Common use of Books, Records and Audits Clause in Contracts

Books, Records and Audits. A. Except as provided below, Tenant must prepare and maintain at its office in Chicago full, complete and proper books, records and accounts in accordance with generally accepted accounting procedures relating to and setting forth the Gross Revenues, both for cash and on credit, and must require and cause its operations personnel to prepare and keep books, source documents, records and accounts sufficient to substantiate those kept by Tenant. The books and source documents to be kept by Tenant must include true copies of all federal, state and local tax returns and reports, records of inventories and receipts of merchandise, daily receipts from all sales and other pertinent original sales records and records of any other transactions conducted in or from the Leased Space by Tenant and any other persons conducting business in or from the Leased Space. Pertinent original sales records must include: (i) cash register tapes, including tapes from temporary registers, (ii) serially pre-numbered sales slips, (iii) the original records of all mail and telephone orders at and to the Leased Space, (iv) original records indicating that merchandise returned by customers was purchased at the Leased Space by the customers, (v) memorandum receipts or other records of merchandise taken out on approval, (vi) detailed original records of any exclusions or deductions from Gross Revenues, (vii) sales tax records, and (viii) such other sales records, if any, that would normally be examined by an independent accountant under accepted auditing standards in performing an audit of Tenant's Gross Revenues. B. Tenant must record at the time of each sale or other transaction, in the presence of the customer, all receipts from the sale or other transaction, whether for cash, credit or otherwise, in a cash register or cash registers having a cumulative total that must be sealed in a manner approved by the Commissioner and that must possess such other features as required by the Commissioner. The books, records and accounts, including any sales tax reports that Tenant may be required to furnish to any government or governmental agency, must at all reasonable times be open to the inspection (including the making of copies or extracts) of the Commissioner, the Commissioner's auditor or other authorized representative or agent at the Leased Space or Tenant’s other offices in Chicago for a period of at least 3 years after the expiration of each calendar year falling wholly or in part within the Term. C. The acceptance by the Commissioner of payments of any Percentage Fee is without prejudice to the Commissioner's right to conduct an examination of the Tenant's books and records relating to Gross Revenues and of inventories of merchandise at the Retail Space, in order to verify the amount of Gross Revenues made in and from the Retail Space. D. After providing Tenant at least 3 days prior oral or written notice, the Commissioner may inspect the books and records of Tenant. Further, at its option, the Commissioner may at any reasonable time, upon no less than 10 days prior written notice to Tenant cause a complete audit to be made of Tenant's entire records relating to the Retail Space for the period covered by any statement issued by Tenant as above set forth. If the audit discloses that Tenant's statement of Gross Revenues is understated to the extent of: (i) 3% or more, Tenant must promptly pay the City the cost of the audit in addition to the deficiency (and any interest on the deficiency at the Default Rate), which deficiency is payable in any event; and if (ii) 5% or more, an Event of Default is considered to have occurred, and in addition to all other remedies available under this Agreement, at law, or in equity, the Commissioner has the right to terminate this Agreement immediately upon giving notice to Tenant, without any opportunity for Tenant to cure. In addition to the foregoing, and in addition to all other remedies available to the City, if Tenant or the City's auditor schedules a date for an audit of Tenant's records and Tenant fails to be available or otherwise fails to comply with the reasonable requirements for the audit, Tenant must pay all reasonable costs and expenses associated with the scheduled audit.

Books, Records and Audits. A. Except as provided below, Tenant must prepare and maintain at its office in Chicago full, complete and proper books, records and accounts in accordance with generally accepted accounting procedures relating to and setting forth the Gross Revenues, both including but not limited to Gross Revenues generated by sales of Products for cash and on cash, debit, check, gift certificate, credit, or any other form of compensation, and must require and cause its operations personnel to prepare and keep books, source documents, records and accounts sufficient to substantiate those kept by Tenant. The books and source documents to be kept by Tenant must include true copies of all federal, state and local tax returns filed with respect to Tenant’s Concession operation and reports, records of inventories and receipts of merchandiseProducts, daily receipts from all sales and other pertinent original sales records and records of any other transactions conducted in or from the Leased Space by Tenant and any other persons conducting business in or from the Leased Space. Pertinent original sales records must includeinclude the following documents or their auditable electronic equivalents: (i) cash register tapes, including tapes from temporary registers, (ii) serially pre-numbered sales slips, (iii) the original records of all mail and telephone orders at and to the Leased Space, (iv) original records indicating that merchandise Products returned by customers was purchased at the Leased Space by the customers, (v) memorandum receipts or other records of merchandise Products taken out on approval, (vi) detailed original records of any exclusions or deductions from Gross Revenues, (vii) sales tax records, and (viii) such other sales records, if any, that would normally be examined by an independent accountant under accepted auditing standards in performing an audit of Tenant's ’s Gross Revenues. B. Tenant must record at the time of each sale or other transaction, all receipts, whether in the presence of the customerphysical form or electronic, all receipts from the sale or other transaction, whether for cash, credit or otherwise, in a cash register or cash registers having a cumulative total that must be sealed in a manner approved by the Commissioner and that must possess such other features as required by the Commissioner. The books, records and accounts, including any sales tax reports that Tenant may be required to furnish to any government or governmental agency, must at all reasonable times be open to the inspection (including the making of copies or extracts) of the Commissioner, the Commissioner's ’s auditor or other authorized representative or agent at the Leased Space or Tenant’s other offices in Chicago for a period of at least 3 three (3) years after the expiration of each calendar year falling wholly or in part within the Term. C. The acceptance by the Commissioner of payments of any Percentage Fee is without prejudice to the Commissioner's ’s right to conduct an examination of the Tenant's ’s books and records relating to Gross Revenues and of inventories of merchandise Products at the Retail Space, in order to verify the amount of Gross Revenues made in and from the Retail Space. D. After providing Tenant at least 3 days prior oral or written notice, the Commissioner may inspect the books and records of Tenant. Further, at its option, the Commissioner may at any reasonable time, upon no less than 10 days prior written notice to Tenant cause a complete audit to be made of Tenant's ’s entire records relating to the Retail Space for the period covered by any statement issued by Tenant as above set forth. If the audit discloses that Tenant's ’s statement of Gross Revenues is understated to the extent of: (i) 3% or more, Tenant must promptly pay the City the cost of the audit in addition to the deficiency (and any interest on the deficiency at the Default Rate), which deficiency is payable in any event; , and if (ii) 5% or more, an Event of Default is considered to have occurred, and in addition to all other remedies available under this Agreement, at law, or in equity, the Commissioner has the right to terminate this Agreement immediately upon giving notice to Tenant, without any opportunity for Tenant to cure. In addition to the foregoing, and in addition to all other remedies available to the City, if Tenant or the City's ’s auditor schedules a date for an audit of Tenant's ’s records and Tenant fails to be available or otherwise fails to comply with the reasonable requirements for the audit, Tenant must pay all reasonable costs and expenses associated with the scheduled audit.

Books, Records and Audits. A. Except as provided below, Tenant Licensee must prepare and maintain at its office in Chicago full, complete and proper books, records and accounts in accordance with generally accepted accounting procedures relating to and setting forth the Gross Revenues, both including but not limited to Gross Revenues generated by sales of Products for cash and on cash, debit, check, gift certificate, credit, or any other form of compensation, and must require and cause its operations personnel and Subcontractors to prepare and keep books, source documents, records and accounts relating to operations within the Cultural Center sufficient to substantiate those kept by TenantLicensee. The books and source documents to be kept by Tenant Licensee must include true copies of all federal, state and local tax returns filed with respect to Licensee’s Concession operation and reports, records of inventories and receipts of merchandiseProducts, daily receipts from all sales and other pertinent original sales records and records of any other transactions conducted in or from the Leased Licensed Space by Tenant and any other persons conducting business in or from the Leased Space. Pertinent original sales records must include: (i) cash register tapes, including tapes from temporary registers, (ii) serially pre-numbered sales slips, (iii) the original records of all mail and telephone orders at and to the Leased Space, (iv) original records indicating that merchandise returned by customers was purchased at the Leased Space by the customers, (v) memorandum receipts or other records of merchandise taken out on approval, (vi) detailed original records of any exclusions or deductions from Gross Revenues, (vii) sales tax records, and (viii) such other sales records, if any, that would normally be examined by an independent accountant under accepted auditing standards in performing an audit of Tenant's Gross RevenuesLicensee. B. Tenant Licensee must record at the time of each sale or other transaction, in the presence of the customer, all receipts from the sale or other transaction, whether for cash, credit or otherwise, in a cash register or cash registers point of sale system having a cumulative total that must be recorded or sealed in a manner approved by the Commissioner and that must possess such other features as required by the Commissioner. The books, records and accounts, including any sales tax reports that Tenant Licensee may be required to furnish to any government or governmental agency, must at all reasonable times be open to the inspection (including the making of copies or extracts) of the Commissioner, the Commissioner's auditor or other authorized representative or agent at the Leased Licensed Space or TenantLicensee’s other offices in Chicago for a period of at least 3 years after the expiration of each calendar year falling wholly or in part within the Term. C. The acceptance by the Commissioner of payments of any Percentage Fee is without prejudice to the Commissioner's right to conduct an examination of the TenantLicensee's books and records relating to Gross Revenues and of inventories of merchandise Products at the Retail Concession Space, in order to verify the amount of Gross Revenues made in and from the Retail Concession Space. D. After providing Tenant Licensee at least 3 days prior oral or written notice, the Commissioner may inspect the books and records of TenantLicensee. Further, at its option, the Commissioner may at any reasonable time, upon no less than 10 days prior written notice to Tenant Licensee cause a complete audit to be made of TenantLicensee's entire records relating to the Retail Concession Space for the period covered by any statement issued by Tenant Licensee as above set forth. If the audit discloses that TenantLicensee's statement of Gross Revenues is understated to the extent of: (i) 3% or more, Tenant Licensee must promptly pay the City the cost of the audit in addition to the deficiency (and any interest on the deficiency at the Default Rate), which deficiency is payable in any event; and if (ii) 5% or more, an Event of Default is considered to have occurred, and in addition to all other remedies available under this Agreement, at law, or in equity, the Commissioner has the right to terminate this Agreement immediately upon giving notice to TenantLicensee, without any opportunity for Tenant Licensee to cure. In addition to the foregoing, and in addition to all other remedies available to the City, if Tenant Licensee or the City's auditor schedules a date for an audit of TenantLicensee's records and Tenant Licensee fails to be available or otherwise fails to comply with the reasonable requirements for the audit, Tenant Licensee must pay all reasonable costs and expenses associated with the scheduled audit.

Books, Records and Audits. A. Except as provided below, Tenant Licensee must prepare and maintain at its office in Chicago full, complete and proper books, records and accounts in accordance with generally accepted accounting procedures relating to and setting forth the Gross Revenues, both including but not limited to Gross Revenues generated by sales of Products for cash and on cash, debit, check, gift certificate, credit, or any other form of compensation, and must require and cause its operations personnel and Subcontractors to prepare and keep books, source documents, records and accounts relating to operations within the Park sufficient to substantiate those kept by TenantLicensee. The books and source documents to be kept by Tenant Licensee must include true copies of all federal, state and local tax returns filed with respect to Licensee’s Concession operation and reports, records of inventories and receipts of merchandiseProducts, daily receipts from all sales and other pertinent original sales records and records of any other transactions conducted in or from the Leased Licensed Space by Tenant and any other persons conducting business in or from the Leased Space. Pertinent original sales records must include: (i) cash register tapes, including tapes from temporary registers, (ii) serially pre-numbered sales slips, (iii) the original records of all mail and telephone orders at and to the Leased Space, (iv) original records indicating that merchandise returned by customers was purchased at the Leased Space by the customers, (v) memorandum receipts or other records of merchandise taken out on approval, (vi) detailed original records of any exclusions or deductions from Gross Revenues, (vii) sales tax records, and (viii) such other sales records, if any, that would normally be examined by an independent accountant under accepted auditing standards in performing an audit of Tenant's Gross RevenuesLicensee. B. Tenant Licensee must record at the time of each sale or other transaction, in the presence of the customer, all receipts from the sale or other transaction, whether for cash, credit or otherwise, in a cash register or cash registers point of sale system having a cumulative total that must be recorded or sealed in a manner approved by the Commissioner and that must possess such other features as required by the Commissioner. The books, records and accounts, including any sales tax reports that Tenant Licensee may be required to furnish to any government or governmental agency, must at all reasonable times be open to the inspection (including the making of copies or extracts) of the Commissioner, the Commissioner's auditor or other authorized representative or agent at the Leased Licensed Space or TenantLicensee’s other offices in Chicago for a period of at least 3 years after the expiration of each calendar year falling wholly or in part within the Term. C. The acceptance by the Commissioner of payments of any Percentage Fee is without prejudice to the Commissioner's right to conduct an examination of the TenantLicensee's books and records relating to Gross Revenues and of inventories of merchandise Products at the Retail Concession Space, in order to verify the amount of Gross Revenues made in and from the Retail Concession Space. D. After providing Tenant Licensee at least 3 days prior oral or written notice, the Commissioner may inspect the books and records of TenantLicensee. Further, at its option, the Commissioner may at any reasonable time, upon no less than 10 days prior written notice to Tenant Licensee cause a complete audit to be made of TenantLicensee's entire records relating to the Retail Concession Space for the period covered by any statement issued by Tenant Licensee as above set forth. If the audit discloses that TenantLicensee's statement of Gross Revenues is understated to the extent of: (i) 3% or more, Tenant Licensee must promptly pay the City the cost of the audit in addition to the deficiency (and any interest on the deficiency at the Default Rate), which deficiency is payable in any event; and if (ii) 5% or more, an Event of Default is considered to have occurred, and in addition to all other remedies available under this Agreement, at law, or in equity, the Commissioner has the right to terminate this Agreement immediately upon giving notice to TenantLicensee, without any opportunity for Tenant Licensee to cure. In addition to the foregoing, and in addition to all other remedies available to the City, if Tenant Licensee or the City's auditor schedules a date for an audit of TenantLicensee's records and Tenant Licensee fails to be available or otherwise fails to comply with the reasonable requirements for the audit, Tenant Licensee must pay all reasonable costs and expenses associated with the scheduled audit.

Books, Records and Audits. A. Except as provided below, Tenant must prepare and maintain at its office in Chicago full, complete and proper books, records and accounts in accordance with generally accepted accounting procedures relating to and setting forth the Gross Revenues, both for cash and on credit, and must require and cause its operations personnel to prepare and keep books, source documents, records and accounts sufficient to substantiate those kept by Tenant. The books and source documents to be kept by Tenant must include true copies of all federal, state and local tax returns and reports, records of inventories and receipts of merchandise, daily receipts from all sales and other pertinent original sales records and records of any other transactions conducted in or from the Leased Space by Tenant and any other persons conducting business in or from the Leased Space. Pertinent original sales records must include: (i) cash register tapes, including tapes from temporary registers,, SAMPLE (ii) serially pre-numbered sales slips, (iii) the original records of all mail and telephone orders at and to the Leased Space, (iv) original records indicating that merchandise returned by customers was purchased at the Leased Space by the customers, (v) memorandum receipts or other records of merchandise taken out on approval, (vi) detailed original records of any exclusions or deductions from Gross Revenues, (vii) sales tax records, and (viii) such other sales records, if any, that would normally be examined by an independent accountant under accepted auditing standards in performing an audit of Tenant's Gross Revenues. B. Tenant must record at the time of each sale or other transaction, in the presence of the customer, all receipts from the sale or other transaction, whether for cash, credit or otherwise, in a cash register or cash registers having a cumulative total that must be sealed in a manner approved by the Commissioner and that must possess such other features as required by the Commissioner. The books, records and accounts, including any sales tax reports that Tenant may be required to furnish to any government or governmental agency, must at all reasonable times be open to the inspection (including the making of copies or extracts) of the Commissioner, the Commissioner's auditor or other authorized representative or agent at the Leased Space or Tenant’s other offices in Chicago for a period of at least 3 years after the expiration of each calendar year falling wholly or in part within the Term. C. The acceptance by the Commissioner of payments of any Percentage Fee is without prejudice to the Commissioner's ’s right to conduct an examination of the Tenant's ’s books and records relating to Gross Revenues and of inventories of merchandise at the Retail Space, in order to verify the amount of Gross Revenues made in and from the Retail Space. D. After providing Tenant at least 3 days prior oral or written notice, the Commissioner may inspect the books and records of Tenant. Further, at its option, the Commissioner may at any reasonable time, upon no less than 10 days prior written notice to Tenant cause a complete audit to be made of Tenant's ’s entire records relating to the Retail Space for the period covered by any statement issued by Tenant as above set forth. If the audit discloses that Tenant's statement of Gross Revenues is understated to the extent of: (i) 3% or more, Tenant must promptly pay the City the cost of the audit in addition to the deficiency (and any interest on the deficiency at the Default Rate), which deficiency is payable in any event; and if (ii) 5% or more, an Event of Default is considered to have occurred, and in addition to all other remedies available under this Agreement, at law, or in equity, the Commissioner has the right to terminate this Agreement immediately upon giving notice to Tenant, without any opportunity for Tenant to cure. SAMPLE In addition to the foregoing, and in addition to all other remedies available to the City, if Tenant or the City's ’s auditor schedules a date for an audit of Tenant's records and Tenant fails to be available or otherwise fails to comply with the reasonable requirements for the audit, Tenant must pay all reasonable costs and expenses associated with the scheduled audit.

Books, Records and Audits. A. Except as provided below, Tenant must prepare and maintain at its office in Chicago full, complete and proper books, records and accounts in accordance with generally accepted accounting procedures relating to and setting forth the Gross Revenues, both including but not limited to Gross Revenues generated by sales of Products for cash and on cash, debit, check, gift certificate, credit, or any other form of compensation, and must require and cause its operations personnel to prepare and keep books, source documents, records and accounts sufficient to substantiate those kept by Tenant. The books and source documents to be kept by Tenant must include true copies of all federal, state and local tax returns filed with respect to Tenant’s Concession operation and reports, records of inventories and receipts of merchandiseProducts, daily receipts from all sales and other pertinent original sales records and records of any other transactions conducted in or from the Leased Space by Tenant and any other persons conducting business in or from the Leased Space. Pertinent original sales records must includeinclude the following documents or their auditable electronic equivalents: (i) cash register tapes, including tapes from temporary registers, (ii) serially pre-numbered sales slips, (iii) the original records of all mail and telephone orders at and to the Leased Space, (iv) original records indicating that merchandise Products returned by customers was purchased at the Leased Space by the customers, (v) memorandum receipts or other records of merchandise Products taken out on approval, (vi) detailed original records of any exclusions or deductions from Gross Revenues, (vii) sales tax records, and (viii) such other sales records, if any, that would normally be examined by an independent accountant under accepted auditing standards in performing an audit of Tenant's Gross Revenues. B. Tenant must record at the time of each sale or other transaction, all receipts, whether in the presence of the customerphysical form or electronic, all receipts from the sale or other transaction, whether for cash, credit or otherwise, in a cash register or cash registers having a cumulative total that must be sealed in a manner approved by the Commissioner and that must possess such other features as required by the Commissioner. The books, records and accounts, including any sales tax reports that Tenant may be required to furnish to any government or governmental agency, must at all reasonable times be open to the inspection (including the making of copies or extracts) of the Commissioner, the Commissioner's auditor or other authorized representative or agent at the Leased Space or Tenant’s other offices in Chicago for a period of at least 3 three (3) years after the expiration of each calendar year falling wholly or in part within the Term. C. The acceptance by the Commissioner of payments of any Percentage Fee is without prejudice to the Commissioner's right to conduct an examination of the Tenant's books and records relating to Gross Revenues and of inventories of merchandise Products at the Retail Space, in order to verify the amount of Gross Revenues made in and from the Retail Space. D. After providing Tenant at least 3 days prior oral or written notice, the Commissioner may inspect the books and records of Tenant. Further, at its option, the Commissioner may at any reasonable time, upon no less than 10 days prior written notice to Tenant cause a complete audit to be made of Tenant's entire records relating to the Retail Space for the period covered by any statement issued by Tenant as above set forth. If the audit discloses that Tenant's statement of Gross Revenues is understated to the extent of: (i) 3% or more, Tenant must promptly pay the City the cost of the audit in addition to the deficiency (and any interest on the deficiency at the Default Rate), which deficiency is payable in any event; and if (ii) 5% or more, an Event of Default is considered to have occurred, and in addition to all other remedies available under this Agreement, at law, or in equity, the Commissioner has the right to terminate this Agreement immediately upon giving notice to Tenant, without any opportunity for Tenant to cure. In addition to the foregoing, and in addition to all other remedies available to the City, if Tenant or the City's auditor schedules a date for an audit of Tenant's records and Tenant fails to be available or otherwise fails to comply with the reasonable requirements for the audit, Tenant must pay all reasonable costs and expenses associated with the scheduled audit.