Common use of RIGHT OF INSPECTION AND AUDIT Clause in Contracts

RIGHT OF INSPECTION AND AUDIT. During regular business hours, any Persons designated by any Supplier may have access to Subscriber’s offices or locations in order to observe the use made of the Market Data and to examine and inspect any Devices, attachments or apparatuses, as well as any books and records required to be maintained by Subscriber under Sections 3(b) and 4 in connection with its receipt and use of Market Data. Subscriber will make prompt adjustment (including interest thereon at the rate of 1-1/2% per month), through Vendor, to compensate any Supplier that discovers an under-reported use of the Market Data by Subscriber. In addition, at the election of any such Supplier, Subscriber will be liable for the reasonable costs of any audit that reveals a discrepancy in such Supplier’s favor of five percent (5%) or more of the amount of fees actually due such Supplier. Subscriber shall maintain the records and books upon which it bases its reporting for Market Data for three (3) years following the period to which the records relate. In the event that Subscriber fails to retain such records and books as required above, Subscriber agrees to pay each Supplier’s reasonable estimate of any discrepancy discovered pursuant to any such audit.