Common use of REPORTING & AUDIT Clause in Contracts

REPORTING & AUDIT. Buyer will send Seller an accounting statement reflecting Buyer’s Net Sales for each calendar quarter, along with a computation and payment of Royalty Consideration due, within forty-five (45) days following each calendar quarter. No more than once every twelve (12) months, Seller may audit the books and records of Buyer to ensure that all accountings and payments are accurate, provided that Seller provides Buyer with written notice at least ten (10) days prior to conducting such audit. Seller may not conduct an audit of the same accounting statement more than once. In the event Seller discovers an underpayment following an audit, Buyer shall compensate Seller the total underpayment. Seller is responsible for paying along with the reasonable and verified costs and expenses of said audit, unless the audit uncovers an underpayment of 5% or more in which case Buyer will pay said expenses.

REPORTING & AUDIT. Buyer will send Seller an accounting statement reflecting BuyerXxxxx’s Net Sales for each calendar quarter, along with a computation and payment of Royalty Consideration due, within forty-five (45) days following each calendar quarter. No more than once every twelve (12) months, Seller may audit the books and records of Buyer to ensure that all accountings and payments are accurate, provided that Seller provides Buyer with written notice at least ten (10) days prior to conducting such audit. Seller may not conduct an audit of the same accounting statement more than once. In the event Seller Xxxxxx discovers an underpayment following an audit, Buyer shall compensate Seller the total underpayment. Seller is responsible for paying along with the reasonable and verified costs and expenses of said audit, unless the audit uncovers an underpayment of 5% or more in which case Buyer will pay said expenses.