Common use of Maintenance of Records and Audit Rights Clause in Contracts

Maintenance of Records and Audit Rights. (a) The Company shall keep accurate books of account and records covering all transactions relating to or arising out of this Agreement. The Company shall permit Licensor and its nominees, employees, accountants, agents and representatives to (i) have full access to and inspect such books and records during normal business hours upon reasonable notice, and (ii) to conduct an examination of and to copy all such books and records. The Company shall maintain in good order and condition all such books and records for a period of either: (i) five years after the expiration of the Term or the earlier termination of this Agreement, or in the event of a dispute between the parties hereto, until such dispute is resolved, whichever date is later; or (ii) such period of time required under applicable laws and regulations, whichever period is longer. Receipt or acceptance by Licensor of any sums paid by the Company hereunder shall not preclude Licensor from questioning the correctness thereof at any time.