Guam § 5241 - Right to Audit Records.
Full text of Guam Guam Code Annotated § 5241 — Right to Audit Records., with citation guidance and answers to common questions.
§ 5241. Right to Audit Records.
(a) Audit of Cost or Pricing Data. Guam may, at reasonable times and places, audit the books and
records of any person who has submitted costs or pricing data pursuant to § 5232 of this Chapter to the
extent that such books and records relate to such cost or pricing data. Any person who receives a contract,
change order, or contract modification for which cost or pricing data is required shall maintain such books
and records that relate to such cost or pricing data for three (3) years from the date of final payment under
the contract, unless a shorter period is otherwise authorized in writing.
(b) Contract Audit. Guam shall be entitled to audit the books and records of a contractor or any
subcontractor under any negotiated contract or subcontract other than a firm fixed price contract to the
extent that such books and records relate to the performance of such contract or subcontract. Such books
and records shall be maintained by the contractor for a period of three (3) years from the date of final
payment under the prime contract and by the subcontractor for a period of three (3) years from the date of
final payment under the subcontract, unless a shorter period is otherwise authorized in writing.
Frequently Asked Questions About Guam § 5241
What does Guam Code Annotated § 5241 cover?
Section 5241 ("Right to Audit Records.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 5241?
A common citation format is "Guam Code Annotated § 5241" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 5241 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.