Record Keeping and Accounting Sample Clauses

Record Keeping and Accounting. MSD shall provide adequate record-keeping and reporting, as required by federal, state and local laws. This includes maintaining books, records, documents, and other evidence that sufficiently and properly reflect all direct costs expended in the performance of the services contemplated by this Agreement.
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Record Keeping and Accounting. Universal shall maintain and preserve accurate books and records for the Restaurant. No later than the twentieth day following each calendar month during the Term, Universal shall furnish to JFD complete and accurate statement showing the Gross Receipts for the Restaurant during the preceding calendar month ("Monthly Statements"). At any time upon 15 days prior notice, JFD may request that Universal furnish to JFD a detailed statement for the preceding twelve (12) months, certified by an independent certified public accountant chosen by JFD, showing in sufficient detail the elements included in the calculation of Gross Receipts (the "Gross Receipts Statement"), provided, however, if there is no Material Discrepancy (defined below) found in the prior audit, JFD may not exercise the foregoing audit rights more frequently than once annually. The expenses attributable to the preparation and certification of such Gross Receipts Statement shall be borne by JFD, unless the reported total Gross Receipts for any period shown on such Gross Receipts Statement vary, in the aggregate, by five percent (5%) or more from the total Gross Receipts reported to JFD in the Monthly Statements for such period ("Material Discrepancy"). In the event of a Material Discrepancy, all expenses attributable to the preparation and certification of the Gross Receipts Statement shall be borne by Universal. Any underpayment disclosed by either an audit and examination or the Gross Receipts Statement shall be paid (with interest at the Prime Rate plus two hundred basis points) within thirty (30) days of presentment of the audit report or Gross Receipts Statement. Any overpayment disclosed by such an audit shall be credited to subsequent License Fees due to JFD hereunder or, if this Agreement has then expired or been terminated, shall be paid in cash (with interest at the Prime Rate) within thirty (30) days following presentment of audit report.
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Record Keeping and Accounting. The JV will provide a monthly accounting of receipts and disbursements of Net Profits from each SPV. The monthly return from the SPVs is on a commercially reasonable efforts basis, and it is expected that the disbursements of profits will vary month to month according to actual profits made. An annual reconciliation will be made for each project within 60 days of each year end.
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Record Keeping and Accounting 
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Related to Record Keeping and Accounting

  • Record Keeping and Reporting 7.1 The Supplier must ensure that suitably qualified representatives attend progress meetings with the Buyer and provide progress reports when specified in the Order Form. 7.2 The Supplier must keep and maintain full and accurate records and accounts on everything to do with the Contract for 7 years after the date of expiry or termination of the Contract and in accordance with the UK GDPR or the EU GDPR as the context requires. 7.3 The Supplier must allow any auditor appointed by the Buyer access to its premises to verify all contract accounts and records of everything to do with the Contract and provide copies for the Audit. 7.4 During an Audit, the Supplier must provide information to the auditor and reasonable co-operation at their request. 7.5 The Parties will bear their own costs when an Audit is undertaken unless the Audit identifies a material default by the Supplier, in which case the Supplier will repay the Buyer's reasonable costs in connection with the Audit. 7.6 If the Supplier is not providing any of the Deliverables, or is unable to provide them, it must immediately: (a) tell the Buyer and give reasons; (b) propose corrective action; and (c) provide a deadline for completing the corrective action. 7.7 If the Buyer, acting reasonably, is concerned as to the financial stability of the Supplier such that it may impact on the continued performance of the Contract then the Buyer may: (a) require that the Supplier provide to the Buyer (for its approval) a plan setting out how the Supplier will ensure continued performance of the Contract and the Supplier will make changes to such plan as reasonably required by the Buyer and once it is agreed then the Supplier shall act in accordance with such plan and report to the Buyer on demand; and (b) if the Supplier fails to provide a plan or fails to agree any changes which are requested by the Buyer or fails to implement or provide updates on progress with the plan, terminate the Contract immediately for material breach (or on such date as the Buyer notifies). 7.8 If there is a material default, the Supplier must notify the Buyer within 3 Working Days of the Supplier becoming aware of the material default. The Buyer may request that the Supplier provide a Rectification Plan within 10 Working Days of the Buyer’s request alongside any additional documentation that the Buyer requires. Once such Rectification Plan is agreed between the Parties (without the Buyer limiting its rights) the Supplier must immediately start work on the actions in the Rectification Plan at its own cost.

  • Record Keeping The Grantee agrees to maintain records of the expenditure of the Grant.