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Transmission Owner Services and Asset Assignment Agreement <br />agreement, arbitration, adjudication or otherwise) of the correct amount, any <br />difference between such correct amount and such full amount shall be properly <br />reflected in the Billing Statement next submitted to the Participant after such <br />determination. The difference shallinclude a service charge of one and one-half <br />percent (1 %,%) per month. <br />ARTICLE 7 <br />REPORTS; RECORDS AND ACCOUNTS <br />Section 701. Reports. <br />(a) CMMPA shall prepare, or cause to be prepared, and issue to the Participant the <br />following reports for each Contract Year: <br />(i) financial and operating statement relating to the provision of Transmission <br />Owner Services; and <br />(ii) status of the Annual Budget. <br />(b) CMMPA shall cause to be prepared and issued to the Participants, no later than <br />180 days after the conclusion of each Contract Year, audited information <br />concerning the Revenues and costs related to Transmission Owner Services, <br />consistent with Section 702 of this Agreement. If such information includes <br />information that is not publicly available, CMMPA may condition disclosure of <br />such information on the Participant's written agreement to keep such information <br />confidential. <br />Section 702. CMMPA Records and Accounts. <br />CMMPA shall keep accurate records and accounts in a manner similar to the FERC <br />Uniform System of Accounts and Generally Accepted Accounting Princip]es or such <br />other system as may be reasonably approved by CMMPA. A firm of certified public <br />accountants, experienced in electric utility accounting for a similar organization, to be <br />employed by CMMPA, shall audit CMMPA's records and accounts annually. Such <br />records and accounts shall be made available for inspection by the Participant at any <br />reasonable time. The portion of such annual certified audit relating to the provision of <br />Transmission Owner Services, including all written comments and recommendations of <br />such accountants, shall be provided to the Participants in accordance with Section 701 of <br />this Agreement. <br />ARTICLE 8 <br />OBLIGATIONS IN THE EVENT OF DEFAULT <br />Section 801. Failure of the Participant to Pay or Perform. <br />(a) The provisions of this Section 801 are in addition to the specific provisions in <br />Sections 404(g) and 307 related to the matters addressed by those sections. Any <br />35 <br />