Inspection, Audit and Adjustment Sample Clauses

Inspection, Audit and Adjustment. The County shall have the right to perform or commission an inspection or independent audit of the financial information required to be kept under this Section with respect to payments subject to Cost Substantiation, subject to possible reimbursement as provided in this Section. If an inspection or audit reveals that the Company has overstated any amount subject to Cost Substantiation, then the Company shall, at the election of the County, either immediately reimburse to the County or offset against future Service Fee payments, as a Service Fee adjustment, the overstated amount, in addition to interest, from the time such amount was initially overpaid until reimbursed or credited to the County, at the Prime Rate. If an inspection or audit contemplated by this Section discloses an overpayment of 1% or more of the total amount that should have been properly paid by the County during the period audited, then the Company shall, in addition to the reimbursement or credit of such overpaid amount, with interest, reimburse the County for any and all Fees and Costs incurred in connection with the inspection or audit. The foregoing remedies shall be in addition to any other remedies the County may have, including remedies for an Event of Default by the Company.
Sample 1Sample 2
Inspection, Audit and Adjustment. The Borough shall have the right to commission an independent audit of the information respecting Cost Substantiation available under this Section at its sole cost and expense (recognizing that the allowance for overhead and profit are fixed by this Agreement and not subject to audit), subject to possible reimbursement as provided in this Section. If an inspection or audit reveals that the amount of the Service Fee payments have been overstated, then the Company shall immediately reimburse to the Borough the overstated amount, in addition to interest from the time such amount was initially overpaid until reimbursed or credited to the Borough, at the Overdue Rate. If an inspection or audit contemplated by this Section discloses an overpayment of the Service Fee to the Company of 2% or more of the total amount that should have been properly paid by the Borough during the period audited, then the Company shall, in addition to the reimbursement or credit of such overstated amount, with interest, reimburse the Borough for any and all costs incurred in connection with the inspection or audit including, without limitation, reasonable accounting and attorneys’ fees and other Fees and Costs. If an inspection or audit conducted pursuant to this Section establishes that the Service Fee was properly calculated, then the Borough shall reimburse the Company for any and all costs incurred by the Company in connection with the inspection and audit including, without limitation, reasonable accounting and attorneys’ fees and other Fees and Costs. The foregoing remedies shall be in addition to any other remedies the parties may have including, without limitation, any remedies for an Event of Default.
Sample 1Sample 2
Inspection, Audit and Adjustment. The BWS shall have the right to perform or commission an inspection or independent audit of the financial information required to be kept under this Section in accordance with Section 0-000-000, HAR, subject to possible reimbursement as provided in this subsection. If an inspection or audit reveals that the DBOM Contractor has overstated any amount subject to Cost Substantiation, then the DBOM Contractor shall, at the election of the BWS, either immediately reimburse to the BWS or offset against future Fixed Design-Build Price or Service Fee payments the overstated amount, in addition to interest, from the time such amount was initially overpaid until reimbursed or credited to the BWS, at the Overdue Rate. If an inspection or audit contemplated by this Section discloses an overpayment of 1% or more of the total amount that should have been properly paid by the BWS during the period audited, then the DBOM Contractor shall, in addition to the reimbursement or credit of such overpaid amount, with interest (at the Overdue Rate), reimburse the BWS for any and all fees and costs incurred in connection with the inspection or audit. The foregoing remedies shall be in addition to any other remedies the BWS may have, including remedies for an Event of Default by the DBOM Contractor.
Sample 1
Inspection, Audit and Adjustment. The County shall have the right to perform or commission an independent audit of the financial information required to be kept under this Section, subject to possible reimbursement as provided in this Section. If an inspection or audit reveals that the County has overstated the Service Fee, then the Company shall, at the election of the County, either immediately reimburse to the County or offset against future Service Fee payments, as a Service Fee adjustment, the overstated amount, in addition to interest, from the time such amount was initially overpaid until reimbursed or credited to the County, at the Prime Rate. If an inspection or audit reveals that the County has understated the Service Fee, then the County shall immediately pay the Company the understated amount, in addition to interest from the time such amount was initially underpaid until paid to the Company, at the Prime Rate. If an inspection or audit contemplated by this Section discloses an overpayment of the Service Fee to the Company of 5% or more of the total amount that should have been properly paid by the County during the period audited, then the Company shall, in addition to the reimbursement or credit of such overstated amount, with interest, reimburse the County for any and all Fees and Costs incurred in connection with the inspection or audit. The foregoing remedies shall be in addition to any other remedies the County or the Company may have, including remedies for an Event of Default.
Sample 1
Inspection, Audit and Adjustment. The Borough shall have the right to perform or comm ission an inspection or an independent audit of the financial information required to be kept under this Section , subject to possible xxxx bursem ent as provided in this Section. If an inspection or audit reveals that the Borough has overpaid the Service Fee, then the Company shall, at the election of the Borough , either prom ptly reimburse to the Borough or offset against future Service Fee payments, as a Service Fee adjustment, the overpaid amount, in addition to interest, from the time such amount was initially overpaid until reimbursed or credited to the Borough, at the Overdue Rate.
Sample 1
Inspection, Audit and Adjustment. The County shall have the right to perform or commission an inspection or independent audit of the financial information required to be kept under this Project Agreement. The County shall give the Developer reasonable advance notice (at least three Business Days) prior to any such audit, and such audit shall be performed during business hours. The County shall, or shall cause the party conducting the inspection or audit, to provide a complete copy of the inspection or audit report to the Developer following receipt of such report. If an inspection or audit reveals that the Developer has overstated any component of the Service Fee, a County payment obligation under subsection 7.22(A), or any other County payment obligation arising out of this Project Agreement, then the Developer shall, at the election of the County, either immediately reimburse to the County or offset against Service Fee payments, as a Service Fee adjustment, the overstated amount plus interest at the Overdue Rate, from the time such amount was initially overpaid until reimbursed or credited to the County. If the overpayment exceeds 1% of the total amount that should have been properly paid by the County during the period audited, then the Developer shall, in addition, reimburse the County for any and all fees and costs incurred in connection with the inspection or audit. The foregoing remedies shall be in addition to any other remedies the County may have, including remedies for a Developer Event of Default.
Sample 1
Inspection, Audit and Adjustment. The City shall have the right, at its cost and expense, to perform or commission an inspection or independent audit of the financial information required to be kept under this Section, and shall provide the results of such inspection or audit to the Project Company. If an inspection or audit reveals that the Project Company has overstated any component of the Monthly Water Purchase Payments, then the Project Company shall, at the election of the City, either immediately reimburse the City or adjust the Monthly Water Purchase Payments based on the overstated amount, plus interest at the Overdue Rate, from the time such amount was initially overpaid until reimbursed or credited to the City. If the overpayment exceeds 1% of the total amount that should have been properly paid by the City during the period audited, then the Project Company shall, in addition, reimburse the City for any and all fees and costs reasonably incurred in connection with the inspection or audit. The foregoing remedies shall be in addition to any other remedies the City may have hereunder, including remedies for a Project Company Event of Default. If an inspection or audit reveals that the Project Company has understated any component of the Monthly Water Purchase Payments, then the Project Company shall include the amount of the understated payment in the next Billing Period invoice for payment in the regular course under Section 17.9 (Billing and Payment).
Sample 1
Inspection, Audit and Adjustment. The County shall have the right to perform or commission an inspection or an independent audit of the financial information required to be kept under this Section, subject to possible reimbursement as provided in this Section. If an inspection or audit contemplated by this Section discloses a Billing Statement that either (i) overstates County Payment Amounts by more than 1% of the proper amount or (ii) understates County Credit Amounts by more than 1% of the proper amount during the period audited, then the Company shall, in addition to the reimbursement or credit of such overstated (or understated) County Payment Amounts or County Credit Amounts, as applicable, with respect to such Billing Statement, with interest at the Overdue Rate, reimburse the County for any and all reasonable costs and expenses incurred by the County in connection with the inspection or audit.
Sample 1
Inspection, Audit and Adjustment. The Lessor shall have th e right to perform or comm ission an inspection or an independent audit of the financial information required to be kept under this Section, subject to possible reimbursement as provided in this Section. If an inspection or audit reveals that the Lessee has underpaid the Rent, then the Lessee shall either promptly pay to the Lessor or, if agreed to by the Lessor at the Lessor's discretion, increase future Rent payments as a Ren t adjustm ent to account for the underpaid am ount, together with interest at the Overdue Rate from the time such amount was initially underpaid until reimbursed or credited to the Lessor.
Sample 1

Related to Inspection, Audit and Adjustment

  • Records Retention Audits CENTOCOR, its Affiliates and Sublicensees shall keep for three (3) years from the date of each payment of royalties complete and accurate records of sales by CENTOCOR and its Affiliates and Sublicensees of each Licensed Product in sufficient detail to allow the accruing royalties to be determined accurately. MORPHOSYS shall have the right for a period of three (3) years after receiving any report or statement with respect to royalties due and payable to appoint an independent certified public accountant reasonably acceptable to CENTOCOR to inspect the relevant records of CENTOCOR and its Affiliates and Sublicensees to verify such report or statement. CENTOCOR and its Affiliates and Sublicensees shall each make its records available for inspection by such independent certified public accountant during regular business hours at such place or places where such records are customarily kept, upon reasonable notice from MORPHOSYS, solely to verify the accuracy of the reports and payments. Such inspection right shall not be exercised more than once in any calendar year nor more than once with respect to sales of any Licensed Product in any given payment period. MORPHOSYS agrees to hold in strict confidence all information concerning royalty payments and reports, and all information learned in the course of any audit or inspection, except to the extent necessary for MORPHOSYS to reveal such information in order to enforce its rights under this Agreement or if disclosure is required by law, regulation or judicial order. The results of each inspection, if any, shall be binding on both Parties. MORPHOSYS shall pay for such inspections, except that in the event there is any upward adjustment in aggregate royalties payable for any year shown by such inspection of more than […***…] of the amount paid, CENTOCOR shall pay for such inspection. CONFIDENTIAL

  • SAO AUDIT A. The state auditor may conduct an audit or investigation of any entity receiving funds from the state directly under the Contract or indirectly through a subcontract under the Contract. The acceptance of funds directly under the Contract or indirectly through a subcontract under the Contract acts as acceptance of the authority of the state auditor, under the direction of the legislative audit committee, to conduct an audit or investigation in connection with those funds. Under the direction of the legislative audit committee, an entity that is the subject of an audit or investigation by the state auditor must provide the state auditor with access to any information the state auditor considers relevant to the investigation or audit. B. Grantee shall comply with any rules and procedures of the state auditor in the implementation and enforcement of Section 2262.154 of the Texas Government Code.