Common use of Audits and Inspection Clause in Contracts

Audits and Inspection. SM, at its sole discretion, may periodically inspect or send an authorized representative to periodically inspect Precious Metals or Accounts on behalf of SM’s Customers (which may include the Customer). SM will conduct or will send an authorized representative to conduct a semi-annual audit of all of the Accounts. On an annual basis, SM shall also arrange for a third party audit to be conducted by a reputable accounting firm. SM, at its sole discretion, may reserve the right to not conduct or to not send an authorized representative to conduct a semi-annual audit or an annual third party audit of any and all Accounts that do not meet the minimum requirement of USD/CAD $1.00 in inventory value of any combination of precious metals. Customers (or their Authorized Representatives) shall also be entitled to inspect the Precious Metals held in an Account on their behalf on an annual basis during normal business hours. There is a minimum four (4) hour charge to you for such inspections and any additional time required to complete the inspection beyond the minimum four (4) hour period shall be subject to an additional hourly fee for each whole hour or any part thereof. Ten (10) days written notice prior to such inspection must be provided to SM.

Audits and Inspection. SM, at its sole discretion, may periodically inspect or send an authorized representative to periodically inspect Precious Metals or Accounts on behalf of SM’s Customers (which may include the Customer). SM will conduct or will send an authorized representative to conduct a semi-annual semiannual audit of all of the Accounts. On an annual basis, SM shall also arrange for a third party audit to be conducted by a reputable accounting firm. SM, at its sole discretion, may reserve the right to not conduct or to not send an authorized representative to conduct a semi-annual semiannual audit or an annual third party audit of any and all Accounts that do not meet the minimum requirement of USD/CAD $1.00 1.00, in inventory value value, of any combination of precious metals. Customers (or their Authorized Representatives) shall also be entitled to inspect the Precious Metals held in an Account on their behalf on an annual basis during normal business hours. There is a minimum four (4) hour charge to you for such inspections and any additional time required to complete the inspection beyond the minimum four (4) hour period shall be subject to an additional hourly fee for each whole hour or any part thereof. Ten (10) days written notice prior to such inspection must be provided to SM.