Accounting for and Payment of External Costs and Internal Supplies and Materials Clause Samples

Accounting for and Payment of External Costs and Internal Supplies and Materials. (a) Each Party will budget and account for external costs (i.e. the costs of Collaboration activities that are not Internal Activities) and the costs and expenses associated with Extraordinary, Collaboration-Specific Laboratory Supplies, Materials and Equipment necessary to conduct Internal Activities (but excluding upfront, reservation or prepaid CRO costs and Manufacturing Costs), that are subject to Sharing on an accrual basis as those expenses are accrued pursuant to GAAP or GAAP Counterpart, and not on a cash basis, except as expressly set forth in Sections 1.3(b) and 1.3(c) of the Financial Appendix. (b) With respect to Development Expenses payable to clinical research organizations (“CROs”) and Manufacturing Costs payable to Third Parties for Development or Commercialization supplies of Collaboration Compound or Collaboration Product that are subject to Sharing and for which a single invoice requires a single payment to a Third Party equal to or greater than [*], these external costs shall not await reconciliation at the end of the quarter or year, but rather a Party paying such an invoiced or contractual amount equal to or greater than [*] in a single payment to a non-employee Third Party may immediately upon paying the Third Party, invoice the other Party for such other Party’s Share of the amount paid to the Third Party, to the extent otherwise subject to Sharing hereunder and within the budgetary limitations set forth in Sections 7.2(c) and 7.3 of the Agreement (the “Limits”), and the Party receiving any such invoice shall pay its invoiced Share within [*] days after receipt of the invoice by the receiving Party. (c) With respect to prepaid Development Expenses payable to CROs and prepaid Manufacturing Costs payable to Third Parties for Development or Commercialization [*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities and Exchange Act of 1934, as amended. supplies of Collaboration Compound or Collaboration Product (“Prepaid Expenses”) that are subject to Sharing (and which are due in single payments of less than [*], such that they are not eligible to be billed in the middle of an accounting period under subsection (b)), to the extent set forth in the remainder of this sentence these external costs shall not be accounted for on an accrual basis, but rather a Party paying such a Prepaid Expe...
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Related to Accounting for and Payment of External Costs and Internal Supplies and Materials

  • Books and Records Accounting Tax Matters Describes general and administrative items and procedural aspects of handling certain of those items.

  • Project Monitoring by the State The State may conduct on-site or off-site monitoring reviews of the Project during the term of this Grant Agreement and for up to ninety (90) days after it expires or is otherwise terminated. The Grantee shall extend its full cooperation and give full access to the Project site and to relevant documentation to the State or its authorized designees for the purpose of determining, among other things: A. whether Project activities are consistent with those set forth in Exhibit A, the Grant Application, and the terms and conditions of the Grant Agreement; B. the actual expenditure of state, local and/or private funds expended to date on the Project is in conformity with the amounts for each Budget line item as set forth in Exhibit B and that unpaid costs have been properly accrued; C. that Grantee is making timely progress with the Project, and that its project management, financial management and control systems, procurement systems and methods, and overall performance are in conformance with the requirements set forth in this Grant Agreement and are fully and accurately reflected in Project reports submitted to the State.

  • Accounting Format Applications for Payment shall be broken down by CSI Category and, in certain situations, by CSI Description and capital asset category, as set forth in the form for Application for Payment. The purpose is to provide appropriate backup documents for the Contractor’s Final Certification of Costs in conformance with GASB 34 accounting standards. See Section 7 – Forms, “Application for Payment” and Final Certification of Costs.

  • Performance of Services in Accordance with Regulatory Requirements; Furnishing of Books and Records In performing the services set forth in this Agreement, the Manager: A. shall conform with the 1940 Act and all rules and regulations thereunder, with all other applicable federal, state and foreign laws and regulations, with any applicable procedures adopted by the Trust’s Board of Trustees, and with the provisions of the Trust’s Registration Statement filed on Form N-1A as supplemented or amended from time to time; B. will make available to the Trust, promptly upon request, any of the Fund’s books and records as are maintained under this Agreement, and will furnish to regulatory authorities having the requisite authority any such books and records and any information or reports in connection with the Manager’s services under this Agreement that may be requested in order to ascertain whether the operations of the Trust are being conducted in a manner consistent with applicable laws and regulations.

  • Contractor Responsibility for System Agency’s Termination Costs If the System Agency terminates the Contract for cause, the Contractor shall be responsible to the System Agency for all costs incurred by the System Agency and the State of Texas to replace the Contractor. These costs include, but are not limited to, the costs of procuring a substitute vendor and the cost of any claim or litigation attributable to Contractor’s failure to perform any Work in accordance with the terms of the Contract.