Top 10 Tips – Contractual Audits
In a recent client alert, Reed Smith offers tips for dealing with audit provisions involving payment of a license fee or royalty.
Audit provisions are commonly found in commercial contracts, write Carolyn E. Pepper and Matthew Y. Kane.
“They are often not the clauses which attract the most attention during contract negotiations. However, they are important clauses which warrant careful consideration,” according to the authors.
They then list 10 points that need to be considered when dealing with such clauses.