Common use of Record Storage Clause in Contracts

Record Storage. 14.1 During the term of this Agreement, PPD shall maintain all materials and all other data obtained or generated by PPD in the course of providing the Services hereunder, including all computerized records and files. During the term of this Agreement and for a period of two years after its expiration or termination, Sponsor may audit any records of PPD associated with this Agreement, including, but not limited to financial records, Study records, and patient records. Financial records may include invoice records, invoices from third parties, contracts with third parties and payments relating to this Agreement. PPD shall cooperate with any audit by Sponsor and make available to Sponsor for examination and duplication, during normal business hours and at the mutually agreeable times, all documentation, data and information relating to a Study. 14.2 Upon the expiration or termination of this Agreement all materials and all other data and information obtained or generated by PPD in the course of providing the Services hereunder shall, at Sponsor’s option, be (i) delivered to Sponsor at its expense and risk to its offices in Liberty Corner, New Jersey in such form as is then currently in the possession of PPD, (ii) retained by PPD for Sponsor for a period of two years, or (iii) disposed of as directed by written request of Sponsor, unless such materials are otherwise required to be stored or maintained by PPD under applicable law. If PPD is required or requested to maintain and/or store such material for a period beyond two years after the termination or expiration of this Agreement, the parties shall mutually agree on PPD’s compensation therefore. In no event shall PPD dispose of any materials or data or other information obtained or generated by PPD in the course of providing the Services hereunder without first giving Sponsor sixty (60) days prior written notice of its intent to dispose same. Notwithstanding the foregoing, PPD may retain copies of any such materials, data and information as is reasonably necessary for regulatory purposes or to demonstrate the satisfaction of its obligations hereunder, all subject to the confidentiality obligations set forth herein.