Royalty Paying Party definition
Examples of Royalty Paying Party in a sentence
Each Royalty Paying Party further agrees to permit its books and records to be examined by an independent accounting firm selected by the Royalty Receiving Party to verify reports provided for in this Article VIII.
The Royalty Paying Party shall deliver to the Royalty Receiving Party, within thirty (30) days after the end of each calendar quarter, reasonably detailed written accountings of Net Sales of Royalty Bearing Products that are subject to royalty payments due to the Royalty Receiving Party for such calendar quarter.
Such accountings shall be Confidential Information of the Royalty Paying Party unless otherwise excluded by Section 6.1(b).
During the term of this Agreement and for a period of two years thereafter, the Party paying royalties (the "Royalty Paying Party") shall keep (and shall require its Affiliates and sublicensees to keep,) full, true and accurate books of account containing all particulars that may be necessary for the purpose of calculating all royalties payable to the other Party (the "Royalty Receiving Party").
Unless the Royalty Receiving Party obtains the prior written consent of the Royalty Paying Party, such accounting firms must be selected from among the four largest U.S. accounting firms.
When the Royalty Paying Party delivers such accounting to the Royalty Receiving Party, the Royalty Paying Party shall also deliver all royalty payments due under Section 5.2 or 5.3, as applicable, to the Royalty Receiving Party for the calendar quarter.
The Royalty Paying Party shall keep, and shall require its Affiliates, licensees, sublicensees and distributors to keep, complete and accurate records of the latest three (3) years of sales to which royalties attach and activities to which milestone payments attach.
Within [**] after the end of [**], the Royalty Paying Party shall provide the Royalty Receiving Party with a report stating the sales in units and in value of the Licensed Product made by the Royalty Paying Party, its Affiliates, licensees and sublicensees, as applicable, in the Royalty Paying Party’s territory, on a country-by-country basis, together with the calculation of the royalties due to the Royalty Receiving Party, including the method used to calculate the royalties and the exchange rates used.
Such examination is to be made at the expense of the Royalty Receiving Party, except in the event that the results of the audit reveal a discrepancy in favor of the Royalty Paying Party of [*] or more over the period being audited, in which case reasonable audit fees for such examination shall be paid by the Royalty Paying Party.
In such case, the Royalty Paying Party shall bear the full cost of such audit.