Common use of AUDIT BY LICENSOR Clause in Contracts

AUDIT BY LICENSOR. At all times during the existence of this Agreement and for twelve (12) months after the last report is rendered hereunder, Licensor, if it so chooses, may cause its independent accountants to audit all books and records of Licensee pertaining Trademarked Product. Licensor shall have the further right to engage an independent certified public accounting firm, to audit the books and records of Licensee with regards to the Royalties due hereunder. In the event any such audit shall disclose that the Licensee has understated NIV Sales or underpaid Royalties for any reporting period, Licensee shall forthwith and upon written demand of Licensor, pay the amount, if any, by which the Royalties owing exceed Royalties paid, plus interest of twelve percent (12%) per annum on such delinquent amounts, accruing from the date on which such amounts became delinquent to the date on which such delinquent amounts were paid. In the event that Licensee has understated NIV Sales and consequently has underpaid Royalties in excess of One Thousand dollars ($1,000) of amount due for any Contract Term, Licensee shall forthwith and upon written demand also pay all costs, fees and expenses incurred by Licensor in conducting such audit, including, without limitation, reasonable travel expenses. Should such audit disclose that the Royalties paid exceed the Royalties due, any excess revealed by such audit will be remitted to Licensee.

AUDIT BY LICENSOR. At all times during the existence of this Agreement and for twelve (12) months after the last report is rendered hereunder, Licensor, if it so chooses, may cause its independent accountants to audit all books and records of Licensee pertaining Trademarked Trademark Product. Licensor shall have the further right to engage an independent certified public accounting firm, to audit the books and records of Licensee with regards to the Royalties due hereunder. In the event any such audit shall disclose that the Licensee has understated NIV Sales or underpaid Royalties for any reporting period, Licensee shall forthwith and upon written demand of Licensor, pay the amount, if any, by which the Royalties owing exceed Royalties paid, plus interest of twelve percent (12%) per annum on such delinquent amounts, accruing from the date on which such amounts became delinquent to the date on which such delinquent amounts were paid. In the event that Licensee has understated NIV Sales and consequently has underpaid Royalties in excess of One Thousand dollars ($1,000) of amount due for any Contract Term, Licensee shall forthwith and upon written demand also pay all ail costs, fees and expenses incurred by Licensor in conducting such audit, including, without limitation, reasonable travel expenses. Should such audit disclose that the Royalties paid exceed the Royalties due, any excess revealed by such audit will be remitted to Licensee.

AUDIT BY LICENSOR. At all times during the existence of this Agreement and for twelve (12) months after the last report is rendered hereunderthereafter, Licensor, if it upon giving Licensee at least ten (10) days advance written notice of its intention so choosesto do, may cause its independent accountants shall have the right to inspect or audit all books and records of which Licensee pertaining Trademarked Productis required to maintain pursuant to Article G.P. 2 above. Licensor shall have the further right to engage an independent certified public accounting firm, to audit the books and records of Licensee with regards to the Royalties due hereunder. In the event If any such audit shall disclose that the Licensee has understated NIV Sales Net Shipments or underpaid Royalties royalties for any reporting period, Licensee Licensee, upon written demand, shall forthwith and upon written demand of Licensor, pay the amount, if any, by which the Royalties royalties owing exceed Royalties royalties paid, plus with additionally, interest of twelve percent (12%) at 18% per annum on from such delinquent amounts, accruing from the date on which such amounts became delinquent to the date on which such delinquent time as said amounts were paidinitially due. In the event that Licensee has understated NIV Sales and consequently has underpaid Royalties Net Shipments in excess of One Thousand dollars ($1,000) 2% or underpaid royalties in excess of 2% of the amount due for any Contract TermYear, Licensee shall forthwith and upon written demand also pay all costs, fees and expenses incurred by Licensor in conducting such audit, including, without limitation, reasonable travel expenses. Should such audit disclose that the Royalties royalties paid exceed the Royalties royalties due, Licensee shall receive credit equal to such excess royalties against the same royalties next accruing, except that when such audit is conducted at the expiration of the Agreement, any excess royalty payments revealed by such audit will be remitted to LicenseeLicensee within thirty (30) days thereafter.

AUDIT BY LICENSOR. At all times during the existence of this Agreement Contract Term or any Extension Term and for twelve (12) months after the last report is rendered hereunder, Licensor, if it so chooses, may cause its independent accountants shall have the right to audit all books and records of Licensee pertaining Trademarked Productin respect to the Licensed Items. Licensor but in any event upon prior written notice to Licensee of not less than seven (7) business days, and in no event more than once per year. Licensor’s foregoing right shall have include the further right to engage an independent certified public accounting firm, to audit the books and records of Licensee with regards to the Royalties due hereunder. In the event any such audit shall disclose that the Licensee has understated NIV Net Sales or underpaid Royalties for any reporting period, . Licensee shall forthwith and upon written demand of Licensor, pay the amount, if any, by which the Royalties owing exceed Royalties paid, plus interest of twelve percent (12%) per annum on such delinquent amounts, accruing from the date on which such amounts became delinquent to the date on which such delinquent amounts were paid. paid In the event that Licensee has understated NIV Net Sales and consequently has underpaid Royalties in excess of One Thousand ten thousand dollars ($1,00010,000) of the amount due for any Contract Term, Licensee shall forthwith and upon written demand also pay all reasonable costs, fees and expenses reasonably incurred by Licensor in conducting such audit, including, without limitation, reasonable travel expenses. Should such audit disclose that the Royalties paid exceed the Royalties due, any excess revealed by such audit will be remitted to LicenseeLicensee within thirty (30) days of such finding.

AUDIT BY LICENSOR. At all times during the existence of this Agreement and for twelve (12) months after the last report is rendered hereunder, Licensor, if it so chooses, may cause its independent accountants shall have the right to audit all books and records of Licensee pertaining Trademarked Productin respect to the Licensed Items with reasonable notice. Licensor shall have the further right to engage an independent certified public accounting firm, to audit the books and records of Licensee with regards to the Royalties due hereunder. In the event any such audit shall disclose that the Licensee has understated NIV Net Sales or underpaid Royalties for any reporting period, Licensee shall forthwith and upon written demand of Licensor, pay the amount, if any, by which the Royalties owing exceed Royalties paid, plus interest of twelve six percent (126%) per annum on such delinquent amounts, accruing from the date on which such amounts became delinquent to the date on which such delinquent amounts were paid. In the event that Licensee has understated NIV Net Sales and consequently has underpaid Royalties in excess of One Five Thousand dollars ($1,0005,000) of amount due for any Contract Term, Licensee shall forthwith and upon written demand also pay all costs, fees and expenses incurred by Licensor in conducting such audit, including, without limitation, reasonable travel expenses. Should such audit disclose that the Royalties paid exceed the Royalties due, any excess revealed by such audit will be remitted to Licensee.