Reports on Revenues and Payments. (a) Verastem shall submit to Poniard, no later than [**] days after the end of each Calendar Quarter after the First Commercial Sale, a royalty report (the “Royalty Report”) setting forth for such quarter at least the following information: (i) the gross amounts due or charged for such Licensed Products; (ii) a list of each deduction applicable to determine the Net Sales of Licensed Products in each country; and (iii) the amount of royalty due on all of the above, or if no royalties are due to Poniard for any reporting period, the statement that no royalties are due and an explanation why they are not due for that quarterly period. (b) Each Royalty Report shall be certified as correct by an officer of Verastem and shall include a detailed listing of all deductions from royalties.
Appears in 2 contracts
Sources: License Agreement (Verastem, Inc.), License Agreement (Verastem, Inc.)