Calculation and Payment of Commercialization Costs Sample Clauses

Calculation and Payment of Commercialization Costs. With respect to each Collaboration Product, each Party will keep accurate records of its Commercialization Costs, including appropriately allocating such Commercialization Costs to the Fixed Royalty Territory or Profit Share Territory, as applicable (pursuant to Sections 5.4(a) and 5.4(b)). Beginning with the first Calendar Quarter after the Effective Date, each Party shall report to the other Party within [ * ] after the end of such Calendar Quarter, a report of its Commercialization Costs and associated activities, by applicable Region of the Profit Share Territory, incurred in such Calendar Quarter of all of such Commercialization Costs (each such report, a “Commercialization Costs Report”); provided that the Commercialization Costs Report shall also include those Commercialization Costs incurred by a Party for the period beginning on the Effective Date and ending on the day immediately before the first day of the first full Calendar Quarter of the Term. Each Commercialization Costs Report shall include a progress report of actual versus budgeted Commercialization Costs allocated to and incurred by the applicable Party during the applicable Calendar Quarter and a forecast of any remaining budgeted Commercialization Costs expected to be incurred in the remaining Calendar Quarters of the respective Calendar Year. Promptly following the exchange of the Commercialization Costs Reports, but no later than [ * ] after the end of the relevant Calendar Quarter, Novartis shall submit to Company a report reconciling the calculation of the amount a Party will need to pay to the other Party to result in the sharing of the Commercialization Costs in the proportions described in Section 5.4(a) and 5.4(b), as applicable (the “Commercialization Costs Calculation Report”). The Party who is owed such amount as set forth in the Commercialization Costs Calculation Report shall be paid pursuant to Section 8.6, so that each of Company and Novartis has borne its respective share of the Commercialization Costs as set forth hereunder. Following the Effective Date, each Party shall consider in good faith other reasonable procedures proposed by the other Party for sharing financial information in order to permit each Party to close its books periodically in a timely manner. In addition, at the request of either Party, the other Party shall provide any supporting documentation of the Commercialization Costs incurred by it as reported in a Commercialization Costs Report.
Sample 1
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Related to Calculation and Payment of Commercialization Costs

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