Consequences of financial audit Sample Clauses

Consequences of financial audit. (a) If Seller notifies Buyer of any underpayment or overpayment of the NSR Excess Cashflow Payment which Seller’s auditor, in its reasonable opinion, considers exists, or the audit determines that any NSR Excess Cashflow Payment paid has been calculated in error, Seller will provide to Buyer a copy of the auditor’s report, and the parties will endeavour to resolve the matters identified in the report. If the parties are unable to resolve such matters within 30 days following receipt by Xxxxx of the report, then either Buyer or Seller may require that such matters be referred to an Expert for determination by sending a notice to the other party, thereby initiating the dispute resolution process in accordance with clause 9. (b) If it is agreed between the parties or determined by an Expert that the NSR Excess Cashflow Payment properly payable has been underpaid by more than 5%, Buyer must refund to Seller the costs of the audit.

Consequences of financial audit. (a) If the Payees notify a Payer of any underpayment or overpayment of the Royalty which the Payees or the Auditor, in their reasonable opinion, considers exists, or the audit determines that any Royalty paid has been calculated in error, the Payer must, on being provided with a copy of the report of the Payees or the Auditor, make an Adjustment of the Royalty due for the next Quarter accordingly, unless the Payer gives a Dispute Notice under this deed in relation to the relevant Statement within 3 months of receiving the report. (b) If the Royalty properly payable under clause 6.4 (a) is either: (1) agreed between the Payer and the Payees; or (2) determined by the Expert appointed under clause 14.2 to resolve the Dispute, to be more than 5% more than the Royalty set out in the original Statement provided by the Payer, the Payer must refund to the Payees forthwith the costs of the audit.

Consequences of financial audit. (a) If the Payees notify a Payer of any underpayment or overpayment of the Royalty which the Payees or their appointed auditor, in their reasonable opinion, considers exists, or the audit determines that any Royalty paid has been calculated in error, the Payer must, on being provided with a copy of the report of the Payees or their appointed auditor, make an Adjustment of the Royalty due for the next Quarter accordingly, unless the Payer gives a Dispute Notice under this deed in relation to the relevant Statement within 3 months of receiving the report. (b) If the Royalty properly payable is agreed between the Payer and the Payees, or is determined by the Expert, to be more than [5] % more than the Royalty set out in a Statement provided by the Payer, the Payer must refund to the Payees forthwith the costs of the audit.

Consequences of financial audit. (a) If the Payee notifies the Payer of any underpayment or overpayment of the Royalty which the Payee’s auditor, in its reasonable opinion, considers exists, or the audit determines that any Royalty paid has been calculated in error, the Payer must, on being provided with a copy of the report of the Payee’s auditor, make an Adjustment of the Royalty due for the next Quarter accordingly, unless the Payer gives a Dispute Notice under this agreement in relation to the relevant Statement within 3 months of receiving the report of the Payee’s auditor. (b) If the Royalty properly payable is established by audit to be more than 5% more or less than the Royalty set out in a Statement provided by the Payer, the Payer must refund to the Payee forthwith the costs of the audit.