-Year Cost Audit Sample Clauses

-Year Cost Audit. In Contract Year 5 and every five years thereafter during the term of this Agreement and any extensions, Portland will retain an independent third party to conduct an audit of all steps of the then-currently employed process to allocate assets and O&M to customer classes as well as the reductions in surplus capacity under Section 6(H)(3) of this Agreement. Based on the result of its audit, the auditor will recommend any changes necessary to ensure compliance with the terms of this Agreement and the AWWA Manual M1. Portland and the WWMG will select the auditor and the audit expense shall be included in O&M expenses and allocated accordingly. The auditor’s report shall be completed by December 1 of the contract year in which the auditor is hired and will be provided to WWMG and Portland. Portland will prepare and provide to WWMG no later than March 1 of the following year a corrective action plan to correct any areas of noncompliance with the Agreement in the audit report. For any auditor recommendations that do not constitute noncompliance with the Agreement, the corrective action plan will either describe how they will be implemented or explain why Portland has determined not to implement them.
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Related to -Year Cost Audit

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