Common use of Inspection & Audit Clause in Contracts

Inspection & Audit. (a) The Bank shall at all reasonable times have access to any site where the Successful Bidder are performing any of the said Job/the Service(s) and such person shall have the right to inspect such performance and all documentation related thereto and to make and retain copies of the aforesaid documentation. (b) The Successful Bidder shall, co-operate with the Bank‟s, internal or external auditor to assure a prompt and accurate audit. The Successful Bidder shall also co- operate in good faith with the Bank to correct any practices which are found to be deficient as a result of any such audit within a reasonable time after receipt of the Bank‟s audit report. Such audits or reviews will be at the expenses of the Bank. However, if the audit discovers discrepancies or overcharges, then upon completion of such audit or review, the Successful Bidder shall be bound and liable to reimburse to the Bank such discrepancies or overcharges and for the cost of the audit.

Inspection & Audit. (a) The Bank shall at all reasonable times have access to any site where the Successful Bidder are performing any of the said Job/the Service(s) and such person shall have the right to inspect such performance and all documentation related thereto and to make and retain copies of the aforesaid documentation. (b) The Successful Bidder shall, co-operate with the Bank‟s, internal or external auditor to assure a prompt and accurate audit. The Successful Bidder shall also co- co-operate in good faith with the Bank to correct any practices which are found to be deficient as a result of any such audit within a reasonable time after receipt of the Bank‟s audit report. Such audits or reviews will be at the expenses of the Bank. However, if the audit discovers discrepancies or overcharges, then upon completion of such audit or review, the Successful Bidder shall be bound and liable to reimburse to the Bank such discrepancies or overcharges and for the cost of the audit.