Common use of Failure to Pay Royalties Clause in Contracts

Failure to Pay Royalties. Should LICENSEE fail in its payment to UKRF of royalties due in accordance with the terms of this Agreement, UKRF shall have the right to serve notice upon LICENSEE by certified mail at an address designated in Article 12 hereof, of its intention to terminate this Agreement within ninety (90) days after receipt of said notice of termination unless LICENSEE shall pay UKRF within the ninety (90) day period. If such ninety (90) day period expires and if the amount of royalties due is not paid by LICENSEE, the rights, privileges and license granted hereunder shall terminate upon the end of such ninety (90) day period.