Alteration of Royalties Sample Clauses

Alteration of Royalties. Beginning December 1, 2003 and continuing for the term of the Agreement, royalties for use of iPub intellectual properties shall no longer be paid on a per-disc basis, but shall be calculated as a percentage of Gross Profit. iMed will pay iPub the amount of 5% royalty on the gross profit of each project, job or product that iMed produces and distributes that utilizes or exploits the intellectual properties licensed to iMed in the Agreement. "Gross Profit" shall be calculated as the profit derived by iMed from each sale after allowing for the cost of goods sold.
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Benjamin V
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