Common use of Preparation of Accounts Clause in Contracts

Preparation of Accounts. The LICENSEE shall; (a) maintain and prepare accounting records, sufficient to show and explain its transactions in respect of each financial year or part thereof of the LICENCE during which this Licence is in force, or of such lesser periods as the LICENSOR may specify, fairly presenting the costs (including capital costs), revenue and financial position of the LICENSEE's business and including a reasonable assessment of the assets employed in and liabilities attributable to the LICENSEE's business. (b) procure in respect of each of those accounting statements prepared in respect of a financial year or part thereof of the LICENSEE, a report by the LICENSEE'S Auditor stating whether in his opinion that statement is adequate for the purposes of the condition; and (c) deliver to the LICENSOR a copy of each of the accounting statements not later than six months after the end of the period to which they relate.

Preparation of Accounts. The LICENSEE shall; (a) maintain and prepare accounting records, sufficient to show and explain its transactions in respect of each financial year or part thereof of the LICENCE during which this Licence is in force, or of such lesser periods as the LICENSOR may specify, fairly presenting the costs (including capital costs), revenue and financial position of the LICENSEE's ’s business and including a reasonable assessment of the assets employed in and liabilities attributable to the LICENSEE's ’s business. (b) procure in respect of each of those accounting statements prepared in respect of a financial year or part thereof of the LICENSEE, a report by the LICENSEE'S ’S Auditor stating whether in his opinion that statement is adequate for the purposes of the condition; and (c) deliver to the LICENSOR a copy of each of the accounting statements not later than six months after the end of the period to which they relate.

Preparation of Accounts. The LICENSEE shall;Shall: (a) maintain and prepare accounting records, sufficient to show and explain its transactions in respect of each financial year or part thereof of the LICENCE during which this Licence is in force, or of such lesser periods as the LICENSOR may specify, fairly presenting the costs (including capital costs), revenue and financial position of the LICENSEE's 'S business and including a reasonable assessment of the assets employed in and liabilities attributable to the LICENSEE's business. (b) procure in respect of each of those accounting statements prepared in respect of a financial year or part thereof of the LICENSEE, a report by the LICENSEE'S 's Auditor stating whether in his opinion that statement is adequate for the purposes of the condition; and (c) deliver to the LICENSOR a copy of each of the accounting statements not later than six months after the end of the period to which they relate.