Inspection, Audit and Adjustment Sample Clauses

The 'Inspection, Audit and Adjustment' clause grants one party the right to review and verify the records or activities of the other party to ensure compliance with the terms of the agreement. Typically, this involves allowing access to relevant documents, financial records, or operational data for a specified period, and may include the ability to request corrections or adjustments if discrepancies are found. This clause serves to promote transparency, prevent errors or fraud, and provide a mechanism for resolving disputes related to performance or payments.
Inspection, Audit and Adjustment. The Borough shall have the right to commission an independent audit of the information respecting Cost Substantiation available under this Section at its sole cost and expense (recognizing that the allowance for overhead and profit are fixed by this Agreement and not subject to audit), subject to possible reimbursement as provided in this Section. If an inspection or audit reveals that the amount of the Service Fee payments have been overstated, then the Company shall immediately reimburse to the Borough the overstated amount, in addition to interest from the time such amount was initially overpaid until reimbursed or credited to the Borough, at the Overdue Rate. If an inspection or audit contemplated by this Section discloses an overpayment of the Service Fee to the Company of 2% or more of the total amount that should have been properly paid by the Borough during the period audited, then the Company shall, in addition to the reimbursement or credit of such overstated amount, with interest, reimburse the Borough for any and all costs incurred in connection with the inspection or audit including, without limitation, reasonable accounting and attorneys’ fees and other Fees and Costs. If an inspection or audit conducted pursuant to this Section establishes that the Service Fee was properly calculated, then the Borough shall reimburse the Company for any and all costs incurred by the Company in connection with the inspection and audit including, without limitation, reasonable accounting and attorneys’ fees and other Fees and Costs. The foregoing remedies shall be in addition to any other remedies the parties may have including, without limitation, any remedies for an Event of Default.
View SourceView Similar (2)
Inspection, Audit and Adjustment. The County shall have the right to perform or commission an inspection or independent audit of the financial information required to be kept under this Section with respect to payments subject to Cost Substantiation, subject to possible reimbursement as provided in this Section. If an inspection or audit reveals that the Company has overstated any amount subject to Cost Substantiation, then the Company shall, at the election of the County, either immediately reimburse to the County or offset against future Service Fee payments, as a Service Fee adjustment, the overstated amount, in addition to interest, from the time such amount was initially overpaid until reimbursed or credited to the County, at the Prime Rate. If an inspection or audit contemplated by this Section discloses an overpayment of 1% or more of the total amount that should have been properly paid by the County during the period audited, then the Company shall, in addition to the reimbursement or credit of such overpaid amount, with interest, reimburse the County for any and all Fees and Costs incurred in connection with the inspection or audit. The foregoing remedies shall be in addition to any other remedies the County may have, including remedies for an Event of Default by the Company.
View SourceView Similar (2)
Inspection, Audit and Adjustment. The WPCA shall have the right to perform or commission an inspection or an independent audit of the financial information required to be kept under this Section, subject to possible reimbursement as provided in this Section. If an inspection or audit reveals that the WPCA has overpaid the Monthly Service Fee or other amounts payable by the WPCA hereunder, then the Company shall, at the election of the WPCA, either immediately reimburse to the WPCA or offset against future Monthly Service Fee payments, as a Service Fee adjustment, the overpaid amount, in addition to interest, from the time such amount was initially overpaid until reimbursed or credited to the WPCA, at the Prime Rate. If an inspection or audit contemplated by this Section discloses an overpayment of the Service Fee to the Company of 1% or more of the total amount that should have been properly paid by the WPCA during the period audited, then the Company shall, in addition to the reimbursement or credit of such overstated amount, with interest, reimburse the WPCA for any and all Fees and Costs incurred in connection with the inspection or audit. The foregoing remedies shall be in addition to any other remedies the WPCA may have, including remedies for an Event of Default by the Company.
View SourceView Similar (2)
Inspection, Audit and Adjustment. The Borough shall have the right to perform or comm ission an inspection or an independent audit of the financial information required to be kept under this Section , subject to possible ▇▇▇▇ bursem ent as provided in this Section. If an inspection or audit reveals that the Borough has overpaid the Service Fee, then the Company shall, at the election of the Borough , either prom ptly reimburse to the Borough or offset against future Service Fee payments, as a Service Fee adjustment, the overpaid amount, in addition to interest, from the time such amount was initially overpaid until reimbursed or credited to the Borough, at the Overdue Rate.
View Source
Inspection, Audit and Adjustment. The City shall have the right, at its cost and expense, to perform or commission an inspection or independent audit of the financial information required to be kept under this Section, and shall provide the results of such inspection or audit to the Project Company. If an inspection or audit reveals that the Project Company has overstated any component of the Monthly Water Purchase Payments, then the Project Company shall, at the election of the City, either immediately reimburse the City or adjust the Monthly Water Purchase Payments based on the overstated amount, plus interest at the Overdue Rate, from the time such amount was initially overpaid until reimbursed or credited to the City. If the overpayment exceeds 1% of the total amount that should have been properly paid by the City during the period audited, then the Project Company shall, in addition, reimburse the City for any and all fees and costs reasonably incurred in connection with the inspection or audit. The foregoing remedies shall be in addition to any other remedies the City may have hereunder, including remedies for a Project Company Event of Default. If an inspection or audit reveals that the Project Company has understated any component of the Monthly Water Purchase Payments, then the Project Company shall include the amount of the understated payment in the next Billing Period invoice for payment in the regular course under Section 17.9 (Billing and Payment).
View Source
Inspection, Audit and Adjustment. The County shall have the right to perform or commission an independent audit of the financial information required to be kept under this Section, subject to possible reimbursement as provided in this Section. If an inspection or audit reveals that the County has overstated the Service Fee, then the Company shall, at the election of the County, either immediately reimburse to the County or offset against future Service Fee payments, as a Service Fee adjustment, the overstated amount, in addition to interest, from the time such amount was initially overpaid until reimbursed or credited to the County, at the Prime Rate. If an inspection or audit reveals that the County has understated the Service Fee, then the County shall immediately pay the Company the understated amount, in addition to interest from the time such amount was initially underpaid until paid to the Company, at the Prime Rate. If an inspection or audit contemplated by this Section discloses an overpayment of the Service Fee to the Company of 5% or more of the total amount that should have been properly paid by the County during the period audited, then the Company shall, in addition to the reimbursement or credit of such overstated amount, with interest, reimburse the County for any and all Fees and Costs incurred in connection with the inspection or audit. The foregoing remedies shall be in addition to any other remedies the County or the Company may have, including remedies for an Event of Default.
View Source
Inspection, Audit and Adjustment. The County shall have the right to perform or commission an inspection or an independent audit of the financial information required to be kept under this Section, subject to possible reimbursement as provided in this Section. If an inspection or audit contemplated by this Section discloses a Billing Statement that either (i) overstates County Payment Amounts by more than 1% of the proper amount or (ii) understates County Credit Amounts by more than 1% of the proper amount during the period audited, then the Company shall, in addition to the reimbursement or credit of such overstated (or understated) County Payment Amounts or County Credit Amounts, as applicable, with respect to such Billing Statement, with interest at the Overdue Rate, reimburse the County for any and all reasonable costs and expenses incurred by the County in connection with the inspection or audit.
View Source
Inspection, Audit and Adjustment. The County shall have the right to perform or commission an inspection or independent audit of the financial information required to be kept under this Project Agreement. The County shall give the Developer reasonable advance notice (at least three Business Days) prior to any such audit, and such audit shall be performed during business hours. The County shall, or shall cause the party conducting the inspection or audit, to provide a complete copy of the inspection or audit report to the Developer following receipt of such report. If an inspection or audit reveals that the Developer has overstated any component of the Service Fee, a County payment obligation under subsection 7.22(A), or any other County payment obligation arising out of this Project Agreement, then the Developer shall, at the election of the County, either immediately reimburse to the County or offset against Service Fee payments, as a Service Fee adjustment, the overstated amount plus interest at the Overdue Rate, from the time such amount was initially overpaid until reimbursed or credited to the County. If the overpayment exceeds 1% of the total amount that should have been properly paid by the County during the period audited, then the Developer shall, in addition, reimburse the County for any and all fees and costs incurred in connection with the inspection or audit. The foregoing remedies shall be in addition to any other remedies the County may have, including remedies for a Developer Event of Default.
View Source
Inspection, Audit and Adjustment. The Lessor shall have th e right to perform or comm ission an inspection or an independent audit of the financial information required to be kept under this Section, subject to possible reimbursement as provided in this Section. If an inspection or audit reveals that the Lessee has underpaid the Rent, then the Lessee shall either promptly pay to the Lessor or, if agreed to by the Lessor at the Lessor's discretion, increase future Rent payments as a Ren t adjustm ent to account for the underpaid am ount, together with interest at the Overdue Rate from the time such amount was initially underpaid until reimbursed or credited to the Lessor.
View Source

Related to Inspection, Audit and Adjustment

  • Inspection & Audit Each party agrees that the relevant books, records (written, electronic, computer related or otherwise), including but not limited to relevant accounting procedures and practices of the party, financial statements and supporting documentation, and documentation related to the work product shall be subject, at any reasonable time, to inspection, examination, review, audit, and copying at any office or location where such records may be found, with or without notice by the State Auditor, Employment Security, the Department of Administration, Budget Division, the Nevada State Attorney General's Office or its Fraud Control Units, the State Legislative Auditor, and with regard to any federal funding, the relevant federal agency, the Comptroller General, the General Accounting Office, the Office of the Inspector General, or any of their authorized representatives.

  • OIG INSPECTION, AUDIT, AND REVIEW RIGHTS ‌ In addition to any other rights OIG may have by statute, regulation, or contract, OIG or its duly authorized representative(s) may conduct interviews, examine or request copies of ▇▇▇▇▇▇’▇ books, records, and other documents and supporting materials and/or conduct on-site reviews of any of ▇▇▇▇▇▇’▇ locations for the purpose of verifying and evaluating: (a) ▇▇▇▇▇▇’▇ compliance with the terms of this IA and (b) ▇▇▇▇▇▇’▇ compliance with the requirements of the Federal health care programs. The documentation described above shall be made available by ▇▇▇▇▇▇ to OIG or its duly authorized representative(s) at all reasonable times for inspection, audit, and/or reproduction. Furthermore, for purposes of this provision, OIG or its duly authorized representative(s) may interview ▇▇▇▇▇▇ and any of ▇▇▇▇▇▇’▇ employees or contractors who consent to be interviewed at the individual’s place of business during normal business hours or at such other place and time as may be mutually agreed upon between the individual and OIG. ▇▇▇▇▇▇ shall assist OIG or its duly authorized representative(s) in contacting and arranging interviews with such individuals upon OIG’s request. ▇▇▇▇▇▇’▇ employees and contractors may elect to be interviewed with or without a representative of ▇▇▇▇▇▇ present.

  • Records Retention Audits CENTOCOR, its Affiliates and Sublicensees shall keep for three (3) years from the date of each payment of royalties complete and accurate records of sales by CENTOCOR and its Affiliates and Sublicensees of each Licensed Product in sufficient detail to allow the accruing royalties to be determined accurately. MORPHOSYS shall have the right for a period of three (3) years after receiving any report or statement with respect to royalties due and payable to appoint an independent certified public accountant reasonably acceptable to CENTOCOR to inspect the relevant records of CENTOCOR and its Affiliates and Sublicensees to verify such report or statement. CENTOCOR and its Affiliates and Sublicensees shall each make its records available for inspection by such independent certified public accountant during regular business hours at such place or places where such records are customarily kept, upon reasonable notice from MORPHOSYS, solely to verify the accuracy of the reports and payments. Such inspection right shall not be exercised more than once in any calendar year nor more than once with respect to sales of any Licensed Product in any given payment period. MORPHOSYS agrees to hold in strict confidence all information concerning royalty payments and reports, and all information learned in the course of any audit or inspection, except to the extent necessary for MORPHOSYS to reveal such information in order to enforce its rights under this Agreement or if disclosure is required by law, regulation or judicial order. The results of each inspection, if any, shall be binding on both Parties. MORPHOSYS shall pay for such inspections, except that in the event there is any upward adjustment in aggregate royalties payable for any year shown by such inspection of more than […***…] of the amount paid, CENTOCOR shall pay for such inspection. CONFIDENTIAL

  • Investigation of Financial Condition Without in any manner reducing or otherwise mitigating the representations contained herein, Company shall have the opportunity to meet with Buyer's accountants and attorneys to discuss the financial condition of Buyer. Buyer shall make available to Company all books and records of Buyer.

  • Response/Compliance with Audit or Inspection Findings A. Grantee must act to ensure its and its Subcontractors’ compliance with all corrections necessary to address any finding of noncompliance with any law, regulation, audit requirement, or generally accepted accounting principle, or any other deficiency identified in any audit, review, inspection or investigation of the Grant Agreement and the services and Deliverables provided. Any such correction will be at Grantee’s or its Subcontractor's sole expense. Whether ▇▇▇▇▇▇▇'s action corrects the noncompliance shall be solely the decision of the System Agency. B. As part of the services, Grantee must provide to HHS upon request a copy of those portions of Grantee's and its Subcontractors' internal audit reports relating to the services and Deliverables provided to the State under the Grant Agreement. C. Grantee shall include the requirement to provide to System Agency (and any of its duly authorized federal, state, or local authorities) internal audit reports related to this Grant Agreement in any Subcontract it awards. Upon request by System Agency, Grantee shall enforce this requirement against its Subcontractor. Further, Grantee shall include in any Subcontract it awards a requirement that all Subcontractor Subcontracts must also include these provisions.