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LSDefine

Simple English definitions for legal terms

audit privilege

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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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they said that the convo in here was inappropriate (racist/sexist) and we were enabling it
im like bruh how do i control what dk says
12:00
^^
12:01
yooo horny man dkk
i think him dropping out of west point was his villain arc
12:03
i think it was when him and shaq got into it
this is my butterfly theory on dk
there's a lot of shame associated if you don't make it all the way through
12:06
I thought dkk was the doxxer
12:07
I'm so loosely aware of this years lsd drama
no, it was another guy who doesnt talk in here at all
12:09
thats wild
12:09
omg do u think he's watching rn
12:09
or she
his name is jason and i think he got scared bc someone else here has done a lot of work to reverse dox him
12:12
interestinf
12:12
bruce sutter is ur name bruce sutter
12:12
ommg my first dox
12:12
idk google it
12:13
frick
12:14
a lot of super splitter names and puns have been used over the years
12:15
He was one of the sport's dominant relievers in the late 1970s and early 1980s, making effective use of the split-finger fastball.
12:15
most dominant reliever w the split finger fast ball lets go bruce sutter!!
12:16
He also played for Cubs, where I'm from, the Cardinals, Wash U dream school, and retired to Georgia, where I live
12:16
awe ok wholesome
12:16
And died the day before I took my first LSAT, although I didn't know that when I picked the name
12:18
actually two days before
12:20
scratch that again, one day
rip Bruce Sutter
NosyBeagle
12:32
lol doxxers giving me my address like i forgot it
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