Common use of Invoices for Patent Expenses Clause in Contracts

Invoices for Patent Expenses. UGARF shall from time to time deliver invoices to Licensee seeking reimbursement for Licensed Patent Expenses. Licensee shall pay each invoice by delivering payment to UGARF at the address indicated on the invoice by either thirty (30) days from Licensee’s receipt of the invoice or the date identified as the due date on the invoice, whichever is later. Any and all overdue payments under this Agreement will bear interest at the rate of 12% per annum from the date due until paid.