Common use of ADJUSTMENTS AND VERIFICATION Clause in Contracts

ADJUSTMENTS AND VERIFICATION. 3.01 Payment of any Net Smelter Returns by Royaltypayor shall not prejudice the right of Royaltypayor to adjust any statement supporting the payment; provided, however, that all statements presented to the Royaltyholder by Royaltypayor for any quarter shall conclusively be presumed to be true and correct upon the expiration of 12 months following the end of the quarter to which the statement relates, unless within that 12-month period Royaltypayor gives notice to the Royaltyholder claiming an adjustment to the statement which will be reflected in subsequent payment of Net Smelter Returns. 3.02 Royaltypayor shall not adjust any statement in favour of itself more than 12 months following the end of the quarter to which the statement relates. 3.03 The Royaltyholder shall, upon 30 days' notice in advance to Royaltypayor, have the right to request that Royaltypayor have its independent external auditors provide their audit certificate for the statement or adjusted statement, as it may relate to the Agreement and the calculation of Net Smelter Returns. 3.04 The cost of the audit certificate shall be solely for the Royaltyholder' account unless the audit certificate discloses material error in the calculation of Net Smelter Returns, in which case Royaltypayor shall reimburse the Royaltyholder the cost of the audit certificate. Without limiting the generality of the foregoing, a discrepancy of five percent in the calculation of Net Smelter Returns shall be deemed to be material.

ADJUSTMENTS AND VERIFICATION. 3.01 Payment of any Net Smelter Returns by Royaltypayor shall not prejudice the right of Royaltypayor to adjust any statement supporting the payment; provided, however, that all statements presented to the Royaltyholder by Royaltypayor for any quarter shall conclusively be presumed to be true and correct upon the expiration of 12 months following the end of the quarter to which the statement relates, unless within that 12-month period Royaltypayor gives notice to the Royaltyholder claiming an adjustment to the statement which will be reflected in subsequent payment of Net Smelter Returns. 3.02 Royaltypayor shall not adjust any statement in favour of itself more than 12 months following the end of the quarter to which the statement relates. 3.03 The Royaltyholder shall, upon 30 days' ’ notice in advance to Royaltypayor, have the right to request that Royaltypayor have its independent external auditors provide their audit certificate for the statement or adjusted statement, as it may relate to the Agreement and the calculation of Net Smelter Returns. 3.04 The cost of the audit certificate shall be solely for the Royaltyholder' ’ account unless the audit certificate discloses material error in the calculation of Net Smelter Returns, in which case Royaltypayor shall reimburse the Royaltyholder the cost of the audit certificate. Without limiting the generality of the foregoing, a discrepancy of five one percent in the calculation of Net Smelter Returns shall be deemed to be material.

ADJUSTMENTS AND VERIFICATION. 3.01 4.01 Payment of any Net Smelter Returns by Royaltypayor shall not prejudice the right of Royaltypayor to adjust any statement supporting the payment; provided, however, that all statements presented to the Royaltyholder by Royaltypayor for any quarter shall conclusively be presumed to be true and correct upon the expiration of 12 months following the end of the quarter to which the statement relates, unless within that 12-month period Royaltypayor gives notice Notice to the Royaltyholder claiming an adjustment to the statement which will be reflected in subsequent payment of Net Smelter Returns. 3.02 4.02 Royaltypayor shall not adjust any statement in favour of itself more than 12 months following the end of the quarter to which the statement relates. 3.03 4.03 The Royaltyholder shall, upon 30 days' notice Notice in advance to Royaltypayor, have the right to request that Royaltypayor have its independent external auditors provide their audit certificate for the statement or adjusted statement, as it may relate to the Agreement and the calculation of Net Smelter Returns. 3.04 4.04 The cost of the audit certificate shall be solely for the Royaltyholder' 's account unless the audit certificate discloses material error in the calculation of Net Smelter Returns, in which case Royaltypayor shall reimburse the Royaltyholder the cost of the audit certificate. Without limiting the generality of the foregoing, a discrepancy of five one percent in the calculation of Net Smelter Returns shall be deemed to be material.

ADJUSTMENTS AND VERIFICATION. 3.01 Payment of any Net Smelter Returns by Royaltypayor the Royalty-payor shall not prejudice the right of Royaltypayor the Royalty-payor to adjust any statement supporting the payment; provided, however, that all statements presented to the Royaltyholder Royalty-holder by Royaltypayor the Royalty-payor for any quarter shall conclusively be presumed to be true and correct upon the expiration of 12 months following the end of the quarter to which the statement relates, unless within that 12-month period Royaltypayor the Royalty- payor gives notice to the Royaltyholder Royalty-holder claiming an adjustment to the statement which will be reflected in subsequent payment of Net Smelter Returns. 3.02 Royaltypayor The Royalty-payor shall not adjust any statement in favour of itself more than 12 months following the end of the quarter to which the statement relates. 3.03 The Royaltyholder Royalty-holder shall, upon 30 days' notice in advance to Royaltypayorthe Royalty-payor, have the right to request that Royaltypayor the Royalty-payor have its independent external auditors provide their audit certificate for the statement or adjusted statement, as it may relate to the Agreement and the calculation of Net Smelter Returns. 3.04 The cost of the audit certificate shall be solely for the Royaltyholder' Royalty-holder's account unless the audit certificate discloses material error in the calculation of Net Smelter Returns, in which case Royaltypayor the Royalty-payor shall reimburse the Royaltyholder Royalty-holder the cost of the audit certificate. Without limiting the generality of the foregoing, a discrepancy of five one percent in the calculation of Net Smelter Returns shall be deemed to be material.

ADJUSTMENTS AND VERIFICATION. 3.01 Payment of any Net Smelter Returns by Royaltypayor shall not prejudice the right of Royaltypayor to adjust any statement supporting the payment; provided, however, that all statements presented to the Royaltyholder by Royaltypayor for any quarter shall conclusively be presumed to be true and correct upon the expiration of 12 months following the end of the quarter to which the statement relates, unless within that 12-month period Royaltypayor gives notice to the Royaltyholder claiming an adjustment to the statement which will be reflected in subsequent payment of Net Smelter Returns. 3.02 Royaltypayor shall not adjust any statement in favour of itself more than 12 months following the end of the quarter to which the statement relates., 3.03 The Royaltyholder shall, upon 30 days' notice in advance to Royaltypayor, have the right to request that Royaltypayor have its independent external auditors provide their audit certificate for the statement or adjusted statement, as it may relate to the Agreement and the calculation of Net Smelter Returns. 3.04 The cost of the audit certificate shall be solely for the Royaltyholder' account unless the audit certificate discloses material error in the calculation of Net Smelter Returns, in which case Royaltypayor shall reimburse the Royaltyholder the cost of the audit certificate. Without limiting the generality of the foregoing, a discrepancy of five percent in the calculation of Net Smelter Returns shall be deemed to be material.