Common use of PAYMENT SUMMARY Clause in Contracts

PAYMENT SUMMARY. The following summarizes the payments terms set forth in Sections 6(a) through (c) above: *** CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR THIS INFORMATION *** Broadcast advertising placement commission: $300,000 7. AUDIT RIGHTS; REPORTING (a) AUDIT RIGHTS; UNDER/OVER PAYMENTS. Each party shall maintain complete and accurate records in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for all transactions which are the subject of this Agreement for not less than (3) years after the last payment is due under this Agreement. A "big six" independent accounting firm retained by a party (the auditing party) shall have access to such records of the other party (the audited party), upon reasonable notice, for the purposes of audit during normal business hours, for so long as such records are required to be maintained. If such accounting firm determines that any additional payment is due the auditing party by the audited party and such payment is not the subject of a good faith dispute between the parties, then the audited party shall promptly make payment of such amount plus interest at a rate of six percent (6%) per annum to the auditing party. If a party overpays the other party, the party that has made such overpayment shall be entitled to a credit against the next payment due to the other party in the amount of the overpayment, unless such overpayment is the subject of a good faith dispute between the parties or if no further payments are due under this Agreement, in which case, the party that has received the overpayment will promptly refund to the other party the amount of the overpayment.

PAYMENT SUMMARY. The following summarizes the payments terms set forth in Sections 6(a) through (c) above: *** CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR THIS INFORMATION INFORMATION*** Broadcast advertising placement commission: $300,000 7. AUDIT RIGHTS; REPORTING (a) AUDIT RIGHTS; UNDER/OVER PAYMENTS. Each party shall maintain complete and accurate records in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for all transactions which are the subject of this Agreement for not less than (3) years after the last payment is due under this Agreement. A "big six" independent accounting firm retained by a party (the auditing party) shall have access to such records of the other party (the audited party), upon reasonable notice, for the purposes of audit during normal business hours, for so long as such records are required to be maintained. If such accounting firm determines that any additional payment is due the auditing party by the audited party and such payment is not the subject of a good faith dispute between the parties, then the audited party shall promptly make payment of such amount plus interest at a rate of six percent (6%) per annum to the auditing party. If a party overpays the other party, the party that has made such overpayment shall be entitled to a credit against the next payment due to the other party in the amount of the overpayment, unless such overpayment is the subject of a good faith dispute between the parties or if no further payments are due under this Agreement, in which case, the party that has received the overpayment will promptly refund to the other party the amount of the overpayment.