Common use of Financial Material Errors, Omissions or Irregularities Clause in Contracts

Financial Material Errors, Omissions or Irregularities. 12.9.1 The County may review, test and audit the books and records of Franchisee for the purpose of determining whether Franchisee is complying with the terms of the Agreement. In the event that material errors or omissions or irregularities are identified, then the cost associated with the audit, test or review shall be paid by Franchisee to County. In the case of financial errors, materiality shall be deemed to be one percent (1%) or greater of the gross revenues of Franchisee from activities performed under this Agreement. Recovery of any overpayment will be negotiated on a case by case basis, either immediately or through the next rate setting evaluation.

Financial Material Errors, Omissions or Irregularities. 12.9.1 12.8.1 The County may review, test and audit the books and records of Franchisee for the purpose of determining whether Franchisee is complying with the terms of the Agreement. In the event that material errors or omissions or irregularities are identified, then the cost associated with the audit, test or review shall be paid by Franchisee to County. In the case of financial errors, materiality shall be deemed to be one percent (1%) or greater of the gross revenues of Franchisee from activities performed under this Agreement. Recovery of any overpayment will be negotiated on a case by case basis, either immediately or through the next rate setting evaluation.