Common use of Audit of Contractor Clause in Contracts

Audit of Contractor. The TI Construction Contract shall provide that Landlord and Tenant shall have a right, within a reasonable period of time following Substantial Completion of the Premises, to conduct an audit of the books and records of the TI Contractor to confirm the costs actually incurred with respect to the construction of the TI Work, the allocation of costs between the Landlord’s Work and the TI Work and similar matters under the TI Construction Contract. The results of the audit shall be made available to both Landlord and Tenant. The TI Construction Contract shall provide for binding arbitration of all disputes arising over change orders or from the audit. Tenant shall be responsible for the costs of such audit and any arbitration relating thereto, subject to reimbursement from the TI Contractor as may be provided in the TI Construction Contract. Tenant shall be responsible for and entitled to any adjustments to the cost of the TI Work that may be made by reason of such audit.