Audit Expense Clause Samples
The Audit Expense clause defines which party is responsible for covering the costs associated with conducting an audit under the agreement. Typically, this clause specifies whether the audited party or the auditing party will bear expenses such as auditor fees, travel, and related administrative costs. For example, it may state that the party requesting the audit pays unless a significant discrepancy is found, in which case the audited party reimburses the costs. The core function of this clause is to allocate financial responsibility for audit activities, thereby preventing disputes and ensuring transparency in the audit process.
POPULAR SAMPLE Copied 1 times
Audit Expense. Bank's cost of periodic audits and appraisals of the personal property collateral securing the Loan, at such intervals as Bank may reasonably require, immediately upon written request of Bank. The audits and appraisals may be performed by employees of Bank or by independent appraisers.
Audit Expense. Bank shall bear the sole cost and expense of audits and inspections conducted by it under this Agreement, except as specified on Exhibit B. However, Company shall bear the sole cost and expense of audits and inspections conducted or required by any regulatory authority or Card Association, including without limitation the annual inspections Bank is required to perform under the Rules.
Audit Expense. Company shall pay the expense of its own audits and all third party audits contemplated by Section 5.1 above related directly to this Agreement and/or the services provided hereby, including but not limited to Card Association mandated audits. Bank shall pay the cost of its own audits.
Audit Expense. The Borrower shall reimburse the Bank for the cost of periodic audits of all collateral granted to the Bank by the Borrower, which may be conducted at such intervals as the Bank may reasonable require, but limited to a maximum reimbursement of $1,500.00 each calendar year.
Audit Expense. The Borrower agrees to reimburse the Bank for the cost of periodic audits of all collateral pledged to the Bank which may be conducted no more frequently than twice each calendar year and at a cost of no more than $2,000.00 per audit. The audits may be performed by employees of the Bank or independent contractors retained by the Bank.
Audit Expense. The Borrower agrees to reimburse the Bank for the cost of periodic audits of all collateral granted to the Bank by the Borrower, to be conducted as such intervals as the Bank may reasonably require.
Audit Expense. If an audit discloses an understatement of any royalty -------------- payment due, Publisher shall promptly pay School Zone the full amount of the understated amount. If the audit discloses an underpayment of 5 percent (5%) or more in the royalty amount due for any period or periods, Publisher shall reimburse School Zone for the cost of such audit.
Audit Expense. Buyer shall cause and pay for a PCAOB audit to be conducted and completed within 71 days after the Closing Date, as required by the U.S. Securities and Exchange Commission (“SEC”).
Audit Expense. Buyer and Seller hereby agree to share one-half each of the out-of-pocket fees, costs and expenses incurred in connection with the preparation of the audit report for the stub period commencing January 1, 2009 and ending October 22, 2009 as required pursuant to applicable Gaming Laws.
Audit Expense. All costs associated with OpCo’s responsibility to order annual audits under Section 14.4 of the A&R JVA including but not limited to audit fees and expenses paid to the independent audit firm and any costs incurred in preparing financial statements of the Project in accordance with whichever of GAAP or IFRS that is not then the Applicable Accounting Standard.