Royalty Calculation. Licensee shall pay a royalty to Owner. a. Licensee shall pay Owner a royalty of 5% of Fair Market Value of: i. Licensed Product that is sold, leased or put into use by the Licensee or any Related Companies in the preceding calendar quarter; and ii. any service performed by Licensee or any Related Companies that directly or indirectly uses Licensed Product. b. This License does not include a minimum annual royalty payable by Licensee to Owner.
Appears in 2 contracts
Sources: License Agreement (Premier Biomedical Inc), License Agreement (Premier Biomedical Inc)