Royalties- General Provisions Sample Clauses

Royalties- General Provisions. LICENSEE shall send to LICENSOR all royalties, which accrue between 1 January and 31 December of each year no later than 1 March of the following year. A detailed royalty report shall be included with each payment setting forth the quantity and Net Selling Price of each Royalty-Bearing Product sold during the period covered by the report, to whom sold and the date of such sale, and the total amount of royalties being paid for that year. Royalty reports are due no less frequently than each calendar year. All payments due LICENSOR under this LICENSE shall be paid in U.S. dollars and payment instructions are listed at the bottom of Article 11. LICENSEE agrees to make and keep full, accurate and complete books and records as are necessary to establish its compliance with these Articles 4.1, 4.2, and 4.3. LICENSEE agrees that LICENSOR may, if LICENSOR so desires at a future time or times, have a duly authorized agent or representative in LICENSOR’S behalf inspect, check or verify all such books and records either at LICENSEE’S business premises or at a place mutually agreed upon by LICENSEE and LICENSOR. If a royalty underpayment of greater than five percent (>5%) is determined, LICENSEE shall reimburse for the inspection, as well as double the total discrepancy amount.
Sample 1
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