Net Sales Definition Sample Clauses
The Net Sales Definition clause establishes how 'net sales' are calculated for the purposes of the agreement. Typically, it specifies that net sales are determined by taking gross sales and subtracting certain deductions such as returns, allowances, discounts, and taxes directly related to sales. For example, if a company sells products but some are returned or sold at a discount, those amounts are deducted from the gross sales figure to arrive at net sales. This clause is essential for ensuring both parties have a clear and consistent understanding of the revenue base used for payments, royalties, or other financial calculations, thereby preventing disputes over how much is owed.
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Net Sales Definition. 2.1 Section 1.62 of the Agreement is hereby amended by insertion of the following paragraph after subsection (f) of the first paragraph: “In the case of sales of a Diagnostic Product by a sublicensee of FivePrime’s rights under this Agreement, FivePrime may by written notice to Galaxy replace the deductions of (a) through (f) above with the deductions allowed in the corresponding sublicense agreement, such notice to include the new list of deductions, provided such new deductions are commercially reasonable.”
2.2 Section 1.62 of the Agreement is hereby amended by insertion of the following paragraph after the third paragraph: “In the case of sales of a Diagnostic Product by a sublicensee of FivePrime’s rights under this Agreement, where such Diagnostic Product is a component of a Combination Product, the foregoing paragraph shall not apply, and instead the provisions for calculating the Net Sales set forth in the corresponding sublicense agreement shall apply.”
2.3 The last paragraph of Section 1.62 of the Agreement is hereby amended and restated in its entirety to read as follows: “Net Sales will be calculated in a manner consistent with FivePrime’s accounting policies consistently applied; provided, that for any sales of a Diagnostic Product by a sublicensee of FivePrime’s rights under this Agreement, Net Sales will be calculated in a manner consistent with such sublicensee’s accounting policies consistently applied.”
Net Sales Definition. For purposes of this Agreement “Net Sales” shall mean, with respect to a given period of time, the gross amount invoiced by Immunomedics, its Affiliates, and its sublicensees for sales of the Licensed Product to Third Parties, less the following deductions and offsets that are (x) actually incurred, allowed, accrued and/or taken in accordance with GAAP, to the extent taken on account of the purchase of the Licensed Product and not attributable to other products of Immunomedics or its Affiliates and (y) specifically allocated with respect to such sale, but solely to the extent that such deductions or offsets are not otherwise recovered by or reimbursed to Immunomedics, its Affiliates and its sublicensees:
Net Sales Definition. The Definitions Exhibit to the 2002 Agreement is hereby amended by inserting immediately following Section 1.44 of the Definitions Exhibit to the 2002 Agreement the following:
Net Sales Definition. Section 1.65. The Parties wish to modify the calculation by which the Parties will determine Net Sales for the Quad and the Quad7340. Accordingly, the Parties hereby agree to add the following text to the end of Section 1.65 (definition for “Net Sales”) of the EVG Agreement: “Notwithstanding the foregoing provisions of this Section 1.65, Net Sales on which royalties will be payable with respect to the Combination Products Quad and Quad7340 only, shall be calculated as set forth below.
(a) Quad Prior to [*]. Until [*], Net Sales of the Quad for purposes of determining royalties payable under the EVG Agreement shall equal [*] of Net Sales (determined in accordance with the first three paragraphs of Section 1.65) of the Quad in the Gilead Territory. [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
(b) Quad Following [*]. Starting as of [*], Net Sales of the Quad for purposes of determining royalties payable under the EVG Agreement shall equal [*] of Net Sales (determined in accordance with the first three paragraphs of Section 1.65) of the Quad in the Gilead Territory.
Net Sales Definition. 1.78 1. 77.1 “Net Sales” means [***].“Non-Acting Party” has the meaning set forth in Section 3.7.1.
Net Sales Definition