Common use of Audit of Costs Clause in Contracts

Audit of Costs. Upon reasonable written notice to Phytera, Lilly shall have the right at its own expense and not more than annually in or in respect of any Calendar Year, and during normal business hours, to audit those books and records as may be reasonably necessary to verify the accuracy and reasonableness of any costs incurred by Phytera and for which Phytera is seeking or has received partial reimbursement from Lilly pursuant to this Article 4, in respect of any Calendar Year ending not more than one (1) year prior to the date of such notice. Any Phytera information received or obtained by Lilly in connection with an audit under this Section 4.7 is Confidential Information and Lilly shall retain all such information in confidence.