Common use of Record Retention, Audit Clause in Contracts

Record Retention, Audit. Supplier will, consistent with past practice, keep accurate and reasonably detailed records of production, deliveries, scrap losses, purchased materials, rejected materials, rejected Products, quality records required under the Specifications, expenses that constitute a component of raw material ingredient price for Product and any other records legally required to be kept or reasonably requested by Buyer. At reasonable intervals during the Term and for two years thereafter, Buyer personnel will, upon no less than five business days’ prior notice, or, if critical, upon reasonable shorter notice under the circumstances, have access to the records for the purpose of verifying the invoices submitted to Buyer under this Agreement. The costs of all such audits will be borne by Buyer. The confidentiality provisions in Section 4 of this Agreement will govern all audits by Buyer.