Common use of ACCOUNTING RECORDS AND DOCUMENTS Clause in Contracts

ACCOUNTING RECORDS AND DOCUMENTS. (a) The books, accounts, and records of each party to all transactions shall be maintained so as to clearly and accurately disclose the precise nature and details of the transactions, including accounting information that is necessary to support the reasonableness of the charges or fees to the parties. PLIC shall keep such account and records insofar as they pertain to the computation of charges hereunder available at its principal offices for audit, inspection, and copying, during reasonable business hours, by PLA and persons authorized by it and any governmental agency having jurisdiction over PLA. (b) All books, records and files established and maintained by PLIC by reason of its performance under this Agreement which, absent this Agreement, would have been held by PLA, shall be deemed the property of PLA, and shall be subject to audit, inspection, and copying, during reasonable business hours, by PLA and persons authorized by it and any governmental agency having jurisdiction over PLA. All such books, records and files shall be promptly transferred to PLA by PLIC upon termination of this Agreement, at PLA's expense.

ACCOUNTING RECORDS AND DOCUMENTS. (a) The books, accounts, and records of each party to all transactions shall be maintained so as to clearly and accurately disclose the precise nature and details of the transactions, including accounting information that is necessary to support the reasonableness of the charges or fees to the parties. PLIC shall keep such account and records insofar as they pertain to the computation of charges hereunder available at its principal offices for audit, inspection, and copying, during reasonable business hours, by PLA and persons authorized by it and any governmental agency having jurisdiction over PLA. (b) All books, records and files established and maintained by PLIC by reason of its performance under this Agreement which, absent this Agreement, would have been held by PLA, shall be deemed the property of PLA, and shall be subject to audit, inspection, and copying, during reasonable business hours, by PLA and persons authorized by it and any governmental agency having jurisdiction over PLA. All such books, records and files shall be promptly transferred to PLA by PLIC upon termination of this Agreement, at PLA's ’s expense.