Common use of Airports Authority’s Right to Inspect and Audit Clause in Contracts

Airports Authority’s Right to Inspect and Audit. a) Contractor shall maintain in a true and accurate manner, and in accordance with Generally Accepted Accounting Principles (GAAP), such accounts, books, records, and data as would reasonably be expected to be examined by an independent certified public accountant in performing an audit or examination of Contractor’s revenue and expenses in accordance with GAAP and with Generally Accepted Auditing Standards (GAAS). b) Books, records, and information to be made available to the Airports Authority shall include, but not be limited to, all supporting documentation that is fundamental for the performance of an audit in accordance with GAAS. c) Upon request of the Airports Authority, Contractor and its subcontractors shall submit a SSAE 16 (SOC2) audit report. d) Contractor may keep the books and records it is required to maintain at its corporate office or elsewhere available for inspection. Such books and records shall be kept segregated from Contractor’s books and records relating to operations other than pursuant to the Contract. Contractor shall make such books and records available to the Airports Authority or its designee within seven (7) business days of receiving said request from the Airports Authority. Should Contractor not wish to make the corporate books and records available in the Washington, D.C. area, then Contractor shall pay reasonable travel and accommodation expenses for the Airports Authority or the Airports Authority’s authorized representatives to travel to Contractor’s office to conduct the audit. e) The Airports Authority shall have the right, upon reasonable notice to Contractor, to audit the corporate books and records relating to the operations of Contractor in order to determine the correctness of the fees paid to the Airports Authority for any Contract Year. The Airports Authority’s right to inspect and audit extends to the books and records of all subcontractors and/or partners under this Contract as they relate to this Contract. If the audit discloses intentional inaccuracies, this Contract, at the option of the Airports Authority, may be terminated. f) If, as a result of the audit performed, additional fees are due from Contractor to the Airports Authority, Contractor shall immediately pay to the Airports Authority such additional fees, together with interest on the amount of such additional fees at the rate specified; from the date such additional fees should have been paid. Further, if the audit establishes that Contractor has understated and underpaid fees by three percent (3%) or more for any Contract Year, then the entire expense of such audit, whether internal or external, shall be paid by Contractor. g) In the event that it is established through an audit conducted by the Airports Authority that fees or charges otherwise due to the Airports Authority under this Contract have not been paid to the Airports Authority as a result of Contractor’s improper recording of its Gross Receipts, Contractor shall pay to the Airports Authority as delinquent fees and charges (with interest and penalties) an amount equal to the amount of fees or charges reasonably estimated to have been lost to the Airports Authority. h) The Airports Authority’s rights to inspect and audit the books and records of Contractor shall survive the expiration or earlier termination of the Contract. Contractor shall retain and keep available all documents and records relating to this Contract for not less than three (3) years after the expiration or termination date of the Contract term or any extension, or in the event of litigation or claims relating to this Contract until such litigation or claims are completely disposed of and all time limits for appeal have expired.

Airports Authority’s Right to Inspect and Audit. a) Contractor shall maintain in a true and accurate manner, and in accordance with Generally Accepted Accounting Principles (GAAP), such accounts, books, records, and data as would reasonably be expected to be examined by an independent certified public accountant in performing an audit or examination of Contractor’s revenue and expenses in accordance with GAAP and with Generally Accepted Auditing Standards (GAAS). b) Books, records, and information to be made available to the Airports Authority shall include, but not be limited to, all supporting documentation that is fundamental for the performance of an audit in accordance with GAAS. c) Upon request of the Airports Authority, Contractor and its subcontractors shall submit a SSAE 16 (SOC2) audit report. d) Contractor may keep the books and records it is required to maintain at its corporate office or elsewhere available for inspection. Such books and records shall be kept segregated from Contractor’s books and records relating to operations other than pursuant to the Contract. Contractor shall make such books and records available to the Airports Authority or its designee within seven (7) business days of receiving said request from the Airports Authority. Should Contractor not wish to make the corporate books and records available in the Washington, D.C. area, then Contractor shall pay reasonable travel and accommodation expenses for the Airports Authority or the Airports Authority’s authorized representatives to travel to Contractor’s office to conduct the audit. e) The Airports Authority shall have the right, upon reasonable notice to Contractor, to audit the corporate books and records relating to the operations of Contractor in order to determine the correctness of the fees paid to the Airports Authority for the Initial Marketing Period or any Contract Mag Year. The Airports Authority’s right to inspect and audit extends to the books and records of all subcontractors and/or partners under this Contract as they relate to this Contract. If the audit discloses intentional inaccuracies, this Contract, at the option of the Airports Authority, may be terminated. f) If, as a result of the audit performed, additional fees are due from Contractor to the Airports Authority, Contractor shall immediately pay to the Airports Authority such additional fees, together with interest on the amount of such additional fees at the rate specified; from the date such additional fees should have been paid. Further, if the audit establishes that Contractor has understated and underpaid fees by three percent (3%) or more for the Initial Marketing Period or any Contract Mag Year, then the entire expense of such audit, whether internal or external, shall be paid by Contractor. g) In the event that it is established through an audit conducted by the Airports Authority that fees or charges otherwise due to the Airports Authority under this Contract have not been paid to the Airports Authority as a result of Contractor’s improper recording of its Gross Receipts, Contractor shall pay to the Airports Authority as delinquent fees and charges (with interest and penalties) an amount equal to the amount of fees or charges reasonably estimated to have been lost to the Airports Authority. h) The Airports Authority’s rights to inspect and audit the books and records of Contractor shall survive the expiration or earlier termination of the Contract. Contractor shall retain and keep available all documents and records relating to this Contract for not less than three (3) years after the expiration or termination date of the Contract term or any extension, or in the event of litigation or claims relating to this Contract until such litigation or claims are completely disposed of and all time limits for appeal have expired.

Airports Authority’s Right to Inspect and Audit. a) Contractor shall maintain in a true and accurate manner, and in accordance with Generally Accepted Accounting Principles (GAAP), such accounts, books, records, and data data, including information technology system records, as would reasonably be expected to be examined by an independent certified public accountant in performing an audit or examination of Contractor’s revenue and expenses in accordance with GAAP and with Generally Accepted Auditing Standards (GAAS). b) Books, records, and information to be made available to the Airports Authority shall include, but not be limited to, all supporting documentation that is fundamental for the performance of an audit in accordance with GAAS. c) , including information technology system records as they relate to this Contract. Upon request of the Airports AuthorityContracting Officer, Contractor and its subcontractors shall shall, in a form acceptable to the Contracting Officer, submit a SSAE 16 (SOC2) audit reportthird party attestation report regarding its policies, controls, processes and security. dc) The Contractor may keep the books and records it is required to maintain at its corporate office or elsewhere available for inspection. Such books and records shall be kept segregated from the Contractor’s books and records relating to operations other than pursuant to the Contractcontract. Contractor shall make such books and records available to the Airports Authority or its designee within seven (7) business days of receiving said request from the Airports Authority. Should Contractor not wish to make the corporate books and records available in the Washington, D.C. area, then the Contractor shall pay reasonable travel and accommodation expenses for the Airports Authority or the Airports Authority’s authorized representatives to travel to the Contractor’s office to conduct the audit. ed) The Airports Authority shall have the right, upon reasonable notice to Contractor, to audit the corporate books and records relating to the operations of the Contractor in order to determine the correctness of the fees paid to the Airports Authority for any Contract Year. The Airports Authority’s right to inspect and audit extends to the books and records of all subcontractors and/or partners under this Contract contract as they relate to this Contractcontract. If the audit discloses intentional inaccuracies, this Contractcontract, at the option of the Airports Authority, may be terminated. fe) If, as a result of the audit performed, additional fees are due from the Contractor to the Airports Authority, the Contractor shall immediately pay to the Airports Authority such additional fees, together with interest on the amount of such additional fees at the rate specified; from the date such additional fees should have been paid. Further, if the audit establishes that the Contractor has understated and underpaid fees by three percent (3%) or more for any Contract Year, then the entire expense of such audit, whether internal or external, shall be paid by the Contractor. gf) In the event that it is established through an audit conducted by the Airports Authority that fees or charges otherwise due to the Airports Authority under this Contract contract have not been paid to the Airports Authority as a result of the Contractor’s improper recording of its Gross Receipts, the Contractor shall pay to the Airports Authority as delinquent fees and charges (with interest and penalties) an amount equal to the amount of fees or charges reasonably estimated to have been lost to the Airports Authority. hg) The Airports Authority’s rights to inspect and audit the books and records of the Contractor shall survive the expiration or earlier termination of the Contractcontract. The Contractor shall retain and keep available all documents and records relating to this Contract contract for not less than three (3) years after the expiration or termination date of the Contract contract term or any extension, or in the event of litigation or claims relating to this Contract contract until such litigation or claims are completely disposed of and all time limits for appeal have expired. h) Without waiving any other right of action available to the Airports Authority in the event of default in payment of charges and fees hereunder, if the Contractor fails to make a payment when due, late charges will be assessed from the date payment was due. Late charges may consist of interest and penalties. i) The interest rate shall be at the rate per annum which is four percent (4%) higher than the "prime rate" published in The Wall Street Journal on the date such payment was due. j) In addition to interest, monthly penalty charges at the rate of six percent (6%) per annum (or as established periodically) of the amount due will be assessed on the unpaid portion of accounts more than thirty (30) days past due.

Airports Authority’s Right to Inspect and Audit. a) Contractor shall maintain in a true and accurate manner, and in accordance with Generally Accepted Accounting Principles (GAAP), such accounts, books, records, and data as would reasonably be expected to be examined by an independent certified public accountant in performing an audit or examination of Contractor’s revenue and expenses in accordance with GAAP and with Generally Accepted Auditing Standards (GAAS). b) Books, records, and information to be made available to the Airports Authority shall include, but not be limited to, all supporting documentation that is fundamental for the performance of an audit in accordance with GAAS. c) Upon request of the Airports Authority, Contractor and its subcontractors shall submit a SSAE 16 (SOC2) audit report. d) The Contractor may keep the books and records it is required to maintain at its corporate office or elsewhere available for inspection. Such books and records shall be kept segregated from the Contractor’s books and records relating to operations other than pursuant to the Contractcontract. Contractor shall make such books and records available to the Airports Authority or its designee within seven (7) business days of receiving said request from the Airports Authority. Should Contractor not wish to make the corporate books and records available in the Washington, D.C. area, then the Contractor shall pay reasonable travel and accommodation expenses for the Airports Authority or the Airports Authority’s authorized representatives to travel to the Contractor’s office to conduct the audit. ed) The Airports Authority shall have the right, upon reasonable notice to Contractor, to audit the corporate books and records relating to the operations of the Contractor in order to determine the correctness of the fees paid to the Airports Authority for any Contract Yearcontract year. The Airports Authority’s right to inspect and audit extends to the books and records of all subcontractors and/or partners under this Contract contract as they relate to this Contractcontract. If the audit discloses intentional inaccuracies, this Contractcontract, at the option of the Airports Authority, may be terminated. fe) If, as a result of the audit performed, additional fees are due from the Contractor to the Airports Authority, the Contractor shall immediately pay to the Airports Authority such additional fees, together with interest on the amount of such additional fees at the rate specified; from the date such additional fees should have been paid. Further, if the audit establishes that the Contractor has understated and underpaid fees by three percent (3%) or more for any Contract Yearcontract year, then the entire expense of such audit, whether internal or external, shall be paid by the Contractor. gf) In the event that it is established through an audit conducted by the Airports Authority that fees or charges otherwise due to the Airports Authority under this Contract contract have not been paid to the Airports Authority as a result of the Contractor’s improper recording of its Gross Receipts, the Contractor shall pay to the Airports Authority as delinquent fees and charges (with interest and penalties) an amount equal to the amount of fees or charges reasonably estimated to have been lost to the Airports Authority. hg) The Airports Authority’s rights to inspect and audit the books and records of the Contractor shall survive the expiration or earlier termination of the Contractcontract. The Contractor shall retain and keep available all documents and records relating to this Contract contract for not less than three (3) years after the expiration or termination date of the Contract contract term or any extension, or in the event of litigation or claims relating to this Contract contract until such litigation or claims are completely disposed of and all time limits for appeal have expired. h) Without waiving any other right of action available to the Airports Authority in the event of default in payment of charges and fees hereunder, if the Contractor fails to make a payment when due, late charges will be assessed from the date payment was due. Late charges may consist of interest and penalties. i) The interest rate shall be at the rate per annum which is four percent (4%) higher than the "prime rate" published in The Wall Street Journal on the date such payment was due. j) In addition to interest, monthly penalty charges at the rate of six percent (6%) per annum (or as established periodically) of the amount due will be assessed on the unpaid portion of accounts more than thirty (30) days past due.