| Commentary

55.1 Inspection of records

| Commentary

55: AUDITING, INSPECTION AND RECORDS

(For clauses relating to auditing and inspection of records see Form 55.1 [2018] onwards.)

55.1 Inspection of records

If a party is to make payments under a contract which are calculated by reference to some variable factor, such as the extent of work done, or sales received, it is common to include provisions to allow inspection of that party’s records. Such clauses are common, for example, in the licensing of intellectual property (such as patent licence agreements where often a royalty is payable, dependent on the number of sales of licensed products or the

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