This office lease form is a provision from a negotiated perspective. The landlord shall provide to the tenant in substantial detail each year the calculations, accounts and averages performed to determine the building operating costs.
Kentucky Tenant Audit Provision Fairer Negotiated Provision
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US-OL19035-B
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FAQ
The company pays the auditor. Company boards have audit committees which meet with the auditors at least annually, without the CEO or CFO present. The auditors report on issues or improvements that need to be made, often evaluate the CFO and Controller, and report any shenanigans.
As the name suggests, a right to audit clause is a provision in a contract that gives one party the right to audit another party to the contract. This clause is commonly included in various types of agreements, such as vendor agreements, licensing agreements, partnership agreements, and more.
The audit firms are chosen and paid by the companies they audit. Just as the company hires its auditor, the company has the power to fire its auditor.
A Standard Clause setting out the audit rights and obligations of parties to a commercial transaction. This Standard Clause addresses record maintenance, access to and review of documents, confidentiality of audited information, independent third-party auditors, fees, and reimbursements.
The Auditing Party shall bear the full cost of the performance of any audit requested by the Auditing Party except as hereinafter set forth.
A contract audit is an examination and assessment of performance or information, designed to verify that one or more parties to a contract have complied with requirements or standards set forth in the contract.
At the request of the Owner, the Contractor shall allow the Owner the opportunity to select an auditor to examine and inspect the Project and the Contractor's books, records, and any and all accounts and similar data related to the Project. The Owner shall bear the cost of such audit.
It is common for the auditing party to bear the costs unless there is found to be a significant discrepancy during the audit.
