Common use of Payment Reporting Clause in Contracts

Payment Reporting. JV will submit a quarterly report, for each quarter ending March 31, June 30, September 30 and December 31, to Medifocus of all sales of Products within the Territory, no later than thirty (30) days after the last day of each quarter. All amounts payable to Medifocus under Section 6.02 of this Agreement shall be accompanied by a summary statement showing the calculation of the royalty payments with reasonable supporting detail. Medifocus shall have the right, at its own expense, upon five (5) days prior written notice to have a certified public accountant examine the books and records of JV to verify the calculation of royalty payments, both at the premises of JV and elsewhere. In addition to the repayment of any discrepancy discovered by accountant, if the accountant discovers that the royalty payments have been underpaid by 5% or more, the JV shall bear the reasonable cost of the accountant.