Common use of By Roche Clause in Contracts

By Roche. At Roche's expense, Roche or its authorized independent public accountant has the right to engage deCODE's independent public accountant to perform, on behalf of Roche or its independent public accountant, an audit, conducted in accordance with generally accepted auditing standards in the USA, of such Books of Account of deCODE, its Affiliates and sublicensees that are deemed necessary by deCODE's independent public accountants to report on Adjusted Gross Sales, Net Sales and Sublicensing Income of the deCODE Products for the period or periods requested by Roche. Results of any such examination shall be made available to both Parties. Roche or its authorized independent public accountant shall have the right to review the reports prepared by deCODE's independent public accountant and make inquiries of deCODE's independent public accountant regarding such reports. Such audit shall not be performed more frequently than once per calendar year nor more frequently than once with respect to Books of Account covering any specific period of time, upon at least thirty (30) working days' prior written notice, and shall be conducted during regular business hours in such a manner as to not unnecessarily interfere with deCODE's normal business activities. All Books of Account referred to under this Section 9.4(b) shall be used only for the purpose of verifying royalty statements or compliance with this Agreement and (ii) shall be treated by Roche as Confidential Information under Section 13. The failure of Roche to request verification of any royalty calculation during the period under Section 9.3 when Books of Account have to be retained shall be considered acceptance of the accuracy of such reporting. In the event that such audit shall indicate that in any calendar year the royalties which should have been paid by deCODE are greater than those which were actually paid by deCODE, then deCODE shall promptly pay the underpaid amount to Roche and, if the royalties which should have been paid by deCODE are [CONFIDENTIAL TREATMENT REQUESTED] greater than those which were actually paid by deCODE, then deCODE shall also reimburse Roche for the reasonable cost of such audit. In the event that such audit shall indicate that in any calendar year the royalties which were actually paid by deCODE are greater than those which should have been paid, then, at deCODE's option, Roche shall promptly reimburse to deCODE the overpaid amount or deCODE shall deduct the overpaid amount from the next royalty payment to be paid Roche.

By Roche. At Roche's expense, Roche or its authorized independent public accountant has the right to engage deCODE's independent public accountant to perform, on behalf of Roche or its independent public accountant, an audit, conducted in accordance with generally accepted auditing standards in the USA, of such Books of Account of deCODE, its Affiliates and sublicensees that are deemed necessary by deCODE's independent public accountants to report on Adjusted Gross Sales, Net Sales and Sublicensing Income of the deCODE Products for the period or periods requested by Roche. Results of any such examination shall be made available to both Parties. Roche or its authorized independent public accountant shall have the right to review the reports prepared by deCODE's independent public accountant and make inquiries of deCODE's independent public accountant regarding such reports. Such audit shall not be performed more frequently than once per calendar year nor more frequently than once with respect to Books of Account covering any specific period of time, upon at least thirty (30) working days' prior written notice, and shall be conducted during regular business hours in such a manner as to not unnecessarily interfere with deCODE's normal business activities. All Books of Account referred to under this Section 9.4(b) shall be used only for the purpose of verifying royalty statements or compliance with this Agreement and (ii) shall be treated by Roche as Confidential Information under Section 13. The failure of Roche to request verification of any royalty calculation during the period under Section 9.3 when Books of Account have to be retained shall be considered acceptance of the accuracy of such reporting. In the event that such audit shall indicate that in any calendar year the royalties which should have been paid by deCODE are greater than those which were actually paid by deCODE, then deCODE shall promptly pay the underpaid amount to Roche and, if the royalties which should have been paid by deCODE are [CONFIDENTIAL TREATMENT REQUESTED] at least five percent (5%) greater than those which were actually paid by deCODE, then deCODE shall also reimburse Roche for the reasonable cost of such audit. In the event that such audit shall indicate that in any calendar year the royalties which were actually paid by deCODE are greater than those which should have been paid, then, at deCODE's option, Roche shall promptly reimburse to deCODE the overpaid amount or deCODE shall deduct the overpaid amount from the next royalty payment to be paid Roche.