Common use of Cost of Audit Clause in Contracts

Cost of Audit. (a) Medistem shall bear the full cost of the performance of any audit requested by Medistem except as hereinafter set forth. If, as a result of any inspection of the books and records of Licensee, its Affiliates or its Sublicensees, it is shown that Licensee’s payments under this Agreement were less than the amount which should have been paid, then Licensee shall make all payments required to be made to eliminate any discrepancy revealed by said inspection within 30 days after Medistem’s demand therefore. Furthermore, if the payments made were less than 95% of the amount that should have been paid during the period in question, Licensee shall also reimburse Medistem for the reasonable costs of such audit.

Cost of Audit. (a) Medistem shall bear the full cost of the performance of any audit requested by Medistem except as hereinafter set forth. If, as a result of any inspection of the books and records of Licensee, its Affiliates or its Sublicensees, it is shown that Licensee’s payments under this Agreement were less than the amount which should have been paid, then Licensee shall make all payments required to be made to eliminate any discrepancy revealed by said inspection within 30 days after Medistem’s demand thereforetherefor. Furthermore, if the payments made were less than 95% of the amount that should have been paid during the period in question, Licensee shall also reimburse Medistem for the reasonable costs of such audit.

Cost of Audit. (a) Medistem shall bear the full cost of the performance of any audit requested by Medistem except as hereinafter set forth. If, as a result of any inspection of the books and records of Licensee, its Affiliates Licensee or its SublicenseesAffiliates, it is shown that Licensee’s payments under this Agreement were less than the amount which should have been paid, then Licensee shall make all payments required to be made to eliminate any discrepancy revealed by said inspection within 30 days after Medistem’s demand thereforetherefor. Furthermore, if the payments made were less than 95% of the amount that should have been paid during the period in question, Licensee shall also reimburse Medistem for the reasonable costs of such audit.