CONTRACT COMPLIANCEA QSSB should create a contract, agreement or memorandum of understanding with any party it funds with checkoff dollars for research, promotional and educational programs; producer communications; and/or general program management and administration. The following items should be included in the agreement: Normal provisions: Amount of funding (by specific project, if applicable), term of agreement and signatures of both parties. Termination provisions: Notice required for termination of financial responsibility. For example: 60 (sixty) days notice by either party. Reporting requirements: Project reports, interim (verbal/written) and final written report. Final financial reporting, including provision of unused funding. Generally, USB recommends that any unused funding be returned to the QSSB for future allocation. Rights of ownership of project results, intellectual property or inventions. Retention of records: Contractor should be required to keep financial records and make such records available to the QSSB for inspection or audit. When the QSSB pays according to a payment schedule, a final financial accounting should be required. It is recommended that the final payment or a portion be retained until satisfactory completion of the project is documented. The QSSB should have procedures for auditing contractors at the Board’s discretion.