Common use of Audits; Inspection of Books and Records Clause in Contracts

Audits; Inspection of Books and Records. Each Member shall have the right, at its sole option to conduct internal audits of the books, records and accounts of the Company. Subject to Section 10.1(b) and (c), the first such audit conducted by either Member in any consecutive twelve (12) month period shall be at the cost and expense of the Company, and any additional audits conducted by such Member within such twelve (12) month period shall be at the Member’s cost and expense. Audits may be on either a continuous or a periodic basis and may be conducted by employees of a Member or of an Affiliate of such Member, or by independent auditors retained by the Company or a Member. All books of the Company shall be open to inspection and examination by the Members or their representatives at all reasonable times.

Audits; Inspection of Books and Records. Each Member shall have the right, at its sole option to conduct internal audits of the books, records and accounts of the CompanyCompany and each Venture Vehicle. Subject to Section 10.1(b) and (c), the The first such audit conducted by either any Member in any consecutive twelve (12) month period shall be at the cost and expense of the Company, and any additional audits conducted by such Member within such twelve (12) month period shall be at the Member’s cost and expense. Audits may be on either a continuous or a periodic basis and may be conducted by employees or any representatives of a Member or of an Affiliate of such Member, or by independent auditors retained by the Company or a Member. All books of the Company and Venture Vehicles shall be open to inspection and examination by the Members or their representatives at all reasonable times.