Running Royalties for Licensed Services. COMPANY shall pay to M.I.T a running royalty of One-and-a-half percent (1.5%) of the gross revenue from the sale of LICENSED SERVICES. Running royalties shall be payable for each REPORTING PERIOD and shall be due to M.I.T. within sixty (60) days of the end of each REPORTING PERIOD.
Appears in 2 contracts
Sources: Tangible Property License Agreement, Tangible Property License Agreement (MetaStat, Inc.)