Accounts and Statements. 1. True and correct accounts by generally accepted accounting methods shall be kept by the Licensee and a statement of all accounts, including royalties due, if any, as of December 31 and June 30 of each year will be mailed to the Owner within sixty (60) days of these dates. All monies and reimbursements shown to be due under the terms of this Agreement shall be paid concurrent with the submission of said statement. 2. All such payments shall be final and binding to Owner unless specific, written objection, stating the basis thereof, is submitted to Licensee by Owner within one (1) year from the date rendered. Owner or a certified public accountant in Owner's behalf, at Owner's expense, and at reasonable intervals, may examine the Licensee's books relating to the activities during the accounting period for said account statement with written advance notice served by U.S. mail at least ten (10) days prior to such inspections or audits.
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