Common use of Billing Services Clause in Contracts

Billing Services. Audits: The First Party shall be informed by the Second Party of any audit by the Second Party of its records and operations at the University of Louisville. The First Party shall receive a full report of any such audits (e.g. notification of the completion of any required audits, any adverse findings which impact this Agreement). The First Party or its designee shall have the right to conduct its own audit of the Second Party’s records as they relate to this contract by giving seven (7) working days notice to the Second Party. The First Party shall notify the Second Party, in writing, of any deficiency made known as a result of said audits, in their accounting procedures. If the First Party audit should uncover any billing discrepancies of more than one (1) percent, the cost of such audit shall be at the Second Party’s expense.