Inspection, Audit and Adjustment Sample Clauses
The 'Inspection, Audit and Adjustment' clause grants one party the right to review and verify the records or activities of the other party to ensure compliance with the terms of the agreement. Typically, this involves allowing access to relevant documents, financial records, or operational data for a specified period, and may include the ability to request corrections or adjustments if discrepancies are found. This clause serves to promote transparency, prevent errors or fraud, and provide a mechanism for resolving disputes related to performance or payments.
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.
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.
Inspection, Audit and Adjustment. The WPCA 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 reveals that the WPCA has overpaid the Monthly Service Fee or other amounts payable by the WPCA hereunder, then the Company shall, at the election of the WPCA, either immediately reimburse to the WPCA or offset against future Monthly 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 WPCA, at the Prime Rate. If an inspection or audit contemplated by this Section discloses an overpayment of the Service Fee to the Company of 1% or more of the total amount that should have been properly paid by the WPCA during the period audited, then the Company shall, in addition to the reimbursement or credit of such overstated amount, with interest, reimburse the WPCA 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 WPCA may have, including remedies for an Event of Default by the Company.
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 ▇▇▇▇ 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.
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).
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.
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.
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.
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.