Common use of To the University Clause in Contracts

To the University. a. The Contractor shall pay to the University the commission specified in the Contractor’s proposal, or any subsequently agreed upon amounts; b. Applicable payments as set in the Contractor’s proposal shall be made monthly by the Contractor to the University and shall be paid within ten (10) days after the close of the Month in which they were earned. The final payment for any year shall be made within thirty (30) days after the end of the applicable contract year, and will include any adjustments required by the percentage of gross sales formula set forth in the Contractor’s proposal; c. Each payment shall be accompanied by a detailed statement of its computation and the Contractor shall furnish supporting documentation to the University upon request; d. The University shall have full access at all times to the Bookstore accounting records, including all cash registers at the Bookstore being used by the Contractor, with or without notice. Cash register control totals will be used to verify the cash sales reported. All cash registers or point of sale equipment utilized by the Contractor in the University Bookstore shall have non-changeable grand totals; e. The Contractor shall maintain complete and accurate accounts and records, in accordance with nationally accepted bookstore industry standards, of all revenues, cost of goods, salaries and benefits, and all other expenses in connection with the University Bookstore operation provided under the terms of the Contract. All such accounts and records shall be retained by the operation and may be inspected and reviewed by the University; f. On termination of the Contract, commissions will be paid to the University on sales up to the final day the Bookstore is operated under the Contract. The commission due the University for any portion of a Contract year shall be calculated on a percentage basis.

To the University. a. The Contractor shall pay to the University the commission any monies and or amounts as specified in the Contractor’s proposal, or any subsequently agreed upon amounts; b. Applicable payments as set in the Contractor’s proposal shall be made monthly by the Contractor to the University and shall be paid within ten (10) days after the close of the Month in which they were earned. The final payment for any year shall be made within thirty (30) days after the end of the applicable contract year, and will include any adjustments required by the percentage of gross sales formula set forth in the Contractor’s proposal; c. Each payment shall be accompanied by a detailed statement of its computation and the Contractor shall furnish supporting documentation to the University upon request; d. The University shall have full access at all times to the Bookstore accounting records, including all cash registers at the Bookstore being used by the Contractor, with or without notice. Cash register control totals will be used to verify the cash sales reported. All cash registers or point of sale equipment utilized by the Contractor in the University Bookstore shall have non-non- changeable grand totals; e. The Contractor shall maintain complete and accurate accounts and records, in accordance with nationally accepted bookstore industry standards, of all revenues, cost of goods, salaries and benefits, and all other expenses in connection with the University Bookstore operation provided under the terms of the Contract. All such accounts and records shall be retained by the operation and may be inspected and reviewed by the University; f. On termination of the Contract, commissions will be paid to the University on sales up to the final day the Bookstore is operated under the Contract. The commission due the University for any portion of a Contract year shall be calculated on a percentage basis.