Audit Liabilities Clause Samples
The Audit Liabilities clause defines the responsibilities and potential financial exposures of parties in relation to audits conducted under the agreement. Typically, it outlines which party bears the costs of an audit, the scope of what can be audited (such as financial records or compliance with contractual terms), and the consequences if discrepancies or non-compliance are discovered. This clause serves to allocate risk and ensure transparency by clarifying how audit-related liabilities are managed, thereby protecting both parties from unexpected costs or disputes arising from audit findings.
Audit Liabilities. In addition to and not in any way in limitation of the MCO's obligations pursuant to this contract, it is understood and agreed by the MCO that the MCO shall be held liable for any finally determined State or Federal audit exceptions and shall return to the DEPARTMENT all payments made under the contract to which exception has been taken or which have been disallowed because of such an exception.
Audit Liabilities. In addition to and not in any way in limitation of obligations of the Contract, it is understood and agreed by the Contractor that the Contractor shall be held liable for any state or federal audit exceptions and shall return to the Department, all payments made under the Contract to which exception has been taken or which have been disallowed because of such an exception.
Audit Liabilities. 35 31.0 Taxes........................................................... 35 32.0
Audit Liabilities. In addition to, and in no way in limitation of the obligation of the contract, the plan agrees that it shall be held liable for any proper and correct Departmental audit exceptions resulting from the plan's lack of compliance with this contract. However, before the plan is obligated to return to the Department all payments made under the contract for which an exception has been taken or which has been disallowed because of such an exception it shall be entitled to an administrative hearing and judicial review as authorized by the Administrative Procedures Act. The plan shall maintain documentation for all charges and fees allowed by the contract. All plan’s books, records, and documents relating to this contract will be subject to audit at any reasonable time upon reasonable notice by the Department, its designees or HCFA officials. These records shall be maintained for five (5) years. These records should be maintained in accordance with generally accepted accounting principles. The plan agrees to correct immediately any material weakness or condition reported to the Department in the course of an audit.
Audit Liabilities. Section 1.4 Audits - Section 1.4