Common use of Responsibility for Reporting Clause in Contracts

Responsibility for Reporting. The responsibility for the consolidated reporting of the Collaboration to the Finance Subcommittee shall be with Par in close cooperation with Advancis. Such consolidated reports shall, after adjustments, if any, approved by the Finance Subcommittee and the Executive Committee, be the basis for Collaboration accounting and determining of payments to the Parties. Par shall provide the Finance Subcommittee with a Collaboration consolidated reporting and its proposed calculation of payments to the Parties no later than 45 days after the end of each Quarter. Advancis shall provide Par with financial statements for their Commercialization activities in the Territory, prepared in accordance with the terms contained in this Exhibit B, within thirty (30) days after the end of each Quarter in order for Par to prepare the consolidated reports.