Common use of Audit of Cost Records Clause in Contracts

Audit of Cost Records. Not more frequently than once with respect to any year in which BMSLC has elected to adjust its price under Section 3.1.2, WC shall have the right to have a "Big Five" accounting firm audit, within [REDACTED] of such price adjustment, BMSLC's books and records relating to the manufacture of the Products, for the sole purpose of verifying BMSLC's determination of the change in costs underlying such price adjustment. Such audit shall be at WC's expense (which shall include reimbursement to BMSLC for the administrative costs it incurs in connection with the review), at reasonable times during normal business hours and upon reasonable notice to BMSLC. A copy of the auditing entity's conclusions of its audit shall be furnished to BMSLC at least ten (10) days prior to disclosure to WC to allow BMSLC an opportunity to review the accuracy of the auditing firm's conclusions prior to disclosure to WC. WC shall bear the full cost of such audit unless such audit discloses a variance of more than [REDACTED] from the amount due, in which event, BMSLC shall bear the full cost of such audit. Any amounts that are determined to be due and owing by BMSLC to WC following such audit shall be paid within thirty (30) business days thereafter, together with any interest due thereon from the date of overpayment by WC at the rate of [REDACTED] per annum; provided that in no event shall such rate exceed the maximum legal annual interest rate. The payment of such interest shall not limit WC from exercising any other rights it may have as a consequence of the lateness of any payment.

Audit of Cost Records. Not more frequently than once with respect to any year in which BMSLC BMS has elected to adjust its price the Purchase Price under Section 3.1.23.01, WC the Company shall have the right to have a "Big Five" accounting firm audit, within [REDACTED] 12 months of such price Purchase Price adjustment, BMSLC's BMS' books and records relating to the manufacture of the Products, for the sole purpose of verifying BMSLC's BMS' determination of the change in costs underlying such price adjustment. Such audit shall be at WC's expense (which shall include reimbursement to BMSLC for the administrative costs it incurs in connection with the review), at reasonable times during normal business hours and upon reasonable notice to BMSLCBMS. A copy of the auditing entityfirm's conclusions of its audit shall be furnished to BMSLC BMS at least ten (10) days prior to disclosure to WC the Company to allow BMSLC BMS an opportunity to review the accuracy of the auditing firm's conclusions prior to disclosure to WCconclusions. WC The Company shall bear the full cost of such audit (including, without limitation, reimbursement to BMS for administrative costs it incurs in connection with the audit) unless such audit discloses a variance of more than [REDACTED] five percent (5%) from the amount duePurchase Price adjustment imposed by BMS, in which event, BMSLC BMS shall bear the full cost of such audit. Any amounts that are determined to be due and owing by BMSLC BMS to WC the Company following such audit shall be paid within 20 thirty (30) business days thereafter, together with any interest due thereon from the date of overpayment by WC the Company at the rate of [REDACTED] twelve percent (12%) per annum; provided that in no event shall such rate exceed the maximum legal annual interest rate. The payment of such interest shall not limit WC the Company from exercising any other legal rights it may have as a consequence of the lateness of any payment.

Audit of Cost Records. Not more frequently than once with respect to any year in which BMSLC WSP has elected to adjust its price under Section 3.1.2, WC shall have the right to have a "Big Five" accounting firm audit, within [REDACTED] 12 months of such price adjustment, BMSLCWSP's books and records relating to the manufacture of the Products, for the sole purpose of verifying BMSLCWSP's determination of the change in costs underlying such price adjustment. Such audit shall be at WC's expense (which shall include reimbursement to BMSLC WSP for the administrative costs it incurs in connection with the review), at reasonable times during normal business hours and upon reasonable notice to BMSLCWSP. A copy of the auditing entity's conclusions of its audit shall be furnished to BMSLC WSP at least ten (10) days prior to disclosure to WC to allow BMSLC WSP an opportunity to review the accuracy of the auditing firm's conclusions prior to disclosure to WC. WC shall bear the full cost of such audit unless such audit discloses a variance of more than [REDACTED] five percent (5%) from the amount due, in which event, BMSLC WSP shall bear the full cost of such audit. Any amounts that are determined to be due and owing by BMSLC WSP to WC following such audit shall be paid within thirty (30) business days thereafter, together with any interest due thereon from the date of overpayment by WC at the rate of [REDACTED] twelve percent (12%) per annum; provided that in no event shall such rate exceed the maximum legal annual interest rate. The payment of such interest shall not limit WC from exercising any other rights it may have as a consequence of the lateness of any payment.

Audit of Cost Records. Not more frequently than once with respect to any year in which BMSLC WSP has elected to adjust its price under Section 3.1.2, WC shall have the right to have a "Big Five" accounting firm audit, within [REDACTED] of such price adjustment, BMSLCWSP's books and records relating to the manufacture of the Products, for the sole purpose of verifying BMSLCWSP's determination of the change in costs underlying such price adjustment. Such audit shall be at WC's expense (which shall include reimbursement to BMSLC WSP for the administrative costs it incurs in connection with the review), at reasonable times during normal business hours and upon reasonable notice to BMSLCWSP. A copy of the auditing entity's conclusions of its audit shall be furnished to BMSLC WSP at least ten (10) days [REDACTED] prior to disclosure to WC to allow BMSLC WSP an opportunity to review the accuracy of the auditing firm's conclusions prior to disclosure to WC. WC shall bear the full cost of such audit unless such audit discloses a variance of more than [REDACTED] from the amount due, in which event, BMSLC WSP shall bear the full cost of such audit. Any amounts that are determined to be due and owing by BMSLC WSP to WC following such audit shall be paid within thirty (30) business days [REDACTED] thereafter, together with any interest due thereon from the date of overpayment by WC at the rate of [REDACTED] per annum; provided that in no event shall such rate exceed the maximum legal annual interest rate. The payment of such interest shall not limit WC from exercising any other rights it may have as a consequence of the lateness of any payment.

Audit of Cost Records. Not more frequently than once with respect to any year in which BMSLC has elected to adjust its price under Section 3.1.2, WC shall have the right to have a "Big Five" accounting firm audit, within [REDACTED] 12 months of such price adjustment, BMSLC's books and records relating to the manufacture of the Products, for the sole purpose of verifying BMSLC's determination of the change in costs underlying such price adjustment. Such audit shall be at WC's expense (which shall include reimbursement to BMSLC for the administrative costs it incurs in connection with the review), at reasonable times during normal business hours and upon reasonable notice to BMSLC. A copy of the auditing entity's conclusions of its audit shall be furnished to BMSLC at least ten (10) days prior to disclosure to WC to allow BMSLC an opportunity to review the accuracy of the auditing firm's conclusions prior to disclosure to WC. WC shall bear the full cost of such audit unless such audit discloses a variance of more than [REDACTED] five percent (5%) from the amount due, in which event, BMSLC shall bear the full cost of such audit. Any amounts that are determined to be due and owing by BMSLC to WC following such audit shall be paid within thirty (30) business days thereafter, together with any interest due thereon from the date of overpayment by WC at the rate of [REDACTED] twelve percent (12%) per annum; provided that in no event shall such rate exceed the maximum legal annual interest rate. The payment of such interest shall not limit WC from exercising any other rights it may have as a consequence of the lateness of any payment.