Records of Revenues and Expenses. (a) Each Party will maintain complete and accurate records which are relevant to revenues, costs, expenses and payments on a country-by-country basis under this Agreement and such records shall be open during reasonable business hours for a period of two (2) years from creation of individual records for examination at the other Party's expense and not more often than once each year by a certified public accountant selected by the other Party, or the other Party's internal accountants unless the first Party objects to the use of such internal accountants, for the sole purpose of verifying for the inspecting Party the correctness of calculations and classifications of such revenues, costs, expenses or payments made under this Agreement. Each Party shall bear its own costs related to such audit; PROVIDED that, for any underpayments greater than five (5) percent by Schering, Schering shall pay Alliance the amount of underpayment, interest as provided for in Section 8.03 from the time the amount was due and Alliance's out-of-pocket expenses. For any underpayments less than five (5) percent by Schering found under this Section, Schering shall pay Alliance the amount of underpayment. Any overpayments by Schering will be refunded to Schering or credited to future royalties, at Schering's election. Any records or accounting information received from the other Party shall be Confidential Information for purposes of Article X. Results of any such audit shall be provided to both Parties, subject to Article X.
Records of Revenues and Expenses. (a) Exhale will maintain complete and accurate records relevant to the calculation of revenues under this Agreement. Not more often than once each year, Exhale shall make the said records available for inspection for the period required by applicable laws, but not less than two (2) years from creation of individual records by a certified public accountant or chartered accountant selected by Schering (subject to the consent of Exhale not to be unreasonably withheld or delayed), for the sole purpose of verifying for Schering the correctness of * CONFIDENTIAL MATERIAL REDACTED AND FILED SEPARATELY WITH THE COMMISSION calculations and classifications of such revenues under this Agreement. Schering shall bear its own costs related to such audit; provided that, for any underpayments greater than five (5) percent by Exhale, Exhale shall pay Schering the amount of underpayment, interest as provided for in Section 8.6 from the time the amount was due and Schering’s reasonable out-of-pocket expenses for such audit. For any underpayments of less than five (5) percent by Exhale, Exhale shall pay Schering the amount of underpayment. Any overpayments by Exhale will be refunded to Exhale or credited to future royalties, at Exhale’s discretion. Any records or accounting information received from Exhale shall be Confidential Information for the purposes of Article X. Results of any such audit shall be provided to both Parties and shall also constitute Confidential Information for the purposes of Article X, provided that accountants are bound by appropriate confidentiality obligations and may only provide Schering with evidence of any royalty payment discrepancies.
Records of Revenues and Expenses. Myogen will maintain complete and accurate accounts and records of revenues, costs, expenses and payments earned or made in connection with this Agreement and such records shall be available for examination at HMR's expense during Myogen's reasonable business hours for a period of two (2) years from creation of the individual records. In addition, not more often than once each year, HMR may designate a firm of certified public accountant acceptable to Myogen to verify the correctness of calculations and classifications of such revenues, costs, expenses or payments earned or made in connection with this Agreement. Amounts that are determined to be due as a result of any variances in revenues, costs, expenses or payments earned or made in connection with this Agreement discovered during such audit shall be paid by Myogen within thirty (30) days of the conclusion of the audit (subject to Article XIII hereof). If the audit results in a variance of more than 5% in favor of HMR, the reasonable audit expenses of HMR shall be paid by Myogen. Any records or accounting information received from Myogen shall be included within the definition of Confidential Information for purposes of Article VI. In the event the provisions of Section 9.5.3 apply, the provisions of this Section 8.1 shall apply to HMR.
Records of Revenues and Expenses. (a) Each Party will maintain complete and accurate records which are relevant to revenues, costs, expenses and payments on a country-by-country basis under this Agreement and such records shall be open during reasonable business hours for a period of two (2) years from creation of individual records for examination at the other Party's expense and not more often than once each year by a certified public accountant selected by the other Party, or the other Party's internal accountants unless the first Party objects to the use of such internal accountants, for the sole purpose of verifying for the inspecting Party the correctness of calculations and classifications of such revenues, costs, expenses or payments made under this Agreement. Each party shall bear its own costs related to such audit; provided, however, that, for any underpayments by a Party greater than five percent (5%), such Party shall pay the other Party the amount of underpayment, interest as provided for in Section 5.04(b) from the time the amount was due and the other Party's out-of-pocket expenses. For any underpayments less than five percent (5%) by a Party found under this Section, such Party shall pay the other Party the amount of underpayment. Any overpayments by a Party will be refunded to such Party or credited to future royalties, at such Party's election. Any records or accounting information received from the other Party shall be Confidential Information for purposes of Article VII. Results of any such audit shall be provided to both Parties, subject to Article VII.
Records of Revenues and Expenses. 9.7.1 Xxxxxx Xxxxxxx shall maintain complete and accurate records which are relevant to the revenues on a country-by-country basis under this Agreement, and such records shall be open during reasonable business hours for a period of *** from creation of individual records for examination at Palatin’s expense and not more often than *** by a certified public accountant selected by Palatin or Palatin’s internal accountants, unless Xxxxxx Xxxxxxx objects to the use of such internal accountants, for the sole purpose of verifying for Palatin the correctness of calculations and classifications of such revenues under this Agreement. Palatin shall bear its own costs related to such audit; provided, that for any underpayments greater than *** percent (***%) by Xxxxxx Xxxxxxx, Xxxxxx Xxxxxxx shall pay Palatin the amount of underpayment, interest as provided for in Section 9.3 from the time the amount was due and Palatin’s out-of-pocket expenses. For any underpayments less than *** percent (***%) by Xxxxxx Xxxxxxx found under this Section 9.7.1, Xxxxxx Xxxxxxx shall pay Palatin the amount of such underpayment. If Xxxxxx Xxxxxxx shall pay any underpayment even it is over *** percent (*** %) before such examination to be made by Palatin, no interest or no other payments will be made consequently. Any overpayments by Xxxxxx Xxxxxxx will, at Palatin’s option, be refunded to Xxxxxx Xxxxxxx or credited to future royalties. Any records or accounting information received from Xxxxxx Xxxxxxx shall be confidential information for purposes of Section 10.1. Results of any such audit shall be provided to both Parties and shall be confidential information for purposes of Section 10.1.
Records of Revenues and Expenses. (The information below marked by ***** has been omitted by a request for confidential treatment. The omitted portion has been separately filed with the Commission.)
Records of Revenues and Expenses. Maintenance and Audit. Each Party will maintain complete and accurate records which are relevant to revenues, costs, expenses and payments under this Agreement and such records shall be open during reasonable business hours for a period of five (5) years from creation of individual records for examination at the other Party's expense and not more often than once each year by a certified public accountant selected by the other Party for the sole purpose of verifying for the inspecting Party the correctness of calculations and classifications of such revenues, costs, expenses or payments made under this Agreement. In the absence of material discrepancies (in excess of [ * ] of the line item being audited) in any request for reimbursement resulting from such audit, the accounting expense shall be paid by the Party requesting the audit. If material discrepancies do result, the audited Party shall bear the accounting expense. Any records or accounting information received from the other Party shall be Confidential Information for purposes of Article 12. Results of any such audit shall be provided to both Parties, subject to Article 12.
Records of Revenues and Expenses. (a) Each Party will maintain complete and accurate records which are relevant to revenues, costs, expenses and payments under this Agreement and such records shall be open during reasonable business hours for a period of [***] from the creation of individual records for examination at the other Party's expense, and not more often than [***] by an independent certified public accountant selected by the other Party and reasonably acceptable to the audited Party for the sole purpose of verifying for the inspecting Party the correctness of calculations and classifications of such revenues, costs, expenses or payments made under this Agreement. In the absence of material shortfalls (in excess of [***] of the royalties or other amounts payable under this Agreement) in any request for reimbursement resulting from such audit, the accounting expense shall be paid by the Party requesting the audit. If material shortfalls do result, the audited Party shall bear the accounting expense. In any case, the audited Party shall pay the -------- [***]=CONFIDENTIAL TREATMENT REQUESTED
Records of Revenues and Expenses. Resolution of Audit ----------------------------------------------------- Disputes. --------
Records of Revenues and Expenses. Sublicensee will maintain complete and accurate accounts and records of revenues, costs, expenses and payments earned or made in connection with this Agreement and such records shall be available for examination at Myogen's expense during Sublicensee's reasonable business hours for a period of two (2) years from creation of the individual records. In addition, not more often than once each year, Myogen may designate a firm of certified public accountants acceptable to Sublicensee to verify the correctness of calculations and classifications of such revenues, costs, expenses or payments earned or made in connection with this Agreement. Amounts that are determined to be due as a result of any variances in revenues, costs, expenses or payments earned or made in connection with this Agreement discovered during such audit shall be paid by Sublicensee within thirty (30) days after the conclusion of the audit (subject to Article 11 hereof). If the audit results in a variance of more than five percent (5%) in favor of Myogen, the reasonable audit expenses of Myogen shall be paid by Sublicensee. Any records or accounting information received from Myogen shall be included within the definition of Confidential Information for purposes of Article 5.
