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regulations. In such event,the Operator's compensation shall be <br /> reduced to comply with FAA regulations. <br /> iii. The City will calculate the incentive payment on or before <br /> December 31st of the Fiscal Year following the Fiscal Year in <br /> which the incentive was earned and will pay the Operator the <br /> incentive payment, if any, on or before January 5th. <br /> ARTICLE 7 <br /> OPERATOR'S RECORDS AND DOCUMENTS <br /> 7.0.1 The Operator will keep all of its expense records in a recognized accounting format <br /> acceptable to the City and these records will be kept at the Airport and be made <br /> available to the City or its auditors upon request during regular business hours 9-5 <br /> Monday—Friday. <br /> 7.0.2 Access to Records; Audit. The City, its auditors, federal auditors, and state <br /> agencies that have monitoring or auditing responsibilities for this Agreement will <br /> have access to any books, documents, papers, and records of the Operator which <br /> are directly pertinent to this Agreement for the purpose of making audit, <br /> examination, excerpts, copying and transcriptions. The City shall have the right to <br /> audit Operator's operations at the Airport. <br /> 7.0.3 Correction. Should weaknesses in internal control or errors in record keeping be <br /> discovered, Operator shall promptly correct such discrepancies upon discovery, or <br /> within a reasonable time after discovery (which shall not exceed thirty (30) days <br /> from discovery). Operator shall inform the City in writing of the action taken to <br /> correct any audit discrepancies. <br /> 7.0.4 Time for Audits. Audits conducted by the City will be performed at times as <br /> determined by the City in its sole discretion without specific cause. All such <br /> inspections and audits shall be conducted during normal business hours. <br /> 7.0.5 Overcharges and Deficiencies. If any audit discloses an overcharge of any of <br /> Operator's fees or expenses in excess of five percent (5%) for the period covered <br /> by the audit, then the expense of such audit shall be a non-reimbursable expense of <br /> the Operation which the Operator shall pay to the City immediately upon City's <br /> demand. In addition,if any such audit discloses a deficiency in the amount of funds <br /> which should have been turned over by Operator to the city during the period <br /> covered by such audit, Operator shall immediately deliver such deficiency together <br /> with interest at the rate of six percent (6%) (such interest to accrue from the time <br /> the said deficiency amount should have been turned over), to the City. If Operator <br /> does not pay to the City any such overcharge or deficiency,together with all interest <br /> accrued thereon, or the cost of an audit required to be paid by Operator within (3) <br /> days after demand is made therefor by the City, such failure shall be a default under <br /> Page 24 of 34 <br />