Common use of Deficiencies Revealed by Audit Clause in Contracts

Deficiencies Revealed by Audit. If the inspection or audit reveals a deficiency of Earned Royalties due or paid by Licensee to Parent, Licensee shall, within thirty (30) Business Days of receipt of notice to cure the deficiency, make payment to Parent of said deficiency, including the fee and interest terms as provided in Article 6 as permitted by applicable Law. In addition, if the audit reveals a deficiency of more than five percent (5%) of the Earned Royalties due in any audited period, Licensee shall reimburse Parent for the reasonable audit costs and reasonable attorneys’ fees and expenses and costs of collection.

Appears in 4 contracts

Samples: Trademark License Agreement (GE Vernova Inc.), Trademark License Agreement (GE Vernova LLC), Trademark License Agreement (GE HealthCare Technologies Inc.)

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