Res 2015-013/Amendment to and renewal for an additional five years of an Agreement for Airport Management Services with Texas Aviation Partners, L.L.C.;

Home Browse Search

7.0.4 Time for Audits. Audits conducted by the City will be performed at times as determined by the City in its sole discretion without specific cause. All such inspections and audits shall be conducted during normal business hours. 7.0.5 Overcharges and Deficiencies. If any audit discloses an overcharge of any of Operator's fees or expenses in excess of five percent (5 %) for the period covered by the audit, then the expense of such audit shall be a non - reimbursable expense of the Operation which the Operator shall pay to the City immediately upon City's demand. In addition, if any such audit discloses a deficiency in the amount of funds which should have been turned over by Operator to the city during the period covered by such audit, Operator shall immediately deliver such deficiency together with interest at the rate of six percent (6 %) (such interest to accrue from the time the said deficiency amount should have been turned over), to the City. If Operator does not pay to the City any such overcharge or deficiency, together with all interest accrued thereon, or the cost of an audit required to be paid by Operator within (3) days after demand is made therefor by the City, such failure shall be a default under the terms of this Agreement entitling the City, at its election, to terminate this Agreement pursuant to Article 8. 7.0.6 The Operator will furnish to the City at such time and in such form as the City may require, financial statements including audited financial statements, records, reports, data and information, as the City may request pertaining to the matters covered by this Agreement. 7.0.7 All reports, plans, papers, data, studies, materials and any documents and records or any other work product of any kind whatsoever which has been collected or developed by Operator pursuant to this Agreement, including without limitation, all such documents and records created or stored electronically, shall be the property of the City. Operator shall keep such records available for inspection by City and all such records shall be kept and maintained in accordance with the City's records retention policy. In the event of termination or expiration of this Agreement, all finished and unfmished reports, plans, papers, data, studies, materials, and any other documents or records collected, assembled, or prepared by or for Operator pursuant to this Agreement shall be the property of the City and Operator shall promptly deliver such items in Operator's possession or control to the City; provided, however, Operator shall be entitled to retain copies of its internal work product solely for the purpose of and to the extent necessary to support its internal business records. Intellectual property developed pursuant to this Agreement shall be the property of the City. For purposes of this Agreement, "intellectual property" refers to property (such as patents, trademarks, designs and copyrights) which is the product of invention or creativity and does not exist in a tangible, physical form. 7.0.8 The Operator will retain all of its records and supporting documentation relating to this Agreement, and not delivered to the City, for a period of three years except