Expenditure Statement and Audit Sample Clauses
Expenditure Statement and Audit. An itemized statement of Expenditures incurred in any period certified to be correct by an officer of the Optionee shall be conclusive evidence of the making of such Expenditures unless within 30 days of receipt of such statement the Optionor delivers a notice to the Optionee detailing its objections to the statement. If the Optionor delivers an objection within such 30 day period, then the Optionor shall be entitled to request that the auditors of the Optionee audit the Expenditures provided for in the statement of Expenditures that is the subject of the objection notice, and
(a) if the auditors determine that the statement of Expenditures was accurate within five (5%) percent of actual Expenditures or that actual Expenditures incurred exceed the statement of Expenditures by more than five (5%) percent of those stated, then the costs of the audit will be borne by the Optionor, and if the excess Expenditures
(i) relate to the exercise of the first stage of the Initial Option, then they will be credited towards Expenditures required to exercise the second stage of the Initial Option, unless the Optionor has elected to form the Joint Venture under section 3.13;
(ii) relate to the exercise of the second stage of the Initial Option or the Optionor has elected to form the Joint Venture under section 3.13, then they will be credited towards the contributions required to be made by the Optionee under the Joint Venture Agreement;
(b) if the auditors determine that the statement of Expenditures overstated Expenditures actually made by greater than a five (5%) percent margin, then the costs of the audit will be borne by the Optionee and whatever the overstatement only the actual Expenditures so determined will constitute Expenditures for the purposes of Section 3.2 or Section 3.3, as applicable. If any such determination results in a deficiency in the amount of Expenditures required to be incurred by an Anniversary Date under Section 3.2 or Section 3.4 in order to exercise the first or second stage of the Initial Option, then the Optionee may pay to the Optionor with 30 days after such determination the amount equal to the deficiency, and such payment will be deemed to be a payment of cash in lieu of Expenditures made under Section 3.7 as of the relevant Anniversary Date. The auditors' determination of Expenditures will be final and determinative of the amounts stated in the statement in question, and will not be subject to arbitration hereunder.
Expenditure Statement and Audit. An itemized statement of Advances in any period, certified to be correct by the Operator and to be delivered to Rosemont and KC within 15 days of the end of a period, will be conclusive evidence of the making of such Advances unless within 90 days of receipt of such statement a Party delivers to the other Party an objection to the statement. If the objecting Party delivers an objection within such 90 day period, then such objecting Party will be entitled to request that the Auditors audit the Advances provided for in the statement of Advances that is the subject of the objection. At the conclusion of such audit:
Expenditure Statement and Audit. 20. An itemized statement of Expenditures completed in any period certified to be correct by an officer of EMC will be conclusive evidence of the making of such Expenditures unless within 90 days of receipt of such statement the Optionee delivers an objection to the statement to EMC. If the Optionee delivers an objection within such 90 day period, then Optionee will be entitled to request that the auditors of EMC, audit the Expenditures provided for in the statement of Expenditures that is the subject of the objection. At the conclusion of such audit:
(a) if the auditors determine that the statement of Expenditures exceed the Expenditures actually incurred by more than five percent of those stated, then the costs of the audit will be borne by EMC; and
(b) if the auditors determine that the statement of Expenditures was accurate within five percent of the Expenditures actually incurred or the statement of Expenditures understate the Expenditures actually incurred by greater than a five percent margin, then the costs of the audit will be borne by the Optionee. The auditors’ determination of Expenditures will be final and determinative of the amounts stated in the statement in question, and will not be subject to arbitration hereunder.