Common use of Royalty Adjustments Clause in Contracts

Royalty Adjustments. The receipt or acceptance by VDI and Agent/SPI of any royalty statements furnished pursuant to this Agreement, or the receipt or acceptance of any royalty payments made, shall not preclude VDI and Agent/SPI from questioning their accuracy at any time. If any inconsistencies or mistakes are discovered in such statements or payments, appropriate adjustments shall be made immediately by the parties. The Licensee shall pay VDI interest on a late royalty payment at an annual rate of ****% over the prevailing prime interest rate in effect at Orlando, Florida, on the date on which such late royalty payment should have been received by VDI.

Royalty Adjustments. The receipt or acceptance by VDI and Agent/SPI of any royalty statements furnished pursuant to this Agreement, or the receipt or acceptance of any royalty payments made, shall not preclude VDI and Agent/SPI from questioning their accuracy at any time. If any inconsistencies or mistakes are discovered in such statements or payments, appropriate adjustments shall be made immediately by the parties. The Licensee shall pay VDI interest on a late royalty payment at an annual rate of ****% over the prevailing prime interest rate in effect at Orlando, Florida, on the date on which such late royalty payment should have been received by VDIVDL. **** Confidential Treatment is being requested for this portion of this Agreement.