Common use of Calculation and Payment of Royalties and Amounts Due Clause in Contracts

Calculation and Payment of Royalties and Amounts Due. (a) Royalties and other amounts due shall be calculated for each Royalty Period as of the last day of each such Period. Payment of royalties and other amounts with respect to each Royalty Period, and the accompanying accounting report set forth in subparagraph (b) below shall be due within forty-five (45) days after the end of such Royalty Period as set forth on Schedule 1, beginning with the Royalty Period in which the first Net Sale accrues. (b) At the same time that it makes payment of royalties and other amounts due with respect to a Royalty Period, Licensee shall deliver to University a true and complete accounting of Net Sales and other distributions of any Product and revenues from those sales by Licensee for each country of sales origin during such Royalty Period and deductions taken, with a separate accounting for each Product of sales and revenues by country, and a detailed calculation of the payment due University for such Royalty Period, in each case in form and substance reasonably satisfactory to University.