Common use of Recordkeeping and Audit Clause in Contracts

Recordkeeping and Audit. 26.1 The Recipient must keep and maintain full, accurate and up to date records, including financial records, in relation to the provision of Activities, the Co-Funding and all money paid and payable by ACC under or in relation to this Agreement sufficient to enable ACC to: (a) meet its obligations under the Public Finance Act 1989; (b) carry out an audit for the purposes specified in clause 26.2; and (c) carry out a review or evaluation in accordance with clause 17 (Evaluation). The Recipient must retain such records for at least seven years after termination or expiry of this Agreement. 26.2 At any time during the Term, or after the End Date where the Parties are in dispute, any Personnel or authorised agent of ACC may conduct an audit for the purpose of: (a) determining the Recipient’s level of compliance with this Agreement (including whether there has been a breach of this Agreement); (b) determining whether Activities and Milestones invoiced for by the Recipient have been performed according to this Agreement; or (c) assisting in resolving a matter in Dispute between the Parties. 26.3 During an audit conducted under this clause 26, ACC may: (a) enter any premises of the Recipient or its subcontractors used in connection with provision of the Activities at any reasonable time during usual business hours; (b) inspect any records held under clause 26.1 in relation to the provision of Activities or any matter in dispute between the Parties; and (c) meet with and/or contact and speak to any or all Personnel involved with provision of the Activities, provided that this obligation shall be subject to such Personnel being employed by the Recipient at the time of the audit. 26.4 The Recipient will, at its expense, provide appropriately qualified staff to assist ACC to conduct the audit under this clause 26. ACC will pay all other reasonable costs incurred by the Recipient that are directly associated with the audit. 26.5 At least five Business Days prior to commencing an audit, ACC will notify the Recipient in writing of its intention to conduct an audit and of the intended scope and timing of the audit. 26.6 Where an audit conducted under this clause 26 identifies any serious concern or material non-compliance with the terms of this Agreement, ACC may require an additional audit or audits or other reasonable inquiries to be carried out at the Recipient’s expense (such expenses including ACC Personnel costs at external charge-out rates). 26.7 ACC will advise the Recipient in writing of the scope and timing of any additional audit or inquiries required. 26.8 ACC will promptly notify the Recipient of the results of any audit conducted under this clause 26. Where any deficiencies are identified in such an audit, the Recipient will promptly take steps to remedy the deficiencies.

Recordkeeping and Audit. 26.1 25.1 The Recipient must keep and maintain full, accurate and up to date records, including financial records, in relation to the provision of Activities, the Co-Funding and all money paid and payable by ACC MPI under or in relation to this Agreement sufficient to enable ACC toMPI: (a) to meet its obligations under the Public Finance Act 1989▇▇▇ ▇▇▇▇; (b) to carry out an audit for the purposes specified in clause 26.2; and25.2; (c) to carry out a review or evaluation in accordance with clause 17 16 (Evaluation). ; and d) to make any Protective Application (as defined in Schedule 3) or to commercially exploit Activity Intellectual Property in accordance with Schedule 3. 25.2 The Recipient must retain such records for at least seven years after termination or expiry of this Agreement. 26.2 25.3 At any time during the Term, or after the End Date where the Parties are in dispute, any Personnel or authorised agent of ACC MPI may conduct an audit for the purpose of: (a) determining the Recipient’s level of compliance with this Agreement (including whether there has been a breach of this Agreement); (b) determining whether Activities and Milestones invoiced for by the Recipient have been performed according to this Agreement; or (c) assisting in resolving a matter in Dispute between the Parties. 26.3 25.4 During an audit conducted under this clause 2625, ACC MPI may: (a) enter any premises of the Recipient or its subcontractors used in connection with provision of the Activities at any reasonable time during usual business hours; (b) inspect any records held under clause 26.1 25.1 in relation to the provision of Activities or any matter in dispute between the Parties; and (c) meet with and/or contact and speak to any or all Personnel involved with provision of the Activities, provided that this obligation shall be subject to such Personnel being employed by the Recipient at the time of the audit. 26.4 25.5 The Recipient will, at its expense, provide appropriately qualified staff to assist ACC MPI perform the tasks in clause 25.3 to conduct the audit under this clause 2625.2. ACC MPI will pay all other reasonable costs incurred by the Recipient that are directly associated with the audit. 26.5 25.6 At least five Business Days prior to commencing an audit, ACC MPI will notify the Recipient in writing of its intention to conduct an audit and of the intended scope and timing of the audit. 26.6 25.7 Where an audit conducted under this clause 26 25.2 identifies any serious concern or material non-compliance with the terms of this Agreement, ACC MPI may require an additional audit or audits or other reasonable inquiries to be carried out at the Recipient’s expense (such expenses including ACC MPI Personnel costs at external charge-out rates). 26.7 ACC 25.8 MPI will advise the Recipient in writing of the scope and timing of any additional audit or inquiries requiredrequired under clause 25.6. 26.8 ACC 25.9 MPI will promptly notify the Recipient of the results of any audit conducted under this clause 2625.2 and/or clause 25.6. Where any deficiencies are identified in such an audit, the Recipient will promptly take steps to remedy the deficiencies.

Recordkeeping and Audit. 26.1 25.1 The Recipient must keep and maintain full, accurate and up to date records, including financial records, in relation to the provision of Activities, the Co-Funding and all money paid and payable by ACC MPI under or in relation to this Agreement sufficient to enable ACC MPI to: (a) meet its obligations under the Public Finance Act 1989▇▇▇ ▇▇▇▇; (b) carry out an audit for the purposes specified in clause 26.225.2; and (c) carry out a review or evaluation in accordance with clause 17 16 (Evaluation). The Recipient must retain such records for at least seven years after termination or expiry of this Agreement. 26.2 25.2 At any time during the Term, or after the End Date where the Parties are in dispute, any Personnel or authorised agent of ACC MPI may conduct an audit for the purpose of: (a) determining the Recipient’s level of compliance with this Agreement (including whether there has been a breach of this Agreement); (b) determining whether Activities and Milestones invoiced for by the Recipient have been performed according to this Agreement; or (c) assisting in resolving a matter in Dispute between the Parties. 26.3 25.3 During an audit conducted under this clause 2625, ACC MPI may: (a) enter any premises of the Recipient or its subcontractors used in connection with provision of the Activities at any reasonable time during usual business hours; (b) inspect any records held under clause 26.1 25.1 in relation to the provision of Activities or any matter in dispute between the Parties; and (c) meet with and/or contact and speak to any or all Personnel involved with provision of the Activities, provided that this obligation shall be subject to such Personnel being employed by the Recipient at the time of the audit. 26.4 25.4 The Recipient will, at its expense, provide appropriately qualified staff to assist ACC MPI to conduct the audit under this clause 2625. ACC MPI will pay all other reasonable costs incurred by the Recipient that are directly associated with the audit. 26.5 25.5 At least five Business Days prior to commencing an audit, ACC MPI will notify the Recipient in writing of its intention to conduct an audit and of the intended scope and timing of the audit. 26.6 25.6 Where an audit conducted under this clause 26 25 identifies any serious concern or material non-compliance with the terms of this Agreement, ACC MPI may require an additional audit or audits or other reasonable inquiries to be carried out at the Recipient’s expense (such expenses including ACC MPI Personnel costs at external charge-out rates). 26.7 ACC will advise the Recipient in writing of the scope and timing of any additional audit or inquiries required. 26.8 ACC . 25.8 MPI will promptly notify the Recipient of the results of any audit conducted under this clause 2625. Where any deficiencies are identified in such an audit, the Recipient will promptly take steps to remedy the deficiencies.

Recordkeeping and Audit. 26.1 The Recipient must keep and maintain full, accurate and up to date records, including financial records, in relation to the provision of Activities, the Co-Funding and all money paid and payable by ACC MPI under or in relation to this Agreement sufficient to enable ACC to: (a) MPI: to meet its obligations under the Public Finance Act 1989; (b) ; to carry out an audit for the purposes specified in clause 26.225.2; and (c) to carry out a review or evaluation in accordance with clause 17 16 (Evaluation); and to make any Protective Application (as defined in Schedule 3) or to commercially exploit Activity Intellectual Property in accordance with Schedule 3. The Recipient must retain such records for at least seven years after termination or expiry of this Agreement. 26.2 . At any time during the Term, or after the End Date where the Parties are in dispute, any Personnel or authorised agent of ACC MPI may conduct an audit for the purpose of: (a) : determining the Recipient’s level of compliance with this Agreement (including whether there has been a breach of this Agreement); (b) ; determining whether Activities and Milestones invoiced for by the Recipient have been performed according to this Agreement; or (c) or assisting in resolving a matter in Dispute between the Parties. 26.3 . During an audit conducted under this clause 2625, ACC MPI may: (a) : enter any premises of the Recipient or its subcontractors used in connection with provision of the Activities at any reasonable time during usual business hours; (b) ; inspect any records held under clause 26.1 25.1 in relation to the provision of Activities or any matter in dispute between the Parties; and (c) and meet with and/or contact and speak to any or all Personnel involved with provision of the Activities, provided that this obligation shall be subject to such Personnel being employed by the Recipient at the time of the audit. 26.4 . The Recipient will, at its expense, provide appropriately qualified staff to assist ACC MPI perform the tasks in clause 25.3 to conduct the audit under this clause 2625.2. ACC MPI will pay all other reasonable costs incurred by the Recipient that are directly associated with the audit. 26.5 . At least five Business Days prior to commencing an audit, ACC MPI will notify the Recipient in writing of its intention to conduct an audit and of the intended scope and timing of the audit. 26.6 . Where an audit conducted under this clause 26 25.2 identifies any serious concern or material non-compliance with the terms of this Agreement, ACC MPI may require an additional audit or audits or other reasonable inquiries to be carried out at the Recipient’s expense (such expenses including ACC MPI Personnel costs at external charge-out rates). 26.7 ACC . MPI will advise the Recipient in writing of the scope and timing of any additional audit or inquiries required. 26.8 ACC required under clause 25.6. MPI will promptly notify the Recipient of the results of any audit conducted under this clause 2625.2 and/or clause 25.6. Where any deficiencies are identified in such an audit, the Recipient will promptly take steps to remedy the deficiencies.

Recordkeeping and Audit. 26.1 The Recipient must keep and maintain full, accurate and up to date records, including financial records, in relation to the provision of Activities, the Co-Funding and all money paid and payable by ACC under or in relation to this Agreement sufficient to enable ACC to: (a) meet its obligations under the Public Finance Act 1989; (b) carry out an audit for the purposes specified in clause 26.2; and (c) carry out a review or evaluation in accordance with clause 17 (Evaluation). The Recipient must retain such records for at least seven years after termination or expiry of this Agreement. 26.2 At any time during the Term, or after the End Date where the Parties are in dispute, any Personnel or authorised agent of ACC may conduct an audit for the purpose of: (a) determining the Recipient’s level of compliance with this Agreement (including whether there has been a breach of this Agreement); (b) determining whether Activities and Milestones invoiced for by the Recipient have been performed according to this Agreement; or (c) assisting in resolving a matter in Dispute between the Parties. 26.3 During an audit conducted under this clause 26, ACC may: (a) enter any premises of the Recipient or its subcontractors used in connection with provision of the Activities at any reasonable time during usual business hours; (b) inspect any records held under clause 26.1 in relation to the provision of Activities or any matter in dispute between the Parties; and (c) meet with and/or contact and speak to any or all Personnel involved with provision of the Activities, provided that this obligation shall be subject to such Personnel being employed by the Recipient at the time of the audit. 26.4 The Recipient will, at its expense, provide appropriately qualified staff to assist ACC to conduct the audit under this clause 26. ACC will pay all other reasonable costs incurred by the Recipient that are directly associated with the audit. 26.5 At least five Business Days prior to commencing an audit, ACC will notify the Recipient in writing of its intention to conduct an audit and of the intended scope and timing of the audit. 26.6 Where an audit conducted under this clause 26 6 identifies any serious concern or material non-compliance with the terms of this Agreement, ACC may require an additional audit or audits or other reasonable inquiries to be carried out at the Recipient’s expense (such expenses including ACC Personnel costs at external charge-out rates). 26.7 ACC will advise the Recipient in writing of the scope and timing of any additional audit or inquiries required. 26.8 ACC will promptly notify the Recipient of the results of any audit conducted under this clause 26. Where any deficiencies are identified in such an audit, the Recipient will promptly take steps to remedy the deficiencies.