Common use of Iridium Audit Rights Clause in Contracts

Iridium Audit Rights. Seller shall keep complete, true and accurate books of account and records pursuant to its standard accounting system for the purpose of demonstrating Seller’s compliance with the provisions of Article 3. 1.1. Seller will keep such books and records at Seller’s principal place of business for [***…***] years following the end of the calendar quarter to which they pertain and make them available at all reasonable times for audit to be performed by a reputable and industry recognized independent certified public accounting firm designated by Iridium and reasonably agreed to by Seller. Any such audits will be at the expense of Iridium unless the audit shows that Seller has overcharged amounts due hereunder by more than [***…***] during the audited period. In such case, the certified public accounting firm’s customary and reasonable audit fees shall be paid by Seller. Seller will pay Iridium the full amount of any overpayment within [***…***] days after the date of receipt of an invoice from the Iridium indicating an overpayment, together with interest at the rate of [***…***], compounded annually, from the date such payment was made. The independent auditor will be directed to report the basis for its findings, and the independent auditor’s findings will be binding upon Iridium and Seller.