Procedures for Audit Clause Samples
The Procedures for Audit clause defines the process by which one party may examine the records, accounts, or operations of another party to ensure compliance with the terms of an agreement. Typically, this clause outlines the notice period required before an audit, the scope and frequency of permissible audits, and any limitations on access to confidential information. Its core function is to provide transparency and accountability, helping to prevent fraud or mismanagement by allowing for independent verification of contractual obligations.
Procedures for Audit. COH may exercise its right to have Licensee’s and its Sublicensees’ relevant records examined only during the [***] year period during which Licensee is required to maintain records, no more than [***] in any consecutive four calendar quarters. Licensee and its Sublicensees are required to make records available for inspection only during regular business hours, only at such place or places where such records are customarily kept, and only upon receipt of at least [***] days advance notice from COH.
Procedures for Audit. Each Party may exercise its right to have the other Party’s relevant records examined only during the [*****] year period during which the audited Party is required to maintain records, no more than once in any consecutive [*****] calendar quarter period, and only once with respect to records covering any specific period of time. The audited Party is required to make its records available for inspection only during regular business hours, only at such place or places where such records are customarily kept, and only upon receipt of at least [*****] days written advance notice from the other Party.
Procedures for Audit. COH may exercise its right to have Licensee’s and its Sublicensees’ relevant records examined by an independent accounting firm, as set forth in Section 5.3.2, only during the four (4) year period during which Licensee is required to maintain records, no more than once in any consecutive four calendar quarters. Licensee and its Sublicensees are required to make records available for inspection only during regular business hours, only at such place or places where such records are customarily kept, and only upon receipt of at least 15 days advance notice from COH. All information and materials provided to COH’s accountant are and shall be deemed to be Licensee Confidential Information.
Procedures for Audit. Denali is required to make its records available for inspection no more than one (1) time in any calendar year, only during regular business hours, only at such place or places where such records are customarily kept, and only upon receipt of at least thirty (30) days written advance notice from Genentech. Denali is only required to make any particular records available one (1) time, such that Genentech may not audit any records that it previously audited.
Procedures for Audit. COH may exercise its right to have Dicerna’s and its Sublicensee’s relevant records examined only during the [***] period during which Dicerna is required to maintain records, no more than [***] in any [***]. Dicerna and its Sublicensees are required to make records available for inspection only during regular business hours, only at such place or places where such records are customarily kept, and only upon receipt of at least [***] advance notice from COH.
Procedures for Audit. Seller may exercise its right to have Purchaser's relevant books, records and reports examined (i) no more than [***] in any period of [***] consecutive quarters, (ii) only [***] with respect to records covering any specific period of time, and (iii) only with respect to the immediately preceding [***]. Upon at least [***] prior written notice from Seller, and at the expense of Seller (except as otherwise provided herein), Purchaser is required to make its books, records and reports available for inspection, but only during regular business hours, only at such place or places where such records are customarily kept, and only at such times as may be mutually agreed upon by the Parties.
Procedures for Audit. Medtronic may exercise its right to have Nile’s and its sublicensees’s relevant records examined only during the three year period during which Nile is required to maintain records, no more than once in any consecutive four calendar quarters. Nile and its Sublicensees are required to make records available for inspection only during regular business hours, only at such place or places where such records are customarily kept, and only upon receipt of at least fifteen (15) days advance notice from Medtronic.
Procedures for Audit. The auditing Party may exercise its right to have the audited Party’s relevant records examined no more than once in any consecutive four (4) Calendar Quarter period. The audited Party is required to make its records available for inspection only during regular business hours, only at such place or places where such records are customarily kept, and only upon receipt of at least thirty (30) days written advance notice from the auditing Party.
Procedures for Audit. Licensor may exercise its right to have Quark’s relevant records examined no more than [*] in any [*] period. Quark is required to make its records available for inspection only during regular business hours, only at such place or places where such records are customarily kept, and only upon receipt of at least [*] written advance notice from Licensor.
Procedures for Audit. NanoMab may exercise its right to have Licensee’s relevant records examined only during the two (2) year period during which Licensee is required to maintain records, no more than once in any calendar year. Licensee is required to make records available for inspection only during regular business hours, only at such place or places where such records are customarily kept, and only upon receipt of at least thirty (30) days advance notice from NanoMab.