Audit Claims Clause Samples
The Audit Claims clause establishes the right of one party to review and verify the accuracy of claims, invoices, or financial statements submitted by the other party under the contract. Typically, this clause allows for the inspection of relevant records and supporting documentation within a specified period, often by an independent auditor or the party itself. Its core practical function is to ensure transparency and accountability in financial dealings, helping to prevent errors, fraud, or overcharging.
Audit Claims. Any claims of discrepancies will be made in writing to the other Party within two (2) months of completion of the audit.
Audit Claims to promptly notify Purchaser in writing of any pending audit claims or potential audit claims that relate to the Business. Subject to the terms and conditions of the BCE Trust Agreement and without limiting the foregoing, (a) Vendor shall, to the extent permitted by Law, cause the BCE Trustee to comply in all respects with this Section 4.2(6), and (b) to the extent any convenant or obligation set out in this Section 4.2(6) expressed to be an obligation or covenant of Vendor is to an extent within the control of the BCE Trustee in accordance with the BCE Trust Agreement, the BCE Trustee shall to the extent applicable take or cause to be taken all necessary or desirable steps to give full force and effect to Vendor’s obligations under, and shall not take or permit to be taken any action (or fail to take or permit any failure to take any action) that could result in a circumstance inconsistent with, this Section 4.2(6).
Audit Claims. Any Initial Shipper performing an audit shall submit to Carrier any claims of discrepancies within 60 days of completion of an audit (“Audit Claims”). Carrier shall respond in writing to such claims within 60 days of receipt of such claims. Upon expiration of 180 days following the submission by Initial Shipper of an Audit Claim, Carrier shall pay Initial Shipper the full amount of any such claims as to which Carrier has failed to respond with reasonable documentary support showing the inaccuracy of such Audit Claim. Claims remaining unresolved after a period of 180 days following the submission of any Audit Claim by any Initial Shipper shall be submitted to arbitration under Article Eleven of this Agreement, unless Carrier and Initial Shipper agree to a time extension.
Audit Claims as of the date hereof, there are no pending audit claims by any Person that relate to the Business, ; **information regarding ongoing audit has been redacted as being commercially sensitive***