Adjustments to Price. The per unit price of Product after the first twelve months from the date of Commercial Release will be reviewed and adjusted at the end of each twelve (12) month period while this Agreement is in effect as follows: (a) If the prices of comparable U.S. catheter products [ * ] during any period in which Product is sold (as determined from IMS surveys or other reputable industry data surveys), then Medtronic may request that the purchase price be adjusted by an equivalent percentage change. Provided, such change [*] in any 12 month period. Such adjusted price to apply until further adjusted pursuant to this paragraph or agreed by the parties. (b) If CVD's cost of manufacture of Products [ * ] CVD may increase its prices for Products by providing Medtronic with at least ninety (90) days prior written notice; provided that any price increases [*] of the price in effect during the immediately preceding twelve (12) month period. CVD shall provide Medtronic with evidence substantiating such an increase in its cost of production or raw materials of such product. Increased prices shall not apply to purchase orders accepted prior to the effective date of the price increase unless such orders provide for delivery, and delivery is in fact made, more than one hundred and twenty (120) days after acceptance of the order. In the event CVD increases its price under this section, Medtronic shall have the right to adjust its * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.
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Adjustments to Price. The per unit price of Product after the first twelve months from the date of Commercial Release will be reviewed and adjusted at the end of each twelve (12) month period while this Agreement is in effect as follows:
(a) If the prices of comparable U.S. catheter products [ * ] ]% during any period in which a Component Product is sold (as determined from IMS surveys or other reputable industry data surveys), then Medtronic may request that the purchase price be adjusted by an equivalent percentage change. Provided, such change [*] [ * ]% in any 12 month period. Such adjusted price to apply until further adjusted pursuant to this paragraph or agreed by the parties.
(b) If CVD's cost of manufacture of Products Components [ * ] ]% CVD may increase its prices for Products Components by providing Medtronic with at least ninety (90) days prior written notice; provided that any price increases [ * ] ([*] ]) percent of the price in effect during the immediately preceding twelve (12) month period. CVD shall provide Medtronic with evidence substantiating such an increase in its cost of production or raw materials of such product. Increased prices shall not apply to purchase orders accepted prior to the effective date of the price increase unless such orders provide for delivery, and delivery is in fact made, more than one hundred and twenty (120) days after acceptance of the order. In the event CVD increases its price under this section, Medtronic shall have the right to adjust its forecasts and quotas as mutually agreed by the parties to reflect such price changes. Medtronic shall have the right, no more than once in any eighteen month period, upon written notice to CVD and during regular business hours, to have an independent representative audit the relevant books and records of CVD to verify compliance with this provision. The report of such representative to Medtronic shall be limited to an opinion that CVD is, or is not, in compliance with this provision. * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.
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