Audits by Authority Clause Samples

Audits by Authority. The books and records required to be maintained by Lessee hereunder shall be available for inspection upon reasonable notice by the Authority or its duly authorized representative, during business hours. The Authority shall have the right, upon reasonable notice to lessee, to cause an audit to be made of Lessee’s books and records relating to Lessee’s operation, in order to determine the correctness of the fees paid by Lessee to the Authority for any contract year which ended no more than three (3) years prior to the commencement date of such audit. If, as a result of any audit performed pursuant to this Lease, it is established that additional fees are due from Lessee, Lessee shall immediately, upon written demand from the Authority, pay to the Authority such additional fees, together with interest on the amount of such additional fees at the rate established in this Lease for monthly late penalty charges from the date such additional fees should have been paid. In the event that it is established through an audit conducted by the Authority or an outside auditor, that fees or charges are otherwise the result of Lessee’s improper recording of its Gross Receipts or Total Sales, Lessee shall pay to the Authority as delinquent fees and charges with interest, in an amount equal to the amount of fees or charges reasonably estimated to have been lost to the Authority. If such audit establishes that the Gross Receipts or Total Sales have been understated by more than five percent (5%) by Lessee, Lessee will reimburse the Authority for the Authority’s cost of the audit. If Lessee disagrees with the Authority’s audit conclusions, Lessee may appeal such conclusions within thirty (30) days following Lessee’s receipt of the Authority’s demand for payment or notification of audit conclusions. Lessee’s appeal shall be in writing and shall include a complete detailed statement of its position. The Authority’s rights to inspect and audit the books and records of Lessee shall survive the expiration or earlier termination of this Lease. The Authority shall not be liable to Lessee for any loss of business or loss of Gross Receipts sustained by Lessee as a result of any change in the operation or configuration of, or any change in any procedure, governing the use of the Airport.

Audits by Authority. The Authority shall have the right, at all reasonable times, to have Concessionaire produce any or all of the above enumerated books and records, including sales tax and other tax return records, to the Authority in ▇▇▇ County, Florida, and to have the Authority's representatives inspect, examine, copy, and audit those books and records for the purpose of verifying the Gross Revenues hereunder. Should the Concessionaire have any of such books or records maintained outside of ▇▇▇ County, Florida, and not wish to make them available to the Authority in ▇▇▇ County, Florida, then the Concessionaire shall reimburse the Authority for the reasonable audit costs incurred, including round trip air fare and ground transportation from Fort ▇▇▇▇▇ to the location at

Audits by Authority. Notwithstanding any provision in this Agreement to the contrary, Authority or its representative(s) may at any time perform audits of all or selected operations performed by Concessionaire under the terms of this Agreement. In order to facilitate the audit performed by Authority, Concessionaire agrees to make suitable arrangements with the Concessionaire's auditing team or accountant, who is responsible for preparing the audit report on behalf of Concessionaire pursuant to Article 4.07 above, to make available to Authority's representative(s) any and all working papers relevant to the audit performed. Authority or its representative(s) shall make available to Concessionaire a copy of the audit report prepared by or on behalf of Authority. Concessionaire shall have thirty (30) calendar days from receipt of the audit report from Authority or its representative(s) to provide a written response to Authority regarding the audit report. Concessionaire agrees that failure of Concessionaire to submit a written response to the audit report in accordance with the requirements of this Article