Common use of FINANCIAL AND RELATED BOOKS AND RECORDS Clause in Contracts

FINANCIAL AND RELATED BOOKS AND RECORDS. Each Party shall maintain accurate and complete books and records with respect to the performance of such Party's obligations under this Agreement, such records to be maintained in accordance with generally accepted accounting principles in the United States. Such records (wherever located) shall be maintained for at least four years after the date of creation thereof. Each Party shall have the right during such four-year period, through its independent auditors to conduct an audit, during normal business hours and following reasonable prior notice to the other Party, to examine at the other Party's location, all records of such other Party for the purpose of verifying the payments or expenditures or performance of such Party hereunder. Information provided to, and generated by, such auditors shall be considered Confidential Information. If any such audit shows any underpayment or overcharge, the auditing Party shall issue a written statement to the audited Party and a correcting payment or refund shall be made within thirty (30) days after receipt of the written statement described above unless the audited Party claims that the statement is in error. The fees and expenses of the accountants performing such verification shall be borne by the Party requesting the audit. Notwithstanding the foregoing, if any such audit results in any underpayment or overcharge with respect to any twelve-month period of more than $25,000, then the Party being audited shall bear the reasonable costs of the accountants in performing such audit. Upon request and in accordance with Applicable Law, each Party shall provide to the other Party copies of such records reasonably required by the requesting Party to comply with Applicable Laws at the sole cost and expense of the requesting Party.

FINANCIAL AND RELATED BOOKS AND RECORDS. Each Party shall maintain accurate and complete books and records with respect to the performance of such Party's obligations under this Agreement, such records to be maintained in accordance with generally accepted accounting principles in the United StatesStates and France, respectively, for Manufacturer and Purchaser. Such records (wherever located) shall be maintained for at least four years after the date of creation thereof. Each Party shall have the right during such four-year period, through its independent auditors to conduct an audit, during normal business hours and following reasonable prior notice to the other Party, to examine at the other Party's location, all records of such other Party for the purpose of verifying the payments or expenditures or performance of such Party hereunder. Information provided to, and generated by, such auditors shall be considered Confidential Information. If any such audit shows any underpayment or overcharge, the auditing Party shall issue a written statement to the audited Party and a correcting payment or refund shall be made within thirty (30) days after receipt of the written statement described above unless the audited Party claims that the statement is in error. The fees and expenses of the accountants performing such verification shall be borne by the Party requesting the audit. Notwithstanding the foregoing, if any such audit results in any underpayment or overcharge with respect to any twelve-month period of more than $25,000, then the Party being audited shall bear the reasonable costs of the accountants in performing such audit. Upon request and in accordance with Applicable Law, each Party shall provide to the other Party copies of such records reasonably required by the requesting Party to comply with Applicable Laws at the sole cost and expense of the requesting Party.