Question: Consider the Franchise Agreement between Pretzel Time, Inc. and Franchisee; What are the audit rights under this contract?
Relevant contract clauses:
[{"span": [145842, 146792], "answer": "Pretzel  Time or its  designee  shall have the right at any time during business  hours and without prior notice to  Franchisee,  to inspect,  audit and copy or the right to cause to be  inspected,  audited and copied,  the  business records,  bookkeeping and accounting  records,  sales and income tax records and returns and other records of the Franchised Business,  including but not limited to,  daily  cash  reports,  cash  receipts  journal  and  general  ledger,  cash disbursements  journal and weekly payroll register,  monthly bank statements and daily deposit slips and cancelled checks; tax returns,  supplier invoices, dated cash register tapes, weekly inventories, sales reports, financial statements and tax returns and the books and records of any  corporation or  partnership  which holds the Franchise  including the personal financial records and tax returns of the Franchisee during and after the term of the Franchise Agreement.", "file_path": "cuad/MRSFIELDSORIGINALCOOKIESINC_01_29_1998-EX-10-FRANCHISE AGREEMENT.txt"}, {"span": [147028, 147187], "answer": "Franchisee shall fully cooperate with Pretzel Time's representatives and independent accountants hired by Pretzel Time to conduct any such inspection or audit.", "file_path": "cuad/MRSFIELDSORIGINALCOOKIESINC_01_29_1998-EX-10-FRANCHISE AGREEMENT.txt"}, {"span": [148462, 148893], "answer": "The audit will be conducted at the expense of Pretzel Time, provided that if an audit  disclosed an  understatement  of two percent (2%), as described above,  Franchisee will bear the cost of the audit,  including without limitation,  the charges of attorneys  and any  independent  accountants,  their travel   expenses,   room  and  board,   and   compensation  of  Pretzel  Time's representatives  and  independent  accountants.", "file_path": "cuad/MRSFIELDSORIGINALCOOKIESINC_01_29_1998-EX-10-FRANCHISE AGREEMENT.txt"}, {"span": [148895, 149036], "answer": "Providing  that in no case will Franchisee be obligated to pay more than ten thousand dollars ($10,000) for such inspection  or audit  costs.", "file_path": "cuad/MRSFIELDSORIGINALCOOKIESINC_01_29_1998-EX-10-FRANCHISE AGREEMENT.txt"}, {"span": [149230, 150464], "answer": "To determine  whether  Franchisee  and the Unit are complying with this Agreement and with all Pretzel Time's  standards and operations as prescribed by Pretzel Time,  Pretzel Time or its designated agents shall have the right at any reasonable time and without prior notice to Franchisee to:\n\n         a.  Inspect the Unit;\n\n         b. Observe,  photograph  and video tape the Unit's  operations for such          consecutive or intermittent periods as Pretzel Time deems necessary;\n\n         c. Remove  samples of any  Products,  materials or supplies for testing and analysis;\n\n         d.  Interview personnel of the Unit;\n\n         e.  Interview customers of the Unit; and\n\n         f. Inspect and copy any books,  records and  documents  relating to the          operation  of the Unit.  Franchisee  agrees  to  cooperate  fully  with          Pretzel Time in connection with any such inspections, observations,  photographing,  video  taping,  Product  removal and  interviews. Franchisee  shall present to his customers  such comment or evaluation  forms as Pretzel Time periodically  prescribes and shall  participate  and/or request his customers  to  participate  in any surveys  performed by or on behalf of Pretzel Time.", "file_path": "cuad/MRSFIELDSORIGINALCOOKIESINC_01_29_1998-EX-10-FRANCHISE AGREEMENT.txt"}]