Payment Terms and Audit Rights Clause Samples

The "Payment Terms and Audit Rights" clause defines the rules and timelines for making payments under the agreement and grants one or both parties the right to review financial records related to those payments. Typically, this clause specifies when invoices must be paid, acceptable payment methods, and the process for disputing charges, while also outlining the procedures for conducting audits, such as advance notice requirements and access to relevant documents. Its core function is to ensure transparency and accountability in financial transactions, helping to prevent disputes over payments and allowing parties to verify compliance with the contract's financial obligations.
Payment Terms and Audit Rights. 5.1 Asyst agrees to payment terms, from date of invoice or shipment date whichever is later, of [*] days for the first [*] months of this Agreement, and [*] days at all times thereafter for amounts due under this Agreement. All undisputed amounts due will be paid within such time frames upon receipt by Asyst or the applicable Asyst affiliate or subsidiary of a proper invoice from Manufacturer. All amounts that are due under this Agreement from Asyst or any Asyst affiliate or subsidiary will be invoiced by Manufacturer in U.S. Dollars, and such amounts will be paid by Asyst or such Asyst affiliate or subsidiary to Manufacturer in U.S. Dollars. 5.2 Asyst shall have the right, during normal business hours and upon reasonable written notice to inspect and audit, either directly or through an authorized representative, Manufacturer's processes as they relate to the manufacture and delivery to Asyst of Products. Promptly upon request by Asyst, Manufacturer will provide to Asyst (a) accurate and complete details of all actual material costs incurred through the entire manufacturing process for the Products, and (b) non-confidential records for Asyst to verify such costs.
View Source
Payment Terms and Audit Rights 
View SourceView Similar (4)

Related to Payment Terms and Audit Rights

  • Records and Audit Rights To ensure that the Contractor and its subcontractors are complying with the warranty under Section 7 below, Contractor’s and its subcontractors’ books, records, correspondence, accounting procedures and practices, and any other supporting evidence relating to this Agreement, including the papers of any Contractor and its subcontractors’ employees who perform any work or services pursuant to this Agreement (all of the foregoing hereinafter referred to as “Records”), shall be open to inspection and subject to audit and/or reproduction during normal working hours by the City, to the extent necessary to adequately permit (i) evaluation and verification of any invoices, payments or claims based on Contractor’s and its subcontractors’ actual costs (including direct and indirect costs and overhead allocations) incurred, or units expended directly in the performance of work under this Agreement and (ii) evaluation of the Contractor’s and its subcontractors’ compliance with the Arizona employer sanctions laws referenced in Section 7 below. To the extent necessary for the City to audit Records as set forth in this Section, Contractor and its subcontractors hereby waive any rights to keep such Records confidential. For the purpose of evaluating or verifying such actual or claimed costs or units expended, the City shall have access to said Records, even if located at its subcontractors’ facilities, from the effective date of this Agreement for the duration of the work and until three years after the date of final payment by the City to Contractor pursuant to this Agreement. Contractor and its subcontractors shall provide the City with adequate and appropriate workspace so that the City can conduct audits in compliance with the provisions of this Section. The City shall give Contractor or its subcontractors reasonable advance notice of intended audits. Contractor shall require its subcontractors to comply with the provisions of this Section by insertion of the requirements hereof in any subcontract pursuant to this Agreement.

  • Information Access and Audit Rights 25.1 Information Access 25.2 Reporting of Non-Force Majeure Events 25.3 Audit Rights 25.3.1 25.3.2 25.4 Audit Rights Periods 25.4.1 Audit Rights Period for Construction-Related Accounts and Records 25.4.2 Audit Rights Period for All Other Accounts and Records 25.5 Audit Results 25.5.1 26.1 General 26.2 Responsibility of Principal 26.3 No Limitation by Insurance

  • Inspection and Audit Rights The Master Servicer agrees that, on reasonable prior notice, it will permit and will cause each Subservicer to permit any representative of the Depositor or the Trustee during the Master Servicer's normal business hours, to examine all the books of account, records, reports and other papers of the Master Servicer relating to the Mortgage Loans, to make copies and extracts therefrom, to cause such books to be audited by independent certified public accountants selected by the Depositor or the Trustee and to discuss its affairs, finances and accounts relating to the Mortgage Loans with its officers, employees and independent public accountants (and by this provision the Master Servicer hereby authorizes said accountants to discuss with such representative such affairs, finances and accounts), all at such reasonable times and as often as may be reasonably requested. Any out-of-pocket expense incident to the exercise by the Depositor or the Trustee of any right under this Section 10.09 shall be borne by the party requesting such inspection; all other such expenses shall be borne by the Master Servicer or the related Subservicer.

  • RECORDS AND AUDIT PROVISIONS ‌‌ 5.1‌‌ ON-SITE AND OFF-SITE REVIEWS/AUDITS The IOP grants the Director, DHA [or authorized representative(s)], the right to conduct on-site or off-site reviews or accounting audits with full access to patients and records. The audits will be conducted on a scheduled or unscheduled (unannounced) basis. This right to audit/review includes, but is not limited to, the right to:‌ (a)‌ Examine fiscal and all other records of the IOP which would confirm compliance with this agreement and designation as an authorized IOP provider. (b)‌ Conduct audits of IOP records including clinical, financial, and census records to determine the nature of the services being provided, and the basis for charges and claims against the United States for services provided to beneficiaries. The Director, DHA, or a designee shall have full access to records of both TRICARE and non-TRICARE patients. Note: In most cases, only TRICARE patients’ records will be audited. Examples of situations where non-TRICARE patient records would be requested may be in situations of differential quality of care assessments or to identify systemic quality and safety concerns. (c)‌ Examine reports of evaluations and inspections conducted by federal, state, local government, and private agencies and organizations. (d)‌ Conduct on-site inspections of the facilities of the IOP and interview employees, members of the staff, contractors, board members, volunteers, and patients, as required. (e)‌ Release copies of final review reports (including reports of on-site reviews) under the Freedom of Information Act (FOIA).

  • Access and Audit 16.1 The Supplier shall keep accurate and systematic accounts, files and records ("the Records"). The Records shall clearly identify, among other things, the basis upon which invoices have been calculated and the Supplier shall keep the Records throughout the duration of this Contract and for six years following its termination. 16.2 The Supplier shall upon request provide DFID or its representatives including the National Audit Office, unrestricted access to the Records in order that the Records may be inspected and copied. The Supplier shall co-operate fully in providing to DFID or its representative’s answers to such enquiries as may be made about the Records. 16.3 Where it is found by DFID that any overpayment has been made to the Supplier the Supplier shall reimburse DFID such amount within 28 days of the date of DFID's written demand.