Accounting and Audits Clause Samples
Accounting and Audits. Criteria Architect must establish and maintain books, records, and systems of account, in accordance with generally accepted accounting principles, reflecting all business operations of Criteria Architect transacted under this Agreement. Criteria Architect shall retain these books, records, and systems of account during the Term of this Agreement and for three (3) years thereafter. Pursuant to Government Code Section 8546.7, this Agreement is subject to examination and audit of the State Auditor as specified in the code. Criteria Architect shall permit the Judicial Council, its agent, other representatives, or an independent auditor to audit, examine, and make excerpts, copies, and transcripts from all books and original records, and to make audit(s) of all billing statements, invoices, original records, and other data related to the Services covered by this Agreement. Audit(s) may be performed at any time, provided that the Judicial Council shall give reasonable prior Notice to Criteria Architect and will conduct audit(s) during Criteria Architect’s normal business hours, unless Criteria Architect otherwise consents. If an audit or Judicial Council internal review reveals that the Criteria Architect and/or its Subconsultant(s) have overcharged the Judicial Council, Criteria Architect will immediately pay to the Judicial Council the overcharged amount plus interest from the date of receipt of overpayment. The rate of interest will be equal to eighteen percent (18%) per year, or the maximum rate permitted by applicable law, whichever is less. The audit or Judicial Council internal review will be conducted at the Judicial Council’s expense, unless the audit or review reveals that the Criteria Architect and/or its Subconsultant(s) has overcharged the Judicial Council by ten percent (10%) or more on any invoice, in which case the Criteria Architect will reimburse the Judicial Council for all costs and expenses incurred by the Judicial Council in connection with such audit or review, including direct and indirect costs associated with Judicial Council representatives. This remedy shall not be exclusive to any other remedies available to the Judicial Council including, without limitation, a claim against the Criteria Architect for a False Claim pursuant to the False Claims Act (Gov. Code § 12650, et seq.) IMS/Monetary Penalties. The Judicial Council shall be entitled to remedy any “False Claims,” as defined in California Government Code section 12650 et seq., ma...
Accounting and Audits. PARTIES will maintain, and will ensure that any consultant hired by PARTIES to participate in WORK will maintain, a financial management system that conforms to Generally Accepted Accounting Principles (GAAP), and that can properly accumulate and segregate incurred PROJECT costs and ▇▇▇▇▇▇▇▇.
Accounting and Audits. Operator shall comply with generally accepted fiscal management and accounting principles. In addition to any audits required by Applicable Law, Operator shall submit to IPS within 180 days following the end of each fiscal year during the Term of this Agreement financial statements audited by an independent certified public accountant.
Accounting and Audits. OP shall comply with generally accepted fiscal management and accounting principles. The Parties shall comply with the financial performance goals detailed in ▇▇▇▇▇▇▇▇ ▇-▇, which shall include, but is not limited to a completion of OP’s annual financial report, receipt of an unqualified audit opinion, and specific consequences in the event that OP does not meet the financial performance goals. In addition to any audits required by Applicable Law, OP shall submit to the District within 180 days following the end of each fiscal year during the Term of this Agreement, financial statements audited by an independent certified public accountant. The District shall also retain the right to conduct its own campus audit of the School and annual audit of OP as it deems necessary. OP agrees to comply with all rules, regulations, ordinances, statutes, and other laws, whether local, state or federal, including, but not limited to, all audit and other requirements of the Single Audit Act of 1984. In the event an audit occurs and any expenditures relating to this Agreement are disallowed, OP agrees to reimburse the District immediately for the requisite full amount.
Accounting and Audits. Each Party shall keep and maintain proper and complete records and books of account documenting its Costs to be reimbursed or credited, Net Sales and Net Pretax Profits and Losses with respect to all Products, including, without limitation, records which relate to sales or other disposals of such Products. Each Party shall permit an independent public accountant designated by the other Party, except one to which the non-designating Party shall have reasonable objection, to have access, at the designating Party's own expense, no more than once in each calendar year during the term of this Agreement and twice during the three (3) calendar years following the termination hereof, during regular business hours and upon reasonable notice, to its records and books for the sole purpose of determining the appropriateness of any Costs charged or paid by such Party, Net Sales and Net Sales with respect to Products. Such accountant shall sign a conventional confidentiality agreement. If such examination results in a final determination that Costs or Net Pretax Losses have been overstated and/or that Net Sales or Net Pretax Profits have been understated, overstated Costs and payments on understated Net Sales and Net Pretax Profits, as applicable, shall be refunded or paid promptly. The fees and expenses of such accountant shall be paid by the designating Party, unless the audit results in a final determination that Costs Net Pretax Losses have been overstated, or that Net Sales or Net Pretax Profits have been understated, [REDACTED*], in [*] CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS. which case the non-designating Party shall pay all reasonable costs and expenses incurred by the designating Party in the course of making such determination, including the fees and expenses of such accountant. In the event the non-designating Party disputes the findings of the designating Party's accountants, such dispute shall be resolved pursuant to Article 17.
Accounting and Audits. The School District's accounting and audit services shall comply with the Requirements for Accounting, Budgeting, Financial Reporting, and Auditing, as adopted by the Ill. State Board of Education (ISBE), State and federal laws and regulations, and generally accepted accounting principles. Determination of liabilities and assets, prioritization of expenditures of governmental funds, and provisions for accounting disclosures shall be made in accordance with government accounting standards as directed by the auditor designated by the Board. The Superintendent, in addition to other assigned financial responsibilities, shall report monthly on the District's financial performance, both income and expense, in relation to the financial plan represented in the budget. At the close of each fiscal year, the Superintendent shall arrange an audit of the District funds, accounts, statements, and other financial matters. The audit shall be performed by an independent certified public accountant designated by the Board and be conducted in conformance with prescribed standards and legal requirements. A complete and detailed written audit report shall be provided to each Board member and to the Superintendent. The Superintendent shall annually, on or before October 15, submit an original and one copy of the audit to the Regional Superintendent of Schools. The Superintendent or designee shall annually prepare and submit the Annual Financial Report on a timely basis using the form adopted by the ISBE. The Superintendent shall review and discuss the Annual Financial Report with the Board before it is submitted.
Accounting and Audits. The City will maintain and ensure that any Project subconsultant or subcontractor will maintain, a financial management system that conforms to Generally Accepted Accounting Principles (GAAP), and that can properly accumulate and segregate incurred Project costs and ▇▇▇▇▇▇▇▇. The City will maintain and make available to each other all work-related documents during the term of this Agreement. The City must retain documentation and reports for a minimum of three years after the date of issuance of the auditor’s report(s) to the City; or until completion of any litigation, claim or audit, whichever is longer. The City shall require any subconsultants or subcontractors hired to participate in the work to comply with this Section. The City shall permit C/CAG and C/CAG’s authorized representative to have access to the City’s books, records, accounts, and any and all work products, materials, and other data relevant to this Agreement, for the purpose of making an audit, examination, excerpt and transcription during the term of this Agreement and for the period specified in this Section. In no event shall the City dispose of, destroy, alter, or mutilate said books, records, accounts, work products, materials and data for that period of time.
Accounting and Audits. OP shall comply with generally accepted fiscal management and accounting principles. In addition to any audits required by Applicable Law, OP shall submit to TISD within 180 days following the end of each fiscal year during the Term of this Agreement financial statements audited by an independent certified public accountant. OP agrees to comply with all rules, regulations, ordinances, statutes, and other laws, whether local, state or federal, including, but not limited to, all audit and other requirements of the Single Audit Act of 1984. In the event an audit occurs and any expenditures relating to this Agreement are disallowed, OP agrees to reimburse TISD immediately for the full amount of such.
Accounting and Audits. 41.1. Maintaining proper accounting records
(a) The Contractor shall be responsible for maintaining accounting records relating to Petroleum Operations under this Agreement in accordance with the Accounting Procedures (set out in Annex C), Applicable Law and accepted accounting best practices generally used in the international Petroleum industry.
(b) Accounting and related records kept under this Agreement shall record in sufficient detail and clarity the work performed under the Agreement, the costs incurred, and the quantity and value of all Petroleum produced and saved from the Contract Area and not used in Petroleum Operations.
(c) Transactions shall be recorded in such a manner as to provide a clear and detailed understanding of the sub-components of each item including, without limitation, such costs as broker's fees, transportation charges, loading and unloading fees, demurrage, import duties, surcharges and licence fees associated with the procurement of materials and equipment, and applicable taxes.
Accounting and Audits. (a) GS shall keep, and shall require its Affiliates and sub-licensees to keep, complete and accurate records of the latest five years of sales of Products on which royalties are due hereunder. For the purpose of verifying royalties due to LGLS hereunder, LGLS shall have the right annually, at LGLS’s expense, to retain an independent certified public accountant selected by LGLS and reasonably acceptable to GS, to review such records in the location(s) where such records are maintained by GS, its Affiliates or its sub-licensees upon reasonable notice and during regular business hours and under obligations of confidence. Results of such review shall be made available to both LGLS and GS. If the review reflects an underpayment of royalties to LGLS such underpayment shall be promptly remitted to LGLS, together with*****. If the underpayment of royalties is equal to or greater than *****, then GS pay all of the costs of such review.
(b) LGLS shall keep complete and accurate records of the latest five years of supply hereunder sufficient to enable GS to confirm LGLS’s cost of goods. For the purpose of verifying cost of goods, GS shall have the right annually, at GS’s expense, to retain an independent certified public accountant selected by GS and reasonably acceptable to LGLS, to review such records in the location(s) where such records are maintained, upon reasonable notice and during regular business hours and under obligations of confidentiality. Results of such review shall be made available to both LGLS and GS. If the review reflects an overcharge by LGLS, such overcharge shall be promptly remitted to GS, together with interest calculated in the manner provided in Section 10.9, below. If the amount of such overcharge is equal to or greater than*****, then LGLS pay all of the costs of such review. If the review reflects an undercharge by LGLS, GS shall promptly refund the amount of the overpayment to LGLS, together with *****. * Confidential Treatment has been requested for the marked portions.