Report and Payment of Company Development Expenses Clause Samples

The "Report and Payment of Company Development Expenses" clause requires parties to document and reimburse costs incurred during the development activities of the company. Typically, this involves submitting detailed reports of expenses, such as research, prototyping, or testing costs, followed by a process for review and payment by the responsible party. This clause ensures transparency and accountability in financial dealings, helping to prevent disputes over which expenses are reimbursable and when payments should be made.
Report and Payment of Company Development Expenses. By the *** (***) day of each Calendar Quarter after the Effective Date, Company shall provide Licensee with an invoice for the actual Company Development Expenses for the preceding Calendar Quarter, if any, accompanied by reasonable supporting documentation. Licensee shall pay Company the amount in each invoice provided pursuant to this Section 5.7(b) within *** (***) days after receipt thereof. Licensee shall have the right, at a reasonable time and upon reasonable prior notice, to audit Company’s records to confirm the accuracy of Company’s costs and reports with respect to Company Development Expenses under this Agreement. ***.
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