Audit Rights
/ˈɔːdɪt raɪts/
Definitions
- (n.) Contractual rights that permit one party to examine the books, records, and accounts of another to verify compliance with an agreement.
The vendor exercised its audit rights to ensure the buyer was paying the correct royalties.
Forms
- audit rights
- audit right
Related terms
See also
Commentary
Audit rights clauses should clearly specify scope, frequency, notice, and confidentiality to avoid disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.