Common use of Product Sales Information Clause in Contracts

Product Sales Information. Within thirty (30) days after the end of each calendar quarter, Buyer will furnish to Trust, a complete and accurate written statement in a form reasonably acceptable to Trust, certified by Buyer’s authorized financial officer, showing the total number of Products (the volume and sales of each Product expressed in dollars, volume, and SKUs) sold and distributed by Buyer during the preceding calendar quarter. Buyer will keep at a location within the continental United States, reasonably detailed, complete and accurate books of account and records covering all transactions relating to the Products. Upon at least five (5) Business Days prior notice to Buyer, Trust and/or its authorized representatives will have the right, during regular business hours, to examine and copy such books of account and records and all other documents and material in the possession or under the control of Buyer insofar as they relate to the Products sold in the last two (2) years, in order to determine the accuracy of the periodic statements delivered or which should have been delivered by Buyer to Trust as provided above. In the event such examination indicates any under or overpayment of Royalty Consideration, an appropriate credit or refund will be promptly issued. If any such examination reveals an underpayment of Royalty Consideration, of more than five percent (5%) of the amount paid by Buyer, or if such examination is in connection with Buyer’s failure to deliver any periodic statement or pay any amounts due hereunder, then Buyer will bear all costs and expenses incurred by Trust in connection with the examination and collection of any such unpaid amounts (including, without limitation, all reasonable attorney’s fees and expenses). The full amount of any underpayment of Royalty Consideration, and related costs and expenses will be due and payable upon demand by Trust. All books of account and records of Buyer relating to the Products will be kept available for inspection by or on behalf of Trust for at least two (2) years after the expiration or termination of the seven-year Royalty Consideration period. All information received, reviewed and copied by Trust or its representatives in connection with or pursuant to this Section 7(f) shall be kept confidential and not disclosed to any other Person.