Common use of Maintenance and Audit Clause in Contracts

Maintenance and Audit. 7.1. Licensee shall keep sufficient records to demonstrate compliance with this agreement and to identify the sums payable to BSE in accordance with this agreement. 7.2. BSE or its authorized representatives (such as independent professional auditors) acting on behalf of BSE shall have the right, during the term of this agreement and for a period of two (2) years afterwards, to visit the premises of Licensee during normal business hours and during or in preparation for any such audit visit to inspect the use of the Information and any sums payable to BSE. BSE and its auditors shall treat all information obtained in the audit confidentially and use it only for the purpose of verifying compliance with this agreement. 7.3. Audits of any premises of Licensee may be carried out without any justification from the part of BSE not more than once each calendar year on at least thirty (30) Days’ advance notice (Regular Audit). 7.4. In addition, audits may be carried out on at least three (3) business Days’ advance notice, if BSE has reason to suspect material breach by Licensee, or it is deemed otherwise necessary (Extraordinary Audit). BSE shall explain in writing the reason for an Extraordinary Audit and take the legitimate interest of the client into account. 7.5. In the event that an audit reveals such use of Information which does not comply with this agreement but the amount of unpaid fees cannot be established with reasonable certainty or agreed between the parties, BSE reserves the right to appoint an independent professional auditor to assess the amount owed to BSE. In this event BSE and Licensee agree to accept the assessment and/or reasonable estimate of the appointed auditor. 7.6. Licensee shall pay the outstanding fees and charges revealed by the audit plus liquidated damages equal to the extent of late interest (as per 6.

Maintenance and Audit. 7.1. Licensee shall keep sufficient records dating back three years to demonstrate compliance with this agreement and to identify the sums payable to BSE in accordance with this agreement. 7.2. BSE or its authorized representatives (such as independent professional auditors) acting on behalf of BSE shall have the right, during the term of this agreement and for a period of two (2) years afterwards, to visit the premises of Licensee during normal business hours and during or in preparation for any such audit visit to inspect the use of the Information and any sums payable to BSE. BSE and its auditors shall treat all information obtained in the audit confidentially and use it only for the purpose of verifying compliance with this agreement. 7.3. Audits of any premises of Licensee may be carried out without any justification from the part of BSE not more than once each calendar year on at least thirty (30) Days’ advance notice (Regular Audit). 7.4. In addition, audits may be carried out on at least three (3) business Days’ advance notice, if BSE has reason to suspect material breach by Licensee, or it is deemed otherwise necessary (Extraordinary Audit). BSE shall explain in writing the reason for an Extraordinary Audit and take the legitimate interest of the client into account. 7.5. In the event that an audit reveals such use of Information which does not comply with this agreement but the amount of unpaid fees cannot be established with reasonable certainty or agreed between the parties, BSE reserves the right to appoint an independent professional auditor to assess the amount owed to BSE. In this event BSE and Licensee agree to accept the assessment and/or reasonable estimate of the appointed auditor. 7.6. Licensee shall pay the outstanding fees and charges revealed by the audit plus liquidated damages equal to the extent of late interest (as per 6.

Maintenance and Audit. 7.1. Licensee shall keep sufficient records to demonstrate compliance with this agreement and to identify the sums payable to BSE in accordance with this agreement. 7.2. BSE or its authorized representatives (such as independent professional auditors) acting on behalf of BSE shall have the right, during the term of this agreement and for a period of two (2) years afterwards, to visit the premises of Licensee during normal business hours and during or in preparation for any such audit visit to inspect the use of the Information Information, and any sums payable to BSE. BSE and its auditors shall treat all information obtained in the audit confidentially and use it only for the purpose of verifying compliance with this agreement. 7.3. Audits of any premises of Licensee may be carried out without any justification from the part of BSE not more than once each calendar year on at least thirty (30) Days’ advance notice (Regular Audit). 7.4. In addition, audits may be carried out on at least three (3) business Days’ advance notice, if BSE has reason to suspect material breach by Licensee, or it is deemed otherwise necessary (Extraordinary Audit). BSE shall explain in writing the reason for an Extraordinary Audit and take the legitimate interest of the client into account. 7.5. In the event that an audit reveals such use of Information which does not comply with this agreement but the amount of unpaid fees cannot be established with reasonable certainty or agreed between the parties, BSE reserves the right to appoint an independent professional auditor to assess the amount owed to BSE. In this event BSE and Licensee agree to accept the assessment and/or reasonable estimate of the appointed auditor. 7.6. Licensee shall pay the outstanding fees and charges revealed by the audit plus liquidated damages equal to the extent of late interest (as per 6.