Scheduled Audits Sample Clauses
The Scheduled Audits clause establishes the right and process for conducting regular, pre-planned inspections or reviews of a party’s operations, records, or compliance with contractual obligations. Typically, this clause outlines the frequency, notice requirements, and scope of such audits, ensuring both parties are aware of when and how audits will occur; for example, it may specify that audits can be performed annually with at least 30 days’ notice. Its core practical function is to provide transparency and accountability, helping to ensure ongoing compliance and detect potential issues before they escalate.
Scheduled Audits. CLEC will request a source audit file of its entire LIDB data store once per year. The Parties will mutually agree upon the dates such audit files will be provided.
Scheduled Audits. Company and its designated representatives shall be afforded full and complete access to General Agent’s records for the purpose of auditing General Agent with respect to all transactions arising out of or in connection with any business written by General Agent or any Agent or Broker pursuant to this Agreement, including any underwriting, claims, financial or accounting files of General Agent, upon 24 hours notice and during the regular business hours of General Agent. Company shall conduct such audits at least semiannually, and otherwise within 90 days of the close of any 30 day period following the first anniversary of the Effective Date of this Agreement in which Company’s aggregate premium volume increases by 30% or more if General Agent writes more than 20% of Company’s aggregate premium volume and General Agent has itself experienced an increase of 20% or more in its own premium volume produced within the same 30 day period. Copies of such audits shall remain on file with Company for at least the minimum period of time required by Regulations and be available to regulators for review. Company may conduct examinations more extensively or frequently if issues and matters, in the sole discretion of Company, necessitate such examinations.
Scheduled Audits. 13.7.1.1 Starting from the first Operational Year, the Public Partner shall be entitled, at its own discretion and cost and no more than two (2) times per year, to carry out the scheduled audits of performance (including technical) of the Private Partner’s obligations under the Agreement. The scheduled audits may not cover the time period which has already been audited and shall only cover the matters of performance of the Private Partner's obligations under the Agreement.
13.7.1.2 The Public Partner shall determine the dates of the scheduled audits for the subsequent Operational Year no later than twenty two (22) Business Days prior to expiry of the ongoing Operational Year, and shall inform the Private Partner to this effect by sending the written notice on the dates of scheduled audits for the subsequent Operational Year.
13.7.1.3 The Public Partner may engage the representatives of Public Authorities, advisors and other third parties (as the case may be) to carry out the scheduled audits in accordance with the requirements of the Applicable Law.
13.7.1.4 The Public Partner shall, no later than ten (10) Business Days prior to the date of the scheduled audit determined according to Clause 13.7.1.2, provide the Private Partner with the written notification on carrying out the scheduled audit, which shall include at least the period of the scheduled audit (which shall not in any case be more than one (1) month), the list of issues to be audited during the scheduled audit, the list of documents and information to be provided by the Private Partner for the scheduled audit, and the authorized persons of the Public Partner that will be conducting the scheduled audit.
13.7.1.5 The Private Partner shall provide the authorized persons of the Public Partner with proper access to its documents and information indicated in the notification on the scheduled audit set out in Clause 13.7.