Audit; Post-Closing Balance Sheet Clause Samples
The 'Audit; Post-Closing Balance Sheet' clause establishes the process for reviewing and verifying the financial statements of a company after a transaction has closed. Typically, this clause outlines the timeframe and procedures for preparing a post-closing balance sheet, allows for an independent audit or review, and sets forth how discrepancies or disputes over financial figures will be resolved. Its core function is to ensure transparency and accuracy in the financial condition of the business at the time of closing, thereby protecting both parties from unexpected liabilities or misrepresentations.
Audit; Post-Closing Balance Sheet. If ASTIHL has not provided to August on or prior to the Closing Date all of the financial statements required by Section 5.13, ASTIHL shall take all actions necessary or appropriate, including paying any and all fees for the accounting firm engaged by STI, to permit the delivery of such financial statements in the form required by Section 5.13 as soon as possible following closing and in no event later than April 30, 2003. Within 15 days of Closing, ASTI shall update Schedule 3.10 to include an unaudited balance sheet, prepared using the same principles and management judgments as STI’s audited financial statements, as of the Closing Date (the “Closing Balance Sheet”).
Audit; Post-Closing Balance Sheet. Section 8.5 of the Purchase Agreement is hereby amended and restated in its entirety to read as follows: