Common use of RIGHT OF INSPECTION AND AUDIT Clause in Contracts

RIGHT OF INSPECTION AND AUDIT. 6.1 Once during each Financial Year, or more often not to exceed quarterly as reasonably requested by Sheffield, Newco shall permit Sheffield 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 Newco and any other book, record, voucher, receipt or invoice relating to the calculation of the royalty payments on Net Sales submitted to Sheffield. Any such inspection of Newco's records shall be at the expense of Sheffield, except that if any such inspection reveals a deficiency in the amount of the royalty actually paid to Sheffield hereunder in any Financial Year quarter of [REDACTED] or more of the amount of any royalty actually due to Sheffield hereunder, then the expense of such inspection shall be borne solely by Newco. Any amount of deficiency shall be paid promptly to Sheffield by Newco. If such inspection reveals a surplus in the amount of royalties actually paid to Sheffield by Newco, Sheffield shall reimburse Newco the surplus within 15 days after determination.

RIGHT OF INSPECTION AND AUDIT. 6.1 Once during each Financial Year, or more often not to exceed quarterly as reasonably requested by SheffieldDepomed, Newco shall permit Sheffield Depomed 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 Newco and any other book, record, voucher, receipt or invoice relating to the calculation of the royalty payments on Net Sales submitted to SheffieldDepomed. Any such inspection of Newco's records shall be at the expense of SheffieldDepomed, except that if any such inspection reveals a deficiency in the amount of the royalty actually paid to Sheffield Depomed hereunder in any Financial Year quarter of [REDACTED] **]% or more of the amount of any royalty actually due to Sheffield Depomed hereunder, then the expense of such inspection shall be borne solely by Newco. Any amount of deficiency shall be paid promptly to Sheffield Depomed by Newco. If such inspection reveals a surplus in the amount of royalties actually paid to Sheffield Depomed by Newco, Sheffield Depomed shall reimburse Newco the surplus within 15 days after determination.

RIGHT OF INSPECTION AND AUDIT. 6.1 Once during each Financial Year, or more often not to exceed quarterly as reasonably requested by SheffieldIsis, Newco HepaSense shall permit Sheffield Isis 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 Newco HepaSense and any other book, record, voucher, receipt or invoice relating to the calculation of the royalty payments on Net Sales submitted to SheffieldIsis. Any such inspection of NewcoHepaSense's records shall be at the expense of SheffieldIsis, except that if any such inspection reveals a deficiency in the amount of the royalty actually paid to Sheffield Isis hereunder in any Financial Year quarter of [REDACTED] 5% or more of the amount of any royalty actually due to Sheffield Isis hereunder, then the expense of such inspection shall be borne solely by NewcoHepaSense. Any amount of deficiency shall be paid promptly to Sheffield Isis by NewcoHepaSense. If such inspection reveals a surplus in the amount of royalties actually paid to Sheffield Isis by NewcoHepaSense, Sheffield Elan shall reimburse Newco HepaSense the surplus within 15 days after determination.