Common use of PAYMENTS, REPORTS AND AUDITS Clause in Contracts

PAYMENTS, REPORTS AND AUDITS. 9.1. In accordance with its ordinary business practice, Par shall keep true and accurate records of gross sales of the Product, the items deducted from the gross amount in calculating the NSP, the NSP and the royalties payable to Elan under Clause 8. Par shall deliver to Elan a written statement ("the Statement") thereof within 28 days following the end of each calendar quarter, (or any part thereof in the first or last calendar quarter of this Agreement) for such calendar quarter. The Statement shall outline the calculation of the NSP from gross revenues during that calendar quarter, the applicable percentage rate, the units of Product sold, marketing, selling and distribution expenses allocated to the Product and a computation of the sums due to Elan. The Parties' financial officers shall agree upon the precise format of the Statement.

PAYMENTS, REPORTS AND AUDITS. 9.111.1. In accordance with its ordinary business practice, Par Xxxxxx shall keep true and accurate records of gross sales of the Product, the items deducted from the gross amount in calculating the NSP, the NSP and the royalties payable to Elan under Clause 810. Par Xxxxxx shall deliver to Elan a written statement ("“the Statement"”) thereof within 28 days following the end of each calendar quarter, (or any part thereof in the first or last calendar quarter of this Agreement) for such calendar quarter. The Statement shall outline the calculation of the NSP from gross revenues during that calendar quarter, the applicable percentage rate, the units of Product sold, marketing, selling and distribution expenses allocated to the Product and a computation of the sums due to Elan. The Parties' financial officers shall agree upon the precise format of the StatementStatement shall be as provided in Schedule 6.