Common use of Reports and Payment Clause in Contracts

Reports and Payment. MSS will, within forty-five (45) days after the close of each calendar quarter during the term of this Agreement, issue a written report to the University reporting the Net Proceeds generated by MSS during such quarter, and a computation of the share thereof due each party hereunder. Full payment, net of any setoffs for shared costs to which MSS may be entitled under Section 3.4(c) above, of the University's share of such Net Proceeds for such calendar quarter will accompany such report.