ACCOUNTING AND AUDITING. 8.1 Separate books of accounts shall be kept by the Manager of the transactions of the Venture. Any Party may inspect such books upon reasonable notice and at any reasonable time. 8.2 Periodic audits may be made upon said books at such time as authorized by the Policy Committee by persons designated by the same and copies of said audit shall be furnished to all Parties. 8.3 Upon dissolution of the Venture, a final audit shall be made and copies of such audit shall be furnished to each of the parties. 8.4 It is understood and agreed that the method of accounting used by the Manager and for state and federal income tax purposes shall be the cash based method and that the accounting year shall be the calendar year.
Appears in 2 contracts
Sources: Joint Venture Agreement (Hawkeye Systems, Inc.), Joint Venture Agreement (Hawkeye Systems, Inc.)
ACCOUNTING AND AUDITING. 8.1 9.1 Separate books of accounts shall be kept by the Manager Managers of the transactions of the Venture. Any Party may inspect such books upon reasonable notice and at any reasonable time.
8.2 9.2 Periodic audits may be made upon said books at such time as authorized by the Policy Committee by persons designated by the same and copies of said audit shall be furnished to all Parties.
8.3 9.3 Upon dissolution of the Venture, a final audit shall be made and copies of such audit shall be furnished to each of the parties.
8.4 9.4 It is understood and agreed that the method of accounting used by the Manager Managers and for state provincial and federal income tax purposes shall be the cash based method and that the accounting year shall be the calendar year.
Appears in 1 contract
ACCOUNTING AND AUDITING. 8.1 9.1 Separate books of accounts shall be kept by the Manager of the transactions of the Venture. Any Party may inspect such books upon reasonable notice and at any reasonable time.
8.2 9.2 Periodic audits may be made upon said books at such time as authorized by the Policy Committee by persons designated by the same and copies of said audit shall be furnished to all Parties.
8.3 9.3 Upon dissolution of the Venture, a final audit shall be made and copies of such audit shall be furnished to each of the parties.
8.4 9.4 It is understood and agreed that the method of accounting used by the Manager and for state and federal income tax purposes shall be the cash based method and that the accounting year shall be the calendar year.
Appears in 1 contract