Price Audits Clause Samples
A Price Audits clause grants one party the right to review and verify the pricing calculations or cost structures used by the other party under the agreement. Typically, this involves allowing access to relevant financial records, invoices, or supporting documentation to ensure that charges or prices billed are accurate and comply with the contract terms. The core function of this clause is to promote transparency and prevent overcharging or billing errors, thereby protecting both parties from disputes related to pricing.
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Price Audits. Primary Customer will be allowed one (1) annual price audit at each delivering Operating Company for purchases made under this Agreement. If Sysco is establishing its Cost for Contracted Products at the corporate office for participating Operating Companies, then the price audit shall occur at one Operating Company location selected by Primary Customer. The price audit will consist of reviewing computer reports generated by Sysco documenting Sysco's calculation of Customer's invoice price and the participating Operating Company's delivered Cost. If requested, applicable Supplier invoices and accompanying freight invoices will also be made available. Supplier invoices consist of invoices from third party suppliers or from Affiliates, SMS or a Specialty Company, as applicable. Price audit adjustments, if applicable, will be made utilizing the net of undercharges and overcharges to the Customer. Any net overcharge adjustments paid to Primary Customer that result from overcharges to Related Customers, shall be forwarded by the Primary Customer to the applicable Related Customers unless Primary Customer is otherwise legally entitled to retain such adjustments. The price audit process is subject to the following: 3.
1.1 Primary Customer must request a price audit in writing at least twenty (20) business days prior to the suggested date of the price audit and must identify not more than fifteen (15) items to be price verified and the period covered; 3.
1.2 The date and time of price audit must be to the mutual agreement of Primary Customer and the delivering Operating Company; 3.
1.3 The price audit will be made at the delivering Operating Company's location; 3.
1.4 Support for the price audit may not be copied, photographed, transmitted, or removed from the delivering Operating Company location where the price audit is conducted; 3.
1.5 The period for which pricing is to be verified will not begin more than three (3) months prior to the date of the price audit, and will cover only one pricing period; and 3
Price Audits. The application of the audit provisions herein to fixed price work are not for the purposes of price adjustment to such fixed price work, nor shall Consultant's cost information for such work be required to be reported. The State may, however, examine unpriced records related to such work for the purposes of verifying performance.
Price Audits. Upon request the Contractor shall provide to the Government any invoices, quotes, or agreements relevant to the Delivered Price component for existing catalog items, for any new items being added to the catalog, and for requested price changes to existing catalog items. The Contractor must include detailed payment terms on each invoice or quote used to substantiate Delivered Price, including any applicable Rebates/Discounts/Deviations. The Government may also require the Contractor to submit pricing agreements and other documentation to substantiate all Rebates/Discounts/Deviations and Exceptions, including the existence of Earned Income agreements, on the DLA Troop Support contracts. Specific dollar amounts contained in Earned Income agreements may be redacted prior to submitting. If the Contracting Officer determines, after reviewing an invoice or other documentation, that a Rebate/Discount/Deviation or Early Payment Discount should have been passed on to the Government, or if price verifications reveal any instance of overpricing, the Government shall be entitled to a prospective Unit Price reduction and a retroactive refund for the amount of the overcharges or Purported Exception(s), including interest. In the event of any undercharges, if the Contractor can demonstrate to the satisfaction of the Contracting Officer that the undercharges did not result from the fault or negligence of the Contractor, the Contractor may submit a request for equitable adjustment for consideration by the Contracting Officer. The Contracting Officer, or authorized representative, shall have the right, up to twice a year or more often as determined necessary by the Contracting Officer, to examine and audit a statistically significant sample of the Contractor's records relevant to the existence of Earned Income agreements, Rebates/Discounts/Deviations, Exceptions, and commercial customer Delivered Prices. The Government may review/audit the SPV Contractor’s electronic purchasing system to confirm that the Delivered Price of a product sold at a given time to a DLA Troop Support customer is identical to the Delivered Price used by the SPV Contractor to determine the price of such product sold at the same time to its other customers. Should the Government identify evidence of incorrect pricing, or should other pricing issues arise, the Government reserves the right to conduct more frequent and extensive reviews/audits. Failure to exercise any of these rights shall not constitute...
Price Audits. The University reserves the right to conduct supplier price audits. This process could require ▇▇▇▇▇ West, Inc. dba ▇▇▇▇▇▇▇ ▇▇▇▇▇ to provide historic invoice records requested by the University.
Price Audits. The Prime Vendor will permit the Zoo to conduct three price audits during each calendar year of this Agreement.. All audits will be limited to 25 products per audit, occur at a mutually agreed date and time and will take place at the Prime Vendor’s facility. The Zoo will provide a 30 day lead time in writing on all requests for a price audit and will include in the request the Prime Vendor product code number, invoice number and date, product description, price and category ▇▇▇▇-up for verification. The Zoo requests the Prime Vendor have an Account Executive or National Accounts Manager available at the time of the audit to answer any questions that may arrive. If an error is discovered during an audit, any required reimbursement will be made in the full amount within seven days. If an error is discovered, the Zoo reserves the right to audit as far back as deemed necessary to identify any overcharges.
Price Audits. UC shall be entitled, upon reasonable prior notice to Seller, to perform an annual price accuracy audit in respect of the prices charged by Seller over the prior year. Seller shall provide UC with reasonable assistance in respect of such audits, including the provision of history of sales information. In respect of Third Party Products, the parties agree that such audit may include a sampling of Third Party pricing (not to exceed XXXX (XXX%) percent of Third Party Products purchased). The UC shall have the right to identify which Third Party Products purchased it wishes to audit within the sample. Seller shall provide the auditor all details in determining the cost to the UC, including the Seller's invoice for a given item. In the event there are discrepancies found, the Seller will allow the UC to Audit up to 100% of Third Party Products purchased. Disclosure of price information to any third party consultant appointed by UC shall be subject to the consultant entering into reasonable commitments of confidentiality with Seller in respect of the information disclosed. UC will conduct such audits at its sole cost and expense, and all findings shall be deemed to be Seller's confidential information. UC will share the results of such audits with Seller and allow Seller a reasonable time period to respond to such findings. In calculating any underpayment or overpayment, UC shall be required to offset any undercharges against overcharges. This Agreement, together with the above named instruments, constitute the entire agreement between UC and Seller with respect to the subject matter and supersedes all previous negotiations, proposals, commitments, writings, advertisements, publications, and understandings.