Audited Party definition
Examples of Audited Party in a sentence
If the accountant concludes in its report that the Audited Party has underpaid any amounts due hereunder, the Audited Party shall pay such amounts, with interest from the date originally due, [***] after receipt of the Auditing Party’s corresponding invoice, which shall not be dated any earlier than the date on which the accountant delivers its audit report to the Parties.
Except as provided below, the cost of any audit shall be borne by the Auditing Party, as applicable, unless the audit reveals an underpayment of [***] from the reported amounts for the audited period, in which case the Audited Party shall reimburse the Auditing Party, as applicable, for the documented out-of-pocket costs incurred by the Auditing Party, as applicable, in such audit [***] of receipt of the Auditing Party’s corresponding invoice.
Where requested by the Audited Party, the accountant so appointed shall execute an agreement, in a form reasonably acceptable to the Parties, to protect the confidentiality of information made available to such accountant and the confidentiality of such accountant’s findings and report.
If the accountant concludes in its report that the Audited Party has overpaid any amounts due hereunder, the Audited Party may credit such amounts against future payments due to the Auditing Party [***] receipt of the Audited Party’s corresponding invoice, which shall not be dated any earlier than the date on which the accountant delivers its audit report to the Parties (or may otherwise seek and obtain reimbursement of such overpaid amounts).