Ti | = | Record Keeping |
1.sec | = | {_Licensee} agrees to keep accurate and correct records of the {_Licensed_Products} made, used, sold, or imported and the {_Licensed_Processes} practiced under {_this_Agreement} appropriate to determine the amount of royalties due {_IC}. |
2.sec | = | These records shall be retained for at least {Retain.Period.span} following a given reporting period and shall be available during normal business hours for inspection, at the expense of {_IC}, by an accountant or other designated auditor selected by {_IC} for the sole purpose of verifying reports and royalty payments hereunder. |
3.sec | = | The accountant or auditor shall only disclose to {_IC} information relating to the accuracy of reports and royalty payments made under {_this_Agreement}. |
4.sec | = | If an inspection shows an underreporting or underpayment in excess of {Underreport.Threshold.%} for any twelve (12) month period, then {_Licensee} shall reimburse {_IC} for the cost of the inspection at the time {_Licensee} pays the unreported royalties, including any additional royalties as required by Paragraph 9.8. |
5.sec | = | All royalty payments required under this Paragraph shall be due within sixty (60) days of the date {_IC} provides to {_Licensee} notice of the payment due. |
Retain.Period.span | = | five (5) years |
Underreport.Threshold.% | = | five percent (5%) |
= | [G/Z/ol/s5] | |