Failure to Maintain Adequate Records Sample Clauses
The "Failure to Maintain Adequate Records" clause establishes the obligation for a party to keep accurate and complete records relevant to the agreement. In practice, this means that parties must document transactions, activities, or compliance measures as required, and failure to do so may trigger specific consequences such as breach of contract, penalties, or audit rights for the other party. This clause ensures accountability and transparency, helping to prevent disputes by providing a clear record of actions and compliance throughout the contractual relationship.
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Failure to Maintain Adequate Records. In addition to any other remedies available to COUNTY at law or in equity or under this Lease, in the event that TENANT fails to maintain and keep books, records and accounts of gross receipts from business operations conducted on or from the Leased Premises and/or source documents relating thereto, or to make the same available to Auditor-Controller for examination and audit, or to record sales and/or to maintain registers to record sales, or to provide financial statements and other information to Auditor-Controller regarding gross sales as required by this Lease, Auditor- Controller, at Auditor-Controller’s option, may:
1) Perform such examinations, audits and/or investigations itself or through agents or employees as COUNTY and/or its auditors may deem appropriate to confirm the amount of percentage rents payable by TENANT under this Lease and any and all costs and/or expenses incurred by COUNTY in connection therewith shall be promptly reimbursed to COUNTY by TENANT upon demand.
2) Provide accounting services and/or a system for recording retail sales and charges, including without limitation, cash registers, for use by TENANT in business transactions upon or from the Leased Premises, and, at COUNTY’s option, maintain personnel on the Leased Premises to observe and/or record such sales during TENANT’s business hours, or from time to time, all at TENANT’s sole cost and expense and, in such event, TENANT shall promptly reimburse COUNTY for any and all costs incurred by COUNTY in connection therewith; and/or
3) Require that TENANT pay percentage rents based on COUNTY’s best good faith estimate of TENANT’s gross receipts from business operations conducted on or from the Leased Premises and Airport and any such determination made by COUNTY shall be conclusive and binding upon TENANT. Costs payable by TENANT pursuant to this Section shall include reimbursement to COUNTY of COUNTY provided services at such rates as COUNTY may from time to time, in good faith, establish for such services. In the case of services provided by COUNTY’s employees, such rates shall be sufficient to reimburse COUNTY for employees' salaries, including employee taxes and benefits and COUNTY’s overhead or, at Auditor-Controller’s option, may be the rate for such services that would be charged by a qualified third party or parties, approved by Auditor-Controller, if engaged by COUNTY to perform such services. Said costs payable by TENANT shall be included as rent for the first month fo...
Failure to Maintain Adequate Records. In addition to any other remedies available to County at law, in equity, or under this Contract, in the event Contractor fails to maintain and keep books, records, and accounts relating to Contractor’s operations on or from the Parking Facilities and source documents relating thereto, or to make the same available to County for examination and audit, or to record sales and/or to maintain registers to record sales, or to provide financial statements and other information to County regarding gross receipts as required by this Contract, County, at County’s option, may:
i. Perform such examinations, audits, and/or investigations itself or through Contractors, agents, or employees as County and/or its Auditor-Controller may deem appropriate to confirm the amount of gross receipts payable to County by Contractor under this Contract and any and all costs and/or expenses incurred by County in connection therewith shall be promptly reimbursed to County by Contractor upon demand;
ii. Provide accounting services and/or a system for recording gross receipts, including without limitation, cash registers, for use by Contractor in conducting business transactions upon or from the Parking Facilities, and, at County’s option, maintain personnel on the Parking Facilities to observe and/or record such transactions during Contractor’s business hours, or from time to time, all at Contractor’s sole cost and expense and, in such event, Contractor shall promptly reimburse County for any and all costs incurred by County in connection therewith; and/or;
iii. Require that Contractor pay to County, upon demand, amounts equal to and based on County’s reasonable estimate of the actual gross receipts from parking operations conducted on or from the Parking Facilities. Any such estimate made by County in good faith shall be conclusive and binding upon Contractor. Costs payable by Contractor pursuant to this article shall include reimbursement to County, for County- provided services at such rates as County may from time to time in good faith establish for such services. In the case of services provided by County’s employees, such rates shall be sufficient to reimburse County for employees’ salaries, including employee taxes and benefits and County’s overhead or, at Auditor-Controller’s option, may be the rate for such services that would be charged by a qualified third party or parties, approved by the Auditor-Controller, if engaged by County to perform such services.
Failure to Maintain Adequate Records. In addition to all other remedies available to COUNTY at law or in equity or under this CONTRACT, in the event that CONTRACTOR fails to maintain and keep records and accounts of its business operations conducted on or from the Airport and/or source documents relating thereto, or to make the same available to the Airport for audit or review, or to provide other information to the Airport regarding fees paid to CONTRACTOR, COUNTY Project Coordinator, at COUNTY Project Coordinator’s sole discretion, may:
i. Perform such inspections, audits, or reviews itself or through agents or employees as COUNTY and/or its auditors may deem appropriate to confirm the amount of fees paid to CONTRACTOR, and any and all costs and/or expenses incurred by COUNTY in connection therewith shall be promptly reimbursed to COUNTY by CONTRACTOR upon demand.
Failure to Maintain Adequate Records. In addition to all other remedies available to County at law or in equity or under this Contract, in the event that Contractor fails to maintain and keep records and accounts of its business operations conducted on or from the Airport and/or source documents relating thereto, or to make the same available to the Airport for audit or review, or to provide other information to the Airport regarding fees paid to Contractor, County Project Manager, at County Project Manager’s sole discretion, may:
i. Perform such inspections, audits, or reviews itself or through agents or employees as County and/or its auditors may deem appropriate to confirm the amount of fees paid to Contractor, and any and all costs and/or expenses incurred by COUNTY in connection therewith shall be promptly reimbursed to County by Contractor upon demand.