Licensor Work Reconciliation Clause Samples
The Licensor Work Reconciliation clause establishes a process for reviewing and confirming the scope, quality, or completion status of work delivered by the licensor under an agreement. Typically, this involves both parties comparing records, deliverables, or progress reports to ensure that the licensor's work aligns with contractual requirements and expectations. By providing a structured method for resolving discrepancies or misunderstandings about the licensor's performance, this clause helps prevent disputes and ensures that both parties are in agreement regarding the fulfillment of obligations.
Licensor Work Reconciliation. If the actual and reasonable costs incurred by Licensor in completing a Licensor Work exceed the pre-paid Approved Licensor Work Cost Estimate, Licensee shall pay Licensor the shortfall amount of such costs within ninety (90) days of receipt of the invoice accompanied by reasonable substantiation. If such Licensor Work costs are less than the pre-paid Approved Licensor Work Cost Estimate, Licensor will refund the excess Licensor Work payment to Licensee within ninety (90) days following completion of the Licensor Work. No interest shall accrue on any Licensee overpayment or underpayment for Licensor Work