Common use of Recordkeeping and Audit Rights Clause in Contracts

Recordkeeping and Audit Rights. The parties will maintain (and provide to the other party access upon request as provided below) relevant accounting records to support invoices and payment obligations under this Agreement, for three (3) years following completion or termination of the Agreement. All accounting records will be maintained in accordance with generally accepted accounting principles. Each party shall have the right (at its expense, upon reasonable notice and during the other party's normal business hours) to have an independent certified public accountant inspect and audit the books and records of the other party for the purpose of verifying any reports, information or payments provided or due hereunder. All under/over payments revealed buy such audit shall be paid or returned to the affected party within thirty (30) days of the audit results.