Audit of Cost Records Clause Samples

Audit of Cost Records. Not more frequently than once with respect to any year in which BMSLC has elected to adjust its price under Section 3.1.2, WC shall have the right to have a "Big Five" accounting firm audit, within 12 months of such price adjustment, BMSLC's books and records relating to the manufacture of the Products, for the sole purpose of verifying BMSLC's determination of the change in costs underlying such price adjustment. Such audit shall be at WC's expense (which shall include reimbursement to BMSLC for the administrative costs it incurs in connection with the review), at reasonable times during normal business hours and upon reasonable notice to BMSLC. A copy of the auditing entity's conclusions of its audit shall be furnished to BMSLC at least ten (10) days prior to disclosure to WC to allow BMSLC an opportunity to review the accuracy of the auditing firm's conclusions prior to disclosure to WC. WC shall bear the full cost of such audit unless such audit discloses a variance of more than five percent (5%) from the amount due, in which event, BMSLC shall bear the full cost of such audit. Any amounts that are determined to be due and owing by BMSLC to WC following such audit shall be paid within thirty (30) business days thereafter, together with any interest due thereon from the date of overpayment by WC at the rate of twelve percent (12%) per annum; provided that in no event shall such rate exceed the maximum legal annual interest rate. The payment of such interest shall not limit WC from exercising any other rights it may have as a consequence of the lateness of any payment.
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Audit of Cost Records. Subcontractor shall provide detailed supporting documentation to BP’s satisfaction if requested by BP (or Owner) to evaluate Subcontractor’s calculation for a change order. Refusal to provide proper documentation by Subcontractor shall cause a dispute to be decided against Subcontractor.
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Audit of Cost Records. Subcontractor shall provide detailed supporting documentation to Contractor’s satisfaction if requested by Contractor (or Owner) to evaluate Subcontractor’s calculation for a change order. Refusal to provide proper documentation by Subcontractor shall cause a dispute to be decided against Subcontractor.
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Audit of Cost Records. 11 ARTICLE IV
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Audit of Cost Records. DURA shall not be entitled to audit BMS' cost records for a given Product, unless BMS has elected to adjust its price for a Product in accordance with Section 3.1 above for a given year based on the change in BMS' actual variable costs for the preceding year. In such event, DURA shall have the right to audit (not more frequently than once with respect to any given year for which BMS has so elected to adjust its price), at its expense (which shall include reimbursement to BMS for the administrative costs it incurs in connection with the review) at reasonable times during normal business hours and upon reasonable notice, to have a "Big Five" accounting firm review BMS' books and records relating to the manufacture of the applicable Product(s), for the sole purpose of verifying BMS' determination of its change in variable costs for the year in question under Section 3.
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Related to Audit of Cost Records

  • Audit of Records Consultant shall make all records, invoices, time cards, cost control sheets and other records maintained by Consultant in connection with this agreement available during Consultant’s regular working hours to City for review and audit by City.

  • Maintenance of Books and Records Fund Accountant will keep and maintain the following books and records of each Fund pursuant to Rule 31a-1 under the Investment Company Act of 1940 (the "Rule"): (i) Journals containing an itemized daily record in detail of all purchases and sales of securities, all receipts and disbursements of cash and all other debits and credits, as required by subsection (b)(1) of the Rule; (ii) General and auxiliary ledgers reflecting all asset, liability, reserve, capital, income and expense accounts, including interest accrued and interest received, as required by subsection (b)(2)(I) of the Rule; (iii) Separate ledger accounts required by subsection (b)(2)(ii) and (iii) of the Rule; and (iv) A monthly trial balance of all ledger accounts (except shareholder accounts) as required by subsection (b)(8) of the Rule.

  • Maintenance of Books and Records; Record Retention 5.1. Ultimus shall maintain and keep current the accounts, books, records and other documents relating to the Services as may be required by applicable law, rules, and regulations, including Federal Securities Laws as defined under Rule 38a-1 under the Investment Company Act.

  • Inspection of Property, Books and Records The Borrower will keep, and will cause each Subsidiary to keep, proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities; and will permit, and will cause each Subsidiary to permit, representatives of any Bank at such Bank's expense to visit and inspect any of their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers, employees and independent public accountants, all at such reasonable times and as often as may reasonably be desired.

  • Opinions of Cost Because the Consultant does not control the cost of labor, materials, equipment or services furnished by others, methods of determining prices, or competitive bidding or market conditions, any opinions rendered as to costs, including but not limited to the costs of construction and materials, are made solely based on its judgment as a professional familiar with the industry. The Consultant cannot and does not guarantee that proposals, bids or actual costs will not vary from its opinions of cost. If the Client wishes greater assurance as to the amount of any cost, it shall employ an independent cost estimator. Consultant's services required to bring costs within any limitation established by the Client will be paid for as Additional Services.