A.1. The Contractor shall provide all goods or services and deliverables as required, described, and detailed below and shall meet all service and delivery timelines as specified by this Contract. A.2. Appointment as Agent. The State hereby appoints the Contractor as agent for the State of Tennessee pursuant to Tennessee Code Annotated, Section 66-29-164 for the purpose of assisting the State in carrying out certain provisions of the Tennessee Uniform Unclaimed Property Act. A.3. In General. An Audit may be proposed by either Party to the other Party. The Contractor shall identify entities potentially holding unclaimed property who have never reported such unclaimed property, or who have not adequately reported such unclaimed property to the State, and perform all of the following services according to the following specific requirements: a. The Contractor shall locate entities believed to be holding or in possession of past-due unclaimed property subject to report and delivery under Tennessee Code Annotated, Sections 66-29-101, et.seq (the “Holder”). b. The Contractor shall identify past due unclaimed property by performing an audit of the financial records of the Holder for unclaimed property. For purposes of this Contract, “Audit” means the examination of the financial records of a Holder, wherein the Contractor takes custody of the Holder’s records, either on-site or off-site, and performs a physical examination, either electronically or by hard copy, of such records to determine whether the Holder is in compliance with reporting and remitting of all unclaimed property to the State. Before proceeding with an Audit, the Contractor shall obtain the State’s written authorization as indicated in A.4. in this Contract. c. After the Audit is completed, the Contractor shall provide to the State the unclaimed property report in proper format and shall direct the Holder or its transfer agent to promptly transfer or otherwise deliver the unclaimed property to the State. d. The Contractor shall provide an Audit Procedures Manual to be used for all Audits performed on behalf of the State. The Procedures Manual shall include the specific procedures and methodology the Contractor will employ to identify a Holder’s unclaimed property liability. The Audit Procedures Manual shall also specifically address how the Contractor will manage the nonexistence of owners' addresses, out-of-proof records, and insufficient or unavailable records.
