Common use of Right to Inspect and Audit Clause in Contracts

Right to Inspect and Audit. 8.1 Seller w ill permit Timken and its representatives, consultants and customers to enter Seller’s facilities at reasonable times to inspect the facilities, the Timken Property and Seller’s records w ith respect thereto, and to inspect and test any goods, inventories, w ork- in-process, materials, machinery, equipment, tooling, fixtures, gauges and other items and processes related to Seller’s performance of the Agreement. Seller shall cooperate in any such inspection. No such inspection w ill constitute acceptance by Timken of any w ork-in- process or finished goods. 8.2 Seller w ill permit Timken and its representatives and consultants to enter Seller’s facilities at reasonable times to audit a nd review all relevant books, records, financial statements, relevant time and material data, receipts and other related data, policies and procedures, in order to (a) assess Seller’s ongoing ability to perform its obligations under the Agreement, and (b) substantiate any charges and other matters under the Agreement. Seller shall maintain and preserve all such documents for a period of 3 years follow ing final payment under the Agreement, and shall cooperate in any such audit or review . 8.3 Such inspections, audits and review s w ill be conducted at Timken’s expense, unless Timken discovers material non- compliance by Seller, in w hich case Seller shall, in addition to fully correcting the non-compliance, reimburse Timken for the costs and expenses incurred in connection w ith that review and the next.

Right to Inspect and Audit. 8.1 Seller w ill will permit Timken TimkenSteel and its representatives, consultants and customers to enter Seller’s facilities at reasonable times to inspect the facilities, the Timken TimkenSteel Property and Seller’s records w ith with respect thereto, and to inspect and test any goods, inventories, w ork- work-in-process, materials, machinery, equipment, tooling, fixtures, gauges and other items and processes related to Seller’s performance of the Agreement. Seller shall cooperate in any such inspection. No such inspection w ill will constitute acceptance by Timken TimkenSteel of any w orkwork-in- in-process or finished goods. 8.2 Seller w ill will permit Timken TimkenSteel and its representatives and consultants to enter Seller’s facilities at reasonable times to audit a nd and review all relevant books, records, financial statements, relevant time and material data, receipts and other related data, policies and procedures, in order to (a) assess Seller’s ongoing ability to perform its obligations under the Agreement, and (b) substantiate any charges and other matters under the Agreement. Seller shall maintain and preserve all such documents for a period of 3 years follow ing following final payment under the Agreement, and shall cooperate in any such audit or review review. 8.3 Such inspections, audits and review s w ill reviews will be conducted at TimkenTimkenSteel’s expense, unless Timken TimkenSteel discovers material non- compliance by Seller, in w hich which case Seller shall, in addition to fully correcting the non-compliance, reimburse Timken TimkenSteel for the costs and expenses incurred in connection w ith with that review and the next.

Right to Inspect and Audit. 8.1 9.1 Seller w ill will permit Timken TSB MR and its representatives, consultants and customers to enter Seller’s facilities at reasonable times to inspect the facilities, the Timken TSB MR Property and Seller’s records w ith with respect thereto, and to inspect and test any goods, inventories, w ork- work- in-process, materials, machinery, equipment, tooling, fixtures, gauges and other items and processes related to Seller’s performance of the Agreement. Seller shall cooperate in any such inspection. No such inspection w ill will constitute acceptance by Timken TSB MR of any w orkwork-in- process or finished goods. 8.2 9.2 Seller w ill will permit Timken TSB MR and its representatives and consultants to enter Seller’s facilities at reasonable times to audit a nd and review all relevant books, records, financial income statements, relevant time and material balance sheets, cash flow statements, payroll data, receipts and other related supporting data, policies including Seller’s administrative and accounting policies, guidelines, practices and procedures, in order to (a) assess Seller’s ongoing ability to perform its obligations under the Agreement, and (b) substantiate any charges and other matters under the Agreement. Seller shall maintain and preserve all such documents for a period of 3 years follow ing following final payment under the Agreement, and shall cooperate in any such audit or review review. 8.3 9.3 Such inspections, audits and review s w ill reviews will be conducted at TimkenTSB MR’s expense, unless Timken TSB MR discovers material non- compliance by Seller, in w hich which case Seller shall, in addition to fully correcting the non-compliance, reimburse Timken TSB MR for the costs and expenses incurred in connection w ith with that review and the next.