Walter Montego: OK, here is some context. :)
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XX shall keep for three (3) years from the conclusion of each year complete and accurate records of its expenditures of efforts from payments received by it from YY under Section 3.2. The records shall conform to good accounting principles as applied to a similar company similarly situated. YY shall have the right at its own expense during the term of this Agreement and during the subsequent three-year period to appoint an independent certified public accountant reasonably acceptable to XX to inspect said records to verify the accuracy of such expenditures of efforts, pursuant to the Development Plan. Upon reasonable notice by YY, XX shall make its records available for inspection by the independent certified public accountant during regular business hours at the place or places where such records are customarily kept, to verify the accuracy of the expenditures of efforts. This right of inspection shall not be exercised more than once in any calendar year and not more than once with respect to records covering any specific period of time. All information concerning such expenditures of efforts, and all information learned in the course of any audit or inspection, shall be deemed to be XX's Confidential Information, except to the extent that it is necessary for YY to reveal the information in order to enforce any rights it may have pursuant to this Agreement or if disclosure is required by law. The failure of YY to request verification of any expenditure of efforts before or during the three-year period shall be considered acceptance by YY of the accuracy of such expenditures of efforts, and XX shall have no obligation to maintain any records pertaining to such report or statement beyond such three-year period. The findings of such inspection, if any, shall be binding on the parties.
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I have no idea what the "expenditure of efforts" is. *shrugs*