Audit Rights
Type: noun
Pronunciation: /aw-dit-ryts/
Also spelled or known as: Right to Audit
Plural: Audit Rights
Related: Royalty Audit
What does Audit Rights mean? Contractual rights allowing one party to examine another party’s financial records, royalty statements, books, or accounting records to verify compliance with an agreement.
Audit rights are commonly included in recording, publishing, licensing, and distribution contracts.
Audit Rights synonyms: Right to Audit, Accounting Audit Rights, Financial Inspection Rights
Example sentence: “The artist exercised the audit rights after questioning the royalty statements.”
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