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LSDefine

Simple English definitions for legal terms

audit privilege

Read a random definition: rejection of claim

A quick definition of audit privilege:

Audit Privilege: When someone lets you use their idea or creation, they have the right to check your records to make sure you are following the rules. This is called audit privilege or audit rights.

A more thorough explanation:

Audit privilege refers to the right of the owner of intellectual property to examine the financial records of the licensee. This is usually included in a license agreement to ensure that the licensee is complying with the terms of the agreement.

For example, if a company licenses a software program from another company, the license agreement may include an audit privilege clause. This would allow the owner of the software to audit the financial records of the licensee to ensure that they are paying the agreed-upon royalties and using the software within the terms of the agreement.

Another example would be a music artist licensing their music to a movie studio. The license agreement may include an audit privilege clause that allows the artist to audit the financial records of the studio to ensure that they are paying the agreed-upon royalties for the use of the music in the movie.

These examples illustrate how audit privilege is used to protect the owner of intellectual property and ensure that they are receiving the compensation they are entitled to under the license agreement.

audit opinion | audit report

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General

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Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
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