RECORD INSPECTION AND AUDIT. (a)Royalty Payee shall have the right, upon reasonable notice, to inspect FCA’s books, records, accounts, and all other documents and material in FCA’s possession or control with respect to the subject matter of this Agreement, subject to appropriate confidentiality restrictions, including all information leading to, derived from or related to the Royalties, the Railcar Sales Net Revenue and the Tank Cars Sales Net Revenue. FCA shall maintain proper books, records and accounts with entries that are full, true and correct in all material respects and in conformity with GAAP consistently applied regarding the Royalties, the Railcar Sales Net Revenue and the Tank Cars Sales Net Revenue. FCA shall permit any representatives or advisors of Royalty Payee, upon reasonable prior notice, to inspect, examine and make extracts from its books, records, accounts, and all other documents and material in FCA’s possession or control with respect to the subject matter of this Agreement, and to discuss its calculations, entries and records with its officers and independent accountants, all at such reasonable times and as often as reasonably requested, in each case at Royalty Payee’ expense; provided that, Royalty Payee shall not exercise such rights more often than two (2) times during any calendar year absent the existence of an event of default by FCA, in which case the inspection and works related thereto can take place at any reasonable time and shall be at FCA’s expense.
RECORD INSPECTION AND AUDIT. CONSULTANT shall maintain adequate records to permit inspection and audit of CONSULTANT’s time and material charges under this Agreement. CONSULTANT shall make such records available to CITY during normal business hours upon reasonable notice. Such records shall be turned over to CITY upon request.
RECORD INSPECTION AND AUDIT. During the term of this Agreement and for a period of twelve (12) months thereafter, Medtronic shall have the right, upon reasonable notice, to inspect Capricor’s financial books and records and all other documents and material in Capricor’s possession with respect to the determination and payment of royalties and other financial obligations required under this Agreement. In no event shall Medtronic have the right to examine information with respect to Capricor’s costs, pricing formulas, or percentages of markup. Capricor shall impose similar obligations on any Non-Party Licensee for the benefit of itself and of Medtronic. For clarity, Medtronic shall have no right to examine any other Confidential Information of Capricor or of any third party. The costs of any such audit shall be borne by Medtronic and audits shall be limited to one time in each calendar year.
RECORD INSPECTION AND AUDIT. (a.) Licensor and Trazer Tech shall collectively have the right no more than once every six months, upon reasonable advance notice, and during Licensee’s regular business hours, to inspect Licensee’s books and records in Licensee’s possession or control with respect to the subject matter of this Agreement pertaining to the last 4 revenue share statements as described in 5 c. Licensor and Trazer Tech shall have free and full access thereto for such purposes and, at Licensor’s or Trazer Tech’ cost, may make copies thereof.
(b.) All books and records relative to Licensee’s obligations hereunder shall be maintained and made accessible to Licensor and/or Trazer Tech for inspection at a location in the United States for one year after termination of this Agreement.
RECORD INSPECTION AND AUDIT. A. LICENSOR shall have the right, upon reasonable notice, to inspect LICENSEE’S books and records and all other documents and material in LICENSEE’S possession or control with respect to the subject matter of this Agreement within five (5) business days after LICENSOR’S written request. LICENSOR shall have reasonable, free (i.e., no cost except copying costs) and full access thereto for such purposes and may make copies thereof.
B. In the event that such inspection reveals an underpayment by LICENSEE of the actual Royalty owed LICENSOR, LICENSEE shall pay the difference, plus interest calculated at the rate of 1.5% a month, compounded daily, paid monthly until such time as LICENSOR has been paid in full. If such underpayment be in excess of One Million UNITED STATES DOLLARS ($1,000,000)) for any Royalty Period, LICENSEE shall also reimburse LICENSOR for the cost of such inspection, not to exceed $20,000.
C. All books and records relative to LICENSEE’S obligations hereunder shall be maintained and made accessible to LICENSOR for inspection at a location in the United States for at least seven (7) years after termination of this Agreement.
RECORD INSPECTION AND AUDIT. A. LICENSOR shall have the right, upon reasonable notice, to inspect LICENSEE’s books and records and all other documents and material in LICENSEE’s possession or control with respect to the subject matter of this Agreement. LICENSOR shall have free and full access thereto for such purposes and may make copies thereof. In no event shall LICENSOR have the right to examine information with respect to LICENSEE’s costs, pricing formulas, or percentages of markup. LICENSEE shall impose similar obligations on its sublicensees for the benefit of itself and of LICENSOR.
B. In the event that such inspection reveals an underpayment by LICENSEE of the actual Royalty owed LICENSOR, LICENSEE shall pay the difference, plus interest calculated at the rate of One Percent (1.0 %) per month, or at the maximum rate of interest allowable by the State of Texas, whichever is lower, provided that any payments in excess of the maximum rate allowable by the State of Texas will be automatically considered as advance payments against future underpayments. If such underpayment is in excess of Five Thousand Dollars ($5,000) for any Royalty Period, LICENSEE shall also reimburse LICENSOR for the cost of such inspection.
C. All books and records relative to LICENSEE’s obligations hereunder shall be maintained and made accessible to LICENSOR for inspection at a location in the United States for at least five years after termination of this Agreement.
RECORD INSPECTION AND AUDIT. 3.1 LICENSOR shall have the right, upon reasonable notice, to inspect LICENSEE’s books and records and all other documents and material in LICENSEE’s possession or control with respect to the subject matter of this Agreement. LICENSOR shall have free and full access thereto for such purposes and may make copies thereof.
3.2 All books and records relative to LICENSEE’s obligations hereunder shall be maintained and made accessible to LICENSOR for inspection at a location in the United States for at least one (1) years after termination of this Agreement.
RECORD INSPECTION AND AUDIT. RCEB shall have the right to review and inspect all of Owner’s records regarding services provided under this Agreement, in accordance with the provisions in California Code of Regulations (Title 17, Part II, Chapter 1, subchapter 6 and subchapter 18). An audit of Owner’s records pertaining to this Agreement may be made by RCEB or any other third party authorized to conduct such an audit, for a period of three years after the termination of this Agreement. All audits will be conducted according to Title 17 regulations. Owner will be informed of the audit in writing and will be given a written report on the results of the audit once it is completed. Owner has the right to appeal any findings resulting from an audit. The specific appeal procedure will be communicated to Owner at the time the audit is announced.
RECORD INSPECTION AND AUDIT. A. Licensee shall have the right, upon reasonable notice, to inspect Licensor's books and records and all other documents and material in Licensor's possession or control with respect to the subject matter of this Agreement. Licensee shall have free and full access thereto for such purposes and may make copies thereof.
B. In the event that such inspection reveals an underpayment by Licensor of the Net Sales less the Royalty to the Licensee, Licensor shall pay the difference, plus interest calculated at the rate of one and one-half Percent (1.5%) per month. If such underpayment be in excess of Five Thousand U.S. Dollars ($5,000.00) for any Royalty Period, Licensor shall also reimburse Licensee for the cost of such inspection.
C. All books and records relative to Licensor's disbursement to the Licensee of the Net Sales less the Royalty hereunder shall be maintained and made accessible to Licensee for inspection at a location in the United States for at least 5 years after termination of this Agreement.
RECORD INSPECTION AND AUDIT. A. LICENSOR shall have the right, upon reasonable notice, to inspect LICENSEE’s books and records and all other documents and material in LICENSEE’s possession or control with respect to the subject matter of this Agreement. LICENSOR shall have free and full access thereto for such purposes and may make copies thereof. In no event shall LICENSOR have the right to examine information with respect to LICENSEE’s costs, pricing formulas, or percentages of markup.
B. All books and records relative to LICENSEE’s obligations hereunder shall be maintained and made accessible to LICENSOR for inspection at a location in the United States for at least 1 year after termination of this Agreement.
