Cost Audit Sample Clauses
A Cost Audit clause grants one party the right to review and verify the costs incurred by the other party under a contract. Typically, this involves access to relevant financial records, invoices, and supporting documentation to ensure that charges billed are accurate and in compliance with the agreement. By enabling such oversight, the clause helps prevent overcharging, ensures transparency, and resolves disputes related to cost allocation.
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Cost Audit. If there is a claim for additional compensation or for Additional Services, the City's Right includes the right to examine books, records, documents, and any and all other evidence and accounting procedures and practices that the City determines are necessary to discover and verify all direct and indirect costs, of whatever nature, which are claimed to have been incurred, or anticipated to be incurred.
Cost Audit. If there is a claim for additional compensation or for Additional Services, the Authority’s Right includes the right to Records that the Authority determines are necessary to discover and verify all direct and indirect costs, of whatever nature, which are claimed to have been incurred, or anticipated to be incurred.
Cost Audit. If there is a claim for additional compensation or for Additional Services, the City’s Right includes the right to Records that the City determines are necessary
Cost Audit. Each Party shall use Diligent Efforts to minimize the Manufacturing Cost while assuring the quality and availability of Bulk API or Finished Product, as applicable, and shall consider in good faith all reasonable input from the other Party for such purpose. Each Party shall maintain complete and accurate records in sufficient detail to permit the other Party to confirm the accuracy of the calculation of Manufacturing Cost and resulting supply price payments due under this Agreement or the Supply Agreement. Upon reasonable prior notice, such records shall be available during regular business hours for a period of three (3) years from the creation of individual records for examination at the auditing Party's expense, and not more often than once each Fiscal Year, by an independent certified public accountant selected by the auditing Party and reasonably acceptable to the audited Party, for the sole purpose of verifying the accuracy of the calculation of the supply price pursuant to this Agreement. Any such accountant shall not disclose the audited Party's Confidential Information, except to the extent such disclosure is necessary to verify the accuracy of amount of supply price due by the auditing Party under this Agreement. Any amounts determined by such accountant to be overpaid, if any, shall be reimbursed to the auditing Party within [*] from issuance of the accountant's report, plus interest (as set forth in Section 8.7) from the original due date. Any amounts determined to be underpaid shall be paid within [*] from the accountant's report. The auditing Party shall bear the full cost of such audit unless such audit discloses an overpayment of the amount actually owed during the applicable Fiscal Year of more than [*], in which case the audited Party shall bear the full cost of such audit.
Cost Audit. At the end of each fiscal year, Seattle shall provide a statement of actual costs allocated to each cost pool and other costs and revenues received, which statement may be audited by an external auditor selected by the Operating Board. In addition, Water Utility may have the statement audited by an external auditor of it’s choice, solely at Water Utility’s expense.
Cost Audit. Immediately prior to the Effective Date Motherson undertook a high level review (including a question and answer session with REE) of the current contractual and business relationship between REE and its suppliers/vendors as set forth in Appendix 5 attached hereto, which included the review of existing and future prices of parts and raw materials, minimum order quantities (“MOQs”), payment terms and inco/delivery terms, logistics and packaging cost and valid taxes, contract validity, escalation and pass through provisions, validity of quotes, quote correlation with current design, delivery terms, supplier investment (including relating tooling and design/ development) (“Cost Data”). Now, the Parties have agreed that, immediately upon the Effective Date, Motherson will undertake a detailed audit of the aforesaid Cost Data to ensure an accurate understanding of all cost factors (“Cost Audit”). This Cost Audit will also cover review of the current purchase orders of REE and validation of future cost projection made by REE basis written commitment from the suppliers. REE agrees to provide all necessary support to Motherson or its nominees, in particular by providing within a reasonable timeframe all documentation and information requested by Motherson for the purpose of the Cost Audit and validation of purchase orders and cost projections. It is agreed by the Parties that the prices, contractual terms (including any understanding of pass-through) relating to parts and raw materials identified pursuant to the Cost Audit shall be considered as the baseline or yardstick for calculation of the Cost Improvement Fee payable to Motherson under this Agreement.
Cost Audit. No later than August 1 of each year, Seattle shall provide a statement of actual costs allocated to each cost pool and other costs and revenues received during the prior year, which statement shall be audited by an external auditor. In addition, by an external auditor of its choice, solely at may have the statement audited ’s expense. This statement shall clearly identify the amount by which payments made by