Common use of Royalty Payments; Reports Clause in Contracts

Royalty Payments; Reports. (a) Upon execution of this Agreement, and upon renewal of this Agreement as set forth in Paragraph 3 above, Licensee shall pay to University an annual licensing fee of one hundred dollars ($100). Within thirty (30) days of the end of the Initial Term and, if applicable, each respective Renewal Period, Licensee shall provide University with a written report of number of Licensed Articles sold and pay to University any additional fees due based on Licensee’s annual gross sales as set out in Appendix C and incorporated herein. In the event that Licensee’s annual gross sales for the Initial Term or Renewal Period, as applicable, exceed $5,000, Licensee shall pay University a royalty of sixteen percent (16%) of the Gross Sales in excess of $5,000. (b) Royalty Reports must be completed and submitted to The University of Utah within 30 days of license renewal or termination. PENALTY: a fee of $25 will be charged if royalty report is not submitted to The University of Utah within 30 days.

Royalty Payments; Reports. (a) Upon execution of this Agreement, and upon renewal of this Agreement as set forth in Paragraph 3 above, Licensee shall pay to University an annual licensing fee of one hundred dollars ($100). Within thirty (30) days of the end of the Initial Term and, if applicable, each respective Renewal Period, Licensee shall provide University with a written report of number of Licensed Articles sold and pay to University any additional fees due based on Licensee’s annual gross sales as set out in Appendix C and incorporated herein. In the event that Licensee’s annual gross sales for the Initial Term or Renewal Period, as applicable, exceed $5,000, Licensee shall pay University a royalty of sixteen percent (16%) of the Gross Sales in excess of $5,000. (b) Royalty Reports must be completed and submitted to The University of Utah within 30 days of license renewal or termination. PENALTYPENATLY: a fee of $25 will be charged if royalty report is not submitted to The University of Utah within 30 days.