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| Percentage of Revenue Legal Form Language - This is a redacted version of one of the documents in our document package. The document samples are html version of the rtf files of the actual documents in the package. As such, formatting will not always appear correct in the samples. | ||
PERCENTAGE
OF REVENUE ROYALTY LANGUAGE
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PERCENTAGE OF REVENUE
ROYALTY LANGUAGE FOR LICENSE AGREEMENT THIS IS GENERAL PERCENTAGE OF REVENUE ROYALTY LANGUAGE THAT CAN BE
USED IN CONNECTION WITH ANY LICENSE FOR PRODUCT SALES. 1.
Licensee
shall pay to Licensor, a royalty equal to ______% of the Net Sales (subject
to adjustment and calculated pursuant to the terms hereof) of the Licensed
Products. Such Royalty shall
be calculated and paid to Licensor on a quarterly basis. 2.
[Paragraph
Omitted But Included In Fully Licensed Version] 3.
[Paragraph
Omitted But Included In Fully Licensed Version] 4.
As
defined herein, “Net Sales” shall mean and include all amounts received
and collected by the Licensee from sales of the Licensed Products during
the applicable calendar quarter, less the “Adjustments” as herein defined. The “Adjustments” shall mean and include all
discounts indicated on customer invoices, amounts refunded to customers
for bona fide returns and other items, all adjustments to invoices. 5.
[Paragraph
Omitted But Included In Fully Licensed Version] 6.
[Paragraph
Omitted But Included In Fully Licensed Version] 7.
[Paragraph
Omitted But Included In Fully Licensed Version] 8.
Licensor
shall have the right to inspect the books and records of the Licensee
to verify the reports of royalty payments submitted by Licensee. Inspections shall be during Licensee’s normal
business hours no sooner than ten (10) business days following written
request by Licensor and no more frequently than ______ times per calendar
year.
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