Business Plan and Licensee Investment. Licensee has delivered to Licensor a business plan for the Licensed Products (the “Initial Business Plan”). Commencing on July 1, 2012, Licensee shall deliver to Licensor an updated business plan for each subsequent Contract Year by no later than the July 1st immediately preceding such Contract Year (each, a “Business Plan”). By way of example, the Business Plan to be delivered by July 1, 2012 shall cover the Contract Year starting on March 1, 2013. Licensee shall spend not less than $* in the Territory during the first ten (10) Contract Years. Such investment shall be made in accordance with the Initial Business Plan and subsequent Business Plans, which shall include staffing, retail and wholesale shop construction, marketing and public relations, and all other significant details necessary for the development of the business. Such Business Plans and all regular updates thereto, shall be developed in consultation with Licensor and subject to Licensor’s reasonable approval.
Business Plan and Licensee Investment. Licensee shall deliver to Licensor a business plan for the Licensed Products (the "Initial Business Plan"). Licensee shall deliver to Licensor an updated business plan for each subsequent Contract Year by no later than the July 1st immediately preceding such Contract Year (each, a "Business Plan"). By way of example, the Business Plan to be delivered by July 1, 2016 shall cover the Contract Year starting on January 1, 2017. Licensee shall spend not less than $15,000 in the Territory during the first five (5) Contract Years. Such investment shall be made in accordance with the Initial Business Plan and subsequent Business Plans, which shall include staffing, retail and wholesale shop construction, marketing and public relations, and all other significant details necessary for the development of the business.
