Common use of Audit Notice Clause in Contracts

Audit Notice. For example only, if the Audit Notice states that an additional Royalty payment of $50,000 is owed by Rollerball and the Independent Audit determines that, in fact, Consarino is owed $25,000, and the Independent Audit costs $20,000 to conduct, the parties will each pay $10,000 of Independent Audit expense. If the parties are required by the firm conducting the Independent Audit to pay an advance retainer or fee, the parties will share that obligation equally, and an adjustment and/or reimbursement will be made at the conclusion of the independent Audit to reflect the proportional obligation of the parties as determined above. 3.4 Any audit of Rollerball's accounting books and financial records conducted in connection with the payment of the Royalty shall occur at Rollerball's corporate headquarters in Los Angeles, California. 3.5 Except as otherwise provided by this Agr~eni~nt, Consarino shall be solely responsible for paying the cost of any audit conducted by Consarino pursuant to Section 3.1, except that Rollerball shall produce relevant accounting records at its own cost.