Section 12-3-602 - Right to inspect plant or place of business and audit books and records(a) The state may, at reasonable times, and subject to regulation of the procurement commission, inspect the part of the plant or place of business of a contractor or any subcontractor which is related to the performance of any contract awarded or to be awarded by the state.(b) The state may, at reasonable times and places, audit the books and records of any person who has submitted cost or pricing data 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 are required, shall maintain such books and records that relate to such cost or pricing data for five (5) years from the date of final payment under the contract, unless a shorter period is otherwise authorized in writing.(c) The state shall be entitled to audit the books and records of a contractor or any subcontractor under any 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 five (5) years from the date of final payment under the prime contract and by the subcontractor for a period of five (5) years from the date of final payment under the subcontract, unless a shorter period is otherwise authorized in writing. All contracts after July 1, 2024, shall include a provision with this statutory requirement and the provision cannot be amended or removed without the written consent of the comptroller of the treasury.Amended by 2024 Tenn. Acts, ch. 576,s 3, eff. 7/1/2024.Amended by 2024 Tenn. Acts, ch. 576,s 2, eff. 7/1/2024.Amended by 2024 Tenn. Acts, ch. 576,s 1, eff. 7/1/2024.Amended by 2013 Tenn. Acts, ch. 403, s 36, eff. 7/1/2013.Acts 1978, ch. 655, § 2; T.C.A., §§ 12-1102, 12-3-302.