Royalty Statements. On a quarterly basis, on the last day of the month immediately following the close of each quarter in each Contract Year, Licensee shall provide to Licensor a royalty statement certified as true and accurate by an officer of Licensee separately setting forth the aggregate Gross Sales, merchandise returns, credits, trade allowances and net sales (relevant to each account) of all sales of Licensed Products by Licensee for the quarter covered by such statement, together with a computation of Net Sales and computation of the amounts due Licensor in respect thereof. The statement for the final quarter of each Contract Year also shall include a calculation of total Net Sales (separately setting forth the amount deducted therefrom in respect of each of the items (a) through (c) listed in the definition of Net Sales) and the Percentage Royalty for the preceding Contract Year. Licensor’s acceptance of any statement or payment shall be without prejudice to Licensor’s right to dispute the accuracy thereof, and Licensee shall remain fully liable for any balance due under this Agreement. For the avoidance of doubt, under no circumstances shall Licensee be required to pay royalties with respect to any Contract Year in excess of the Percentage Royalty for such Contract Year, but the Percentage Royalty payments made with respect to one Contract Year shall not entitle Licensee to any set-off or deduction in any other Contract Year.
Appears in 5 contracts
Samples: Licensing Agreement, Licensing Agreement, Licensing Agreement
