Common use of Audit and Record Retention Clause in Contracts

Audit and Record Retention. 17.1 Upon request by Edison during the period in which this Agreement is in effect, and for a period of three years thereafter, Edison, or a third party designated by Edison for this purpose, may examine, inspect, or copy any or all of Contractor’s books, records, and documents that have been generated as a result of this Agreement or that contain information relating to this Agreement, in whatever form maintained, including without limitation, project-related records, accounting or compliance records, and any supporting documentation (such as records of Contractor’s business development and entertainment activities relating to Edison) (collectively, “Contractor Records”). Contractor will keep proper financial and accounting records, in accordance with generally accepted accounting practices consistently applied, and will maintain its other Contractor Records so as to capture relevant information about Contractor’s performance of the Services and its creation of Deliverables. Upon five days’ prior notice from Edison, Contractor will allow Edison and its designated representative(s) access to Contractor Records during normal business hours so Edison can audit the Contractor Records and will allow interviews of any employees who might reasonably have information related to the Contractor Records. In the event an audit discloses any material discrepancy in the amounts invoiced to Edison from those due, Contractor shall promptly refund any overpayment and reimburse Edison for all costs associated with the audit. Edison will not audit the component parts of the unit rate or fixed fee when particular Services or furnishing of Deliverables are performed on a unit price or fixed fee basis.

Audit and Record Retention. 17.1 18.1 Upon request by Edison Xxxxxx during the period in which this Agreement is in effect, and for a period of three years thereafter, Edison, or a third third-party designated by Edison Xxxxxx for this purpose, may examine, inspect, or copy any or all of ContractorImplementer’s books, records, and documents that have been generated as a result of this Agreement or that contain information relating to this Agreement, in whatever form maintained, including without limitation, project-project- related records, accounting or compliance records, and any supporting documentation (such as records of ContractorImplementer’s business development and entertainment activities relating to Edison) (collectively, “Contractor Implementer Records”). Contractor Implementer will keep proper financial and accounting records, in accordance with generally accepted accounting practices consistently applied, and will maintain its other Contractor Implementer Records so as to capture relevant information about ContractorImplementer’s performance of the Services Work and its creation of Deliverables. Upon five days’ prior notice from Edison, Contractor Implementer will allow Edison Xxxxxx and its designated representative(s) access to Contractor Implementer Records during normal business hours so Edison Xxxxxx can audit the Contractor Implementer Records and will allow interviews of any employees who might reasonably have information related to the Contractor Implementer Records. In the event an audit discloses any material discrepancy in the amounts invoiced to Edison from those due, Contractor Implementer shall promptly refund any overpayment and reimburse Edison for all costs associated with the audit. Edison will not audit the component parts of the unit rate or fixed fee when particular Services Work or furnishing of Deliverables are performed on a unit price or fixed fee basis.