Transparency means presenting the facts as is. All team involved in process. They all trust each other, and they have the courage to keep each other abreast of good news as well as bad news. Everyone strives and collectively collaborates.
Inspection by everyone on the Scrum Team. The inspection can be done for the product, processes, people aspects, practices, and continuous improvements. For example, the team openly and transparently shows the product at the end of each Sprint to the customer in order to gather valuable feedback.
Adaptation is about continuous improvement, the ability to adapt based on the results of the inspection. If the customer changes the requirements during inspection, the team does not complain but rather adapts by using this as an opportunity to collaborate with the customer to clarify the requirements and test out the new hypothesis.