PRICING/AUDIT Clause Samples

The PRICING/AUDIT clause establishes the right for one party, typically the buyer or client, to review and verify the pricing, costs, or financial records related to goods or services provided under the contract. In practice, this clause allows for periodic or ad hoc audits of invoices, supporting documentation, and cost breakdowns to ensure that charges are accurate and comply with agreed terms. Its core function is to promote transparency and accountability in billing, helping to prevent overcharging, fraud, or errors in financial transactions.
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PRICING/AUDIT. The Contractor shall establish and maintain a reasonable accounting system, which enables ready identification of Contractor’s cost of goods and use of funds. Such accounting system shall also include adequate records and documents to justify all prices for all items invoiced as well as all charges, expenses and costs incurred in providing the goods for at least five (5) years after completion of this contract. The County or its designee shall have access to such books, records, subcontract(s), financial operations, and documents of the Contractor or its subcontractors, as required to comply with this section for the purpose of inspection or audit anytime during normal business hours at the Contractor's place of business. This right to audit shall include the Contractor’s subcontractors used to procure goods under the contract with the County. Contractor shall ensure the County has these same rights with subcontractors and suppliers.
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PRICING/AUDIT. Provider shall, at the State's request, provide auditors designated by the State, that are not competitors of Provider or its Subcontractors, and that are subject to the confidentiality requirements set forth in Section 21, with access to Provider's books and records to the extent necessary to fully audit and verify any amounts paid or payable by the State hereunder. Provider shall provide such auditors with full access to such information relating to this Agreement and Provider's books and records as may be necessary to confirm the accuracy of Provider's invoices, documents, and other information supporting such invoices, and any pricing adjustment computations. Provider shall provide such documents, data, or information on such Media as the State might reasonably request, including hard copy, optical or magnetic disk, or tape. All such audits shall be conducted during business hours, with three (3) business days advance notice, and shall include access to Provider Confidential Information to the extent necessary to comply with the provisions of this Section 20.3.
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PRICING/AUDIT. The Contractor shall maintain adequate records to justify all prices for all items invoiced as well as all charges, expenses and cost incurred in performing the work for at least three (3) years after completion of this contract. The County shall have access to such books, records, subcontract, financial operations, and documents of the Contractor or its subcontractors as required to comply with this section for the purpose of inspection or audit during normal business hours at the Contractor’s place of business.
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PRICING/AUDIT. The Contractor shall establish and maintain a reasonable accounting system, which enables ready identification of Contractor’s cost of goods and use of funds. Such accounting system shall also include adequate records and documents to justify all prices for all items invoiced as well as all charges, expenses and costs incurred in providing the goods for at least five
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PRICING/AUDIT. Sun will have the right to audit the records of Insignia pursuant to Section 4.5 of this Agreement to verify that the relative pricing of the Java Environment as a percentage of the associated product and services is reasonable based upon the percentage value thereof, and is not priced as a loss leader.
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PRICING/AUDIT. Provider shall, upon request, allow auditors mutually agreed to by the Parties, that are not competitors of Provider or its Subcontractors with respect to the provision of the types of services as provided under this Agreement, and who have executed a confidentiality agreement substantially in the form of the Auditors Confidentiality Agreement attached as Schedule V, to fully audit Provider to the extent reasonably necessary to verify any amounts paid or payable hereunder are consistent with the charges and charging methodology set forth in Schedule E. Provider shall provide such auditors with all reasonable and necessary access to documents, and other information relating to the Services provided under this Agreement as necessary to confirm the accuracy of Provider’s invoices, and any pricing adjustment computations. All such audits shall be conducted during Provider’s normal business hours, with reasonable advance notice and shall include reasonable access to certain Provider proprietary and confidentiality information to the extent necessary to comply with this Section 6.2 (provided the auditors shall have no access to Provider’s profit or cost data, personnel records, confidential information of other Provider customers or to Provider’s internal audit data, collectively, “Internal Confidential Information”). Auditor(s) shall be compensated on a fee basis rather than a contingency or other incentive compensation scheme. Provider shall promptly refund all overcharges. Further, if any such audit reveals that Provider has overcharged Investors in excess of five percent (5%) during the period to which the audit relates as determined prior to the commencement of the audit, then (subject to Section 20 – Dispute Resolution) Provider shall promptly refund such overcharges to Investors with interest equal to the lesser of one percent (1%) of such payments per every thirty (30) calendar days or portion thereof; or (ii) the maximum amount permissible by the applicable law. Investors may dispute any invoice in accordance with the provisions of this Agreement and Provider will bear its own internal costs of participating in such audit.
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PRICING/AUDIT. Contractor shall, at the County’s request, allow auditors designated by the County that are subject to reasonable confidentiality requirements to fully audit Contractor’s books and records to the extent necessary to verify any amounts paid or payable by the County hereunder. Contractor shall provide such auditors with full access to such information relating to this Agreement and Contractor’s books and records as may be necessary to confirm the accuracy of Contractor’s invoices, documents, and other information supporting such invoices, and any pricing adjustment computations. All such audits shall be conducted during business hours, with reasonable advance notice, and shall include access to proprietary and confidential information to the extent necessary to comply with the provisions of this Section 16.3. If any such audit reveals that Contractor has overcharged the County during the period to which the audit relates, then Contractor shall refund such overcharges to the County through the next monthly invoice and the cost of such audit shall be borne by Contractor. Should Contractor owe County a refund after the final invoice at the conclusion of Disentanglement, Contractor shall issue a draft to County in the amount due within thirty (30) days of the final invoice date.
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Related to PRICING/AUDIT

  • SAO AUDIT A. The state auditor may conduct an audit or investigation of any entity receiving funds from the state directly under the Contract or indirectly through a subcontract under the Contract. The acceptance of funds directly under the Contract or indirectly through a subcontract under the Contract acts as acceptance of the authority of the state auditor, under the direction of the legislative audit committee, to conduct an audit or investigation in connection with those funds. Under the direction of the legislative audit committee, an entity that is the subject of an audit or investigation by the state auditor must provide the state auditor with access to any information the state auditor considers relevant to the investigation or audit. B. Grantee shall comply with any rules and procedures of the state auditor in the implementation and enforcement of Section 2262.154 of the Texas Government Code.

  • Field Audits The Agent has the right at any time and in its discretion to conduct field audits with respect to the Collateral and each Borrower’s Receivables, inventory, business and operations. All field audits shall be at the cost and expense of the Borrowers; it being understood and agreed that, in the absence of an Event of Default, the Borrowers’ maximum liability for field audit costs and expenses shall be limited to the reasonable costs and expenses of only two (2) field audits conducted during any twelve (12) month period (unless the Agent shall conduct a field audit pursuant to Section 1.10 of this Agreement in connection with the joinder of a new “Borrower” hereunder, in which event the Borrowers shall be liable for the costs and expenses of such field audit as well). Any and all field audits conducted following an Event of Default shall be at the Borrowers’ cost and expense, with the foregoing limitation on maximum costs and expense being inapplicable.

  • Rate Redetermination for Market Change In the event of delay or interruption, exceeding 90 days, under B8.33, Contracting Officer shall make an appraisal to determine for each species the difference between the appraised unit value of Included Timber immediately prior to the delay or interruption and the appraised unit value of Included Timber immediately after the delay or interruption. The appraisal shall be done after any rate redetermination done pursuant to B3.31, using remaining volumes.

  • Pricing Errors Any material errors in the calculation of net asset value, dividends or capital gain information shall be reported immediately upon discovery to the Company. An error shall be deemed "material" based on our interpretation of the SEC's position and policy with regard to materiality, as it may be modified from time to time. Neither the Trust, any Fund, the Distributor, nor any of their affiliates shall be liable for any information provided to the Company pursuant to this Agreement which information is based on incorrect information supplied by or on behalf of the Company or any other Participating Company to the Trust or the Distributor.

  • Pricing Adjustments a. In the event an adjustment is made to the computation of the net asset value of Fund shares as reported to Insurance Company under paragraph 7, (1) the correction will be handled in a manner consistent with SEC guidelines and the Investment Company Act of 1940, as amended and (2) the Funds or Transfer Agent shall notify Insurance Company as soon as practicable after discovering the need for any such adjustment. Notification may be made in the following manner: