AUDIT; OVERPAYMENT Sample Clauses
The AUDIT; OVERPAYMENT clause grants one party the right to review and examine the financial records of the other party to verify the accuracy of payments made under the agreement. Typically, this clause allows for periodic audits, either by the party itself or through an independent auditor, to ensure that no overpayments have occurred. If an overpayment is discovered, the clause usually requires the excess amount to be refunded or credited. Its core function is to promote transparency and accountability in financial transactions, helping to prevent and correct payment errors.
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AUDIT; OVERPAYMENT. No more than **** in any ****** ***** (**) ****** ****** the term of this Agreement and for *** (*) ****** after its termination for any reason or expiration and upon not less than ****** (**) ******** **** prior written notice to CSG, and during normal business hours, Customer may conduct an audit of CSG’s records regarding Reimbursable Expenses and all other payments made by Customer to CSG to verify that Customer has paid the correct amounts during the preceding ****** (**) ***** ******. Any such audit will be at Customer’s expense and shall be conducted by Customer’s internal audit division (the members of which may be employed by an Affiliate of Customer), or an independent auditor who shall execute a confidentiality agreement with CSG (in form reasonably acceptable to CSG), and shall be conducted in accordance with generally accepted accounting principles. Should such an audit reveal, or should Customer otherwise discover, that CSG overbilled Customer and Customer overpaid CSG, CSG shall credit Customer’s account by an amount equal to the amount overbilled and overpaid. If, at the time of such audit, Customer has a **** (*) ******* owed to CSG, CSG shall pay Customer for the amount ********** *** ********. Moreover, should such an audit reveal that CSG overbilled Customer and Customer overpaid CSG an amount equal to or greater than **** ******* (**) of the correct amount due during the period covered by the audit, CSG shall reimburse Customer for all reasonable costs incurred by Customer in performing the audit which shall not exceed ******-**** ******** ******* (***,***.**). *** ****** *** *********** ** *** ***** ** **** ******* ** ***** ********* ***’* **** *** ********* ********* *** ********’* **** *** ********* ****** ** ********** **** *** ***** **** *** *** ********** *** ******** *** ******** *** ****** ***** *** *********; ******** **** *** ********* ********** ***** *** ***** ** *** ******** ** ***** ** ******* ********* ***************** ** ***. While conducting such an audit, Customer or its representative will be entitled to copy such items that CSG may possess that, in Customer’s reasonable opinion, provide evidence of overbilling by CSG or overpayment by Customer. Any item that is copied pursuant to the previous sentence shall be subject to the confidentiality restrictions set forth in Section 21. It is understood and agreed that amounts payable pursuant to this Section 26 shall not be included under the ****** *** ** *** ***** ***.