Common use of Statements and Payment Clause in Contracts

Statements and Payment. InStyle shall deliver to Composer a statement of all Net Receipts and all amounts due to Composer, on at least a semi-annual basis, together with payment of all such amounts, if any, due to Composer for the reporting period in question. For each reported period, InStyle shall render its statements and make payment to Composer for amounts due to Composer within 60 days following the end of the applicable reporting period. Notwithstanding the foregoing, InStyle shall not be required to render a statement to Composer for any reporting period in respect to which Composer is not entitled to receive any Net Receipts. If total payable to Composer is less than $50 CAD in any reporting period, InStyle shall have the right to withhold the amount payable to Composer until the next reporting period in which the balance is greater than $50 CAD before payment is made.