Common use of Reports in General Clause in Contracts

Reports in General. Philips’ royalty statements and its accounting records shall be final and binding on SPE unless (a) written detailed objection to them is given to Philips by SPE within [***] from the date of the relevant statement and unless any action or proceedings in respect of the same are commenced within twelve months from the date of such written objection, (b) an audit uncovers a material error or discrepancy or (c) such statements and records are the subject of fraud, gross negligence or a breach of this Agreement.

Reports in General. Philips’ royalty statements and its accounting records shall be final and binding on SPE Xxxxxx unless (a) written detailed objection to them is given to Philips by SPE Xxxxxx within [***] from the date of the relevant statement and unless any action or proceedings in respect of the same are commenced within twelve months from the date of such written objection, (b) an audit uncovers a material error or discrepancy or (c) such statements and records are the subject of fraud, gross negligence or a breach of this Agreement.