Common use of Audit of Charges Clause in Contracts

Audit of Charges. Upon at least five (5) days' notice from Customer, Liberty shall provide Customer with access to all of the financial records and supporting documentation in respect of its charges to Customer for the Customer Services and Additional Services, if any, If, as a result of such audit, Customer determines that Liberty has overcharged Customer, Customer shall notify Liberty of the amount of such overcharge and Liberty shall promptly pay to Customer the amount of the overcharge, plus interest at the rate of 1.5% per month (but in no event to exceed the highest lawful rate of interest), calculated from the date of receipt by Liberty of the overcharged amount until the date of payment to Customer. All Confidential Information of Liberty obtained as a result of any monitoring, audits or inspections pursuant to this Section 10.01 shall be held by Customer in accordance with the provisions of Article 11.

Appears in 2 contracts

Sources: Insurance Administrative Services Agreement (Bma Variable Annuity Account A), Insurance Administrative Services Agreement (Bma Variable Life Account A)