Royalty Receiving Party definition
Examples of Royalty Receiving Party in a sentence
All turnover and other taxes levied on account of the royalties and other payments accruing to each Party under this Agreement shall be paid by the Party receiving such royalty or other payment for its own account, including taxes levied on income of the Royalty Receiving Party.
If provision is made in law or regulation for withholding, such tax shall be deducted from the royalty or other payment made by the Party making such payment to the proper taxing authority and a receipt of payment of the tax secured and promptly delivered to the Royalty Receiving Party.
The failure of the Royalty Receiving Party to request verification of any royalty calculation during the period when records must be retained shall be deemed acceptance of the accuracy of such reporting.
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.
The Royalty Receiving Party shall bear the full cost of such audit unless such audit discloses a variance of more than [ * ] from the amount of the Net Sales reported by the Developing Party for such audited period.
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.
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.