Audit Right; Payment Disputes Sample Clauses

Audit Right; Payment Disputes. In the event Maloof, Funderburke, or both, dispute GT’s calculation of or failure to make any payment described in paragraph 5 or 6, then, subject to paragraph 5(e), the disputing party or parties shall elect an independent certified public accountant reasonably acceptable to GT (the “Auditor”) to inspect, during regular business hours, any relevant GT records solely to the extent necessary to verify GT’s calculations of or obligation to make the payment in question. In each case, the Auditor will report to each of Maloof, Funderburke, and GT the amount, if any, that GT has overpaid or underpaid and will not disclose to either Maloof or Fxxxxxxxxxx either the detailed or underlying information supporting such conclusion or any of the Auditor’s work papers. If such inspection reveals a deficiency, GT will promptly pay to Maloof and Fxxxxxxxxxx the deficient amount. If such inspection reveals any overpayments by GT, each of Maloof and Fxxxxxxxxxx shall promptly pay to GT such amounts that were overpaid or, in the case of Royalties, at GT’s option GT may credit such amount to the payment of future Royalties. The decision of the Auditor will be final and binding for all purposes. If any such audit results in a correction in favor of Maloof and Fxxxxxxxxxx in an amount greater than five percent of the royalties paid with respect to the period audited, GT shall reimburse Maloof and Fxxxxxxxxxx for all expenses of the audit.
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Related to Audit Right; Payment Disputes

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