Common use of Reports Inspection Clause in Contracts

Reports Inspection. VI shall maintain accurate books and records that enable the calculation of royalties payable hereunder to be verified. VI shall retain the books and records for each calendar year period for three (3) years after the submission of the corresponding report under Section 3.1.1 hereof. Upon thirty (30) days prior notice to VI, independent accountants selected by ASI, which shall be from a “Big 5” or national accounting firm and reasonably acceptable to VI, after entering into a confidentiality agreement with VI, may have access to VI’s books and records during VI’s normal business hours to conduct a review or audit once per calendar year, for the sole purpose of verifying the accuracy of VI’s payments and compliance with this Settlement Agreement. Any such inspection or audit shall be at ASI’s expense, however, if an inspection reveals underpayment of five percent (5%) or more in any audit period, VI shall pay the costs of the inspection. VI shall promptly pay to ASI any underpayment identified in such an audit.

Reports Inspection. VI shall maintain accurate books and records that enable the calculation of royalties payable hereunder to be verified. VI shall retain the books and records for each calendar year period for three (3) years after the submission of the corresponding report under Section 3.1.1 hereof. Upon thirty (30) days prior notice to VI, independent accountants selected by ASI, which shall be from a “"Big 5” " or national accounting firm and reasonably acceptable to VI, after entering into a confidentiality agreement with VI, may have access to VI’s 's books and records during VI’s 's normal business hours to conduct a review or audit once per calendar year, for the sole purpose of verifying the accuracy of VI’s 's payments and compliance with this Settlement Agreement. Any such inspection or audit shall be at ASI’s 's expense, however, if an inspection reveals underpayment of five percent (5%) or more in any audit period, VI shall pay the costs of the inspection. VI shall promptly pay to ASI any underpayment identified in such an audit.