit) <br /> organization on a cost-reimbursement basis, the Recipient shall be subject to Federal Acquisition Regulations 31 .2 <br /> and 931 .2. <br /> (b) The Recipient shall retain sufficient records demonstrating its compliance with the terms of <br /> this Agreement for a period of five years from the date the audit report is issued, and shall allow the Department or <br /> its designee, Comptroller, or Auditor General access to such records upon request. The Recipient shall ensure that <br /> audit working papers are made available to the Department or its designee, Comptroller, or Auditor General upon <br /> request for a period of five years from the date the audit report is issued, unless extended in writing by the <br /> Department, with the following exceptions: <br /> 2 <br />