Common use of Audit or Investigation Clause in Contracts

Audit or Investigation. (a) If, during the period of six years after Closing any Group Company is notified by any Governmental Authority or receives any enquiries relating to any actual or potential investigation or audit or correspondence of a like nature which could result in a review of the relevant Group Company by the Governmental Authority in respect of a period prior to Closing, Valspar will be responsible for all responses to the Governmental Authority. (b) In relation to the responses, Valspar must: (i) act in good faith at all times; (ii) consult with Champion Regal in relation to the conduct of the investigation or audit or correspondence of a like nature which could result in a review of any Group Company; and (iii) notify Champion Regal as soon as practicable and in any event not later than 21 days after receipt of such notification, enquiries or correspondence, giving it notice of and detailing the relevant circumstance and notification.