Provision Language
5.Records and Audit
(a) Theraclone shall maintain records of the results of the Discovery Program, including raw data and methods, in experimental notebooks that contain such information as shall be mutually agreed upon by IAVI and Theraclone.
(b) Theraclone agrees to permit IAVI, during normal business hours and with reasonable advance written notice, to audit and examine all records, including but not limited to, any documents, notes and financial accounts of Theraclone that relate to the Discovery Program and this Agreement, upon reasonable notice, at IAVI’s expense. IAVI shall have the right to conduct such an audit once each calendar year.
6.Reporting
Each Party shall provide the other with quarterly written reports of the activities, progress, and results of the Discovery Program in a format and detail level that is mutually acceptable to each of the Parties on the dates set forth in section 3(c) above. Each Party shall provide a comprehensive final written report to the other on their respective contributions to the Discovery Program upon the delivery of the final Deliverables.