Common use of Payment Report Clause in Contracts

Payment Report. Licensee, within sixty (60) days after June 30, and December 31 of each year, shall deliver to University true and accurate Payment Reports, giving such particulars of the business conducted by Licensee and its sublicensees with respect to the Licensed Products and Licensed Processes during the preceding six-month period under this Agreement EVEN IF NO PAYMENTS ARE DUE TO UNIVERSITY. These shall include at least the following:  The name of the Licensee and the UA Identification Number for the Agreement;  Names and addresses of any Affiliates or sublicensees whose activities are covered by the Payment Report;  Quantity and identity of Licensed Products manufactured and sold by Licensee, and the specific Patent Rights used for each Licensed Product manufactured and sold by Licensee;  Quantity and identity of Licensed Products manufactured and sold by each sublicensee, and the specific Patent Rights used to manufacture each product;  Total receipts for Licensed Products sold by Licensee;  Total receipts by Licensee for Licensed Products sold by each sublicensee;  Receipts for all Licensed Processes used or sold by Licensee;  Receipts for all Licensed Processes used or sold by each sublicensee;  Itemized deductions applicable as provided in Article Error! Reference source not found.;  Applicable royalty rate;  Description of any completed Milestone and any fee payable; and  Total royalties and other consideration due. 5.4.1. With each such Payment Report submitted, Licensee shall pay to University the royalties and other amounts then due and payable under this Agreement. If no royalties or other amounts shall be due, Licensee shall so report. 5.4.2. If additional or different types of information or details are needed to keep University well informed, University may request Licensee to provide such information or details, and Licensee will do so if reasonably feasible. 5.4.3. Licensee’s failure to submit a Payment Report with the required information will constitute a material breach of the Agreement. 5.4.4. Licensee will continue to deliver reports to University after the termination of the Agreement until such time as all Licensed Products or Licensed Processes have been sold or destroyed.