Common use of RIGHT OF AUDIT AND INSPECTION Clause in Contracts

RIGHT OF AUDIT AND INSPECTION. 7.1. Once during each Financial Year, or more often not to exceed quarterly as reasonably requested by Elan, Nascime shall permit Elan or its duly authorised representatives, upon reasonable notice and at any reasonable time during normal business hours, to have access to inspect and audit the accounts and records of Nascime and any other book, record, voucher, receipt or invoice relating to the calculation of the royalty payments on Net Sales submitted to Elan. Any such inspection of Nascime's records shall be at the expense of Elan, except that if any such inspection reveals a deficiency in the amount of the royalty actually paid to Elan hereunder in any Financial Year quarter of five percent (5%) or more of the amount of any royalty actually due to Elan hereunder, then the expense of such inspection shall be borne solely by Nascime. Any amount of deficiency shall be paid promptly to Elan by Nascime. If such inspection reveals a surplus in the amount of royalties actually paid to Elan by Nascime, Elan shall reimburse Nascime the surplus within fifteen (15) days after determination.

RIGHT OF AUDIT AND INSPECTION. 7.1. Once during each Financial Year, or more often not to exceed quarterly as reasonably requested by ElanDOV, Nascime shall permit Elan DOV or its duly authorised representatives, upon reasonable notice and at any reasonable time during normal business hours, to have access to inspect and audit the accounts and records of Nascime and any other book, record, voucher, receipt or invoice relating to the calculation of the royalty payments on Net Sales submitted to ElanDOV. Any such inspection of Nascime's records shall be at the expense of ElanDOV, except that if any such inspection reveals a deficiency in the amount of the royalty actually paid to Elan DOV hereunder in any Financial Year quarter of five percent (5%) or more of the amount of any royalty actually due to Elan DOV hereunder, then the expense of such inspection shall be borne solely by Nascime. Any amount of deficiency shall be paid promptly to Elan DOV by Nascime. If such inspection reveals a surplus in the amount of royalties actually paid to Elan DOV by Nascime, Elan DOV shall reimburse Nascime the surplus within fifteen (15) days after determination.