Common use of Contract Currency Clause in Contracts

Contract Currency. All direct or other professional fees owed to CRO for Services performed under this Agreement shall generally be invoiced to and paid by BIOMARIN in the Contract Currency, which shall be defined as the currency designated in Exhibit B. 1. Since pricing and subsequent invoicing are denominated in U.S. dollars while at least a portion of expenditure on the services provided will arise in one or more different currencies, and the contract pricing totals do not include a margin to cover currency exchange rate fluctuations (“CERF”), the parties agree to review CERF’s every three months throughout the term of this Agreement in accordance with this Section 4(F). 2. The contract pricing is based on the following exchange rates : 1 US dollar = .5466 Pounds Sterling = .8233Euro. Provided no currency in which expenditure occurs increases or decreases by more than 3% with respect to the US Dollar, the review will conclude that no adjustment to the original pricing is required in relation to the services provided to that date. 3. Where a CERF between the U.S. dollar and any other currency of expenditure exceeds 3%, one party will have the potential for gain and the other will have the potential for unacceptable and unintentional loss. Both parties agree that where this occurs it will be necessary to adjust the pricing of the services to eliminate any loss that would otherwise be incurred by the CRO or BIOMARIN through no fault of either party. 4. Sponsor agrees that if a CERF produces an unscheduled loss not specifically included in the contract price, BIOMARIN will agree to a positive price adjustment (i.e. a payment to the CRO) in relation to the services affected, with the effect of offsetting this loss in its entirety. 5. The CRO agrees that if a CERF produces an unscheduled gain not included in the contract price, the CRO will agree to a negative price adjustment (i.e. a reduction in price) in relation to the services affected, with the effect of offsetting this gain in its entirety. In the calculation of the adjustments referred to above, the % CERF will be multiplied by the proportion of service pricing that is denominated in the currencies that have been subject to the CERF, and these services will then be invoiced at the adjusted prices until reviewed by the parties, unless otherwise agreed by the parties.