Common use of Sales Reporting and Payment Dates Clause in Contracts

Sales Reporting and Payment Dates. After the Approval Date, TEAMM shall make quarterly written reports to Arius within thirty (30) days after the end of each Quarter during the term of this Agreement and as of such dates, stating in each such report the calculation of royalties payable under this Agreement, including but not limited to the number, description, and aggregate gross sales and Net Sales of Product sold during the previous Quarter, the volume of Product which has been supplied to customers during the previous Quarter, and the amount of royalties due and payable and the amount of any tax deductible or due to be deducted from such figures. The first such report shall include all such Product so sold prior to the date of such report. Concurrently with the making of each such report, TEAMM shall pay Arius (i) the amount specified in Section 7.5(c) of this Agreement on the Product included therein and (ii) any amounts which may be due under Section 7.5(d) in the event the amounts payable under