Common use of Audits and Adjustments Clause in Contracts

Audits and Adjustments. Utility Contractor shall maintain and retain for such time as ATCLLC may reasonably direct, but not for longer than six years, the books and other records needed to document the costs Utility Contractor incurs as a result of fulfilling its obligations under this Agreement. Utility Contractor shall respond to any reasonable request from ATCLLC for information related to a cost charged by Utility Contractor to ATCLLC by providing ATCLLC the information reasonably needed by ATCLLC to verify the cost in question. From time to time, ATCLLC may conduct, and Utility Contractor shall permit ATCLLC to conduct or cause to be conducted by its authorized agents, at ATCLLC's expense, audits of the books and records of Utility Contractor that relate to the Services provided under this Agreement. Such audits will be conducted at reasonable, mutually agreed upon times, provided that ATCLLC must contest invoices within one year of receipt and must complete any audit relating to a contested invoice within a reasonable period of time thereafter. Any adjustment identified to be made as a result of an audit and that is payable under Section 5 of Schedule 1 shall be made to the billing statement next issued following the conclusion of the audit.

Audits and Adjustments. Utility Contractor ATCLLC shall maintain and retain for such time as ATCLLC Alliant Energy Corporate Services may reasonably direct, but not for longer than six years, the books and other records needed to document the costs Utility Contractor ATCLLC incurs as a result of fulfilling its obligations under this Agreement. Utility Contractor ATCLLC shall respond to any reasonable request from ATCLLC Alliant Energy Corporate Services for information related to a cost charged by Utility Contractor ATCLLC to ATCLLC Alliant Energy Corporate Services by providing ATCLLC Alliant Energy Corporate Services the information reasonably needed by ATCLLC Alliant Energy Corporate Services to verify the cost in question. From time to time, ATCLLC Alliant Energy Corporate Services may conduct, and Utility Contractor ATCLLC shall permit ATCLLC Alliant Energy Corporate Services to conduct or cause to be conducted by its authorized agents, at ATCLLC's Alliant Energy Corporate Services' expense, audits of the books and records of Utility Contractor ATCLLC that relate to the Services provided under this Agreement. Such audits will be conducted at reasonable, mutually agreed upon times, provided that ATCLLC Alliant Energy Corporate Services must contest invoices within one year of receipt and must complete any audit relating to a contested invoice within a reasonable period of time thereafter. Any adjustment identified to be made as a result of an audit and that is payable under Section 5 of Schedule 1 C shall be made to the billing statement next issued following the conclusion of the audit.