Reports Payments Records Sample Clauses
The "Reports; Payments; Records" clause establishes the obligations of a party to provide regular reports, make timely payments, and maintain accurate records related to the agreement. Typically, this clause specifies the frequency and format of required reports, outlines payment schedules and methods, and mandates that records be kept for a certain period and made available for inspection if necessary. Its core function is to ensure transparency and accountability between the parties, facilitating proper monitoring of performance and compliance with the contract's financial and operational terms.
Reports Payments Records. 7.1 Within forty-five (45) days after the end of each calendar quarter commencing on the calendar quarter in which Net Sales are first generated or License Fees is received and until the end of the Earn Out Period, Microbot shall deliver to CardioSert a report containing the following information:
(a) the number of units of Products (with a breakdown of Type 1 Products and Type 2 Products) sold, leased or otherwise transferred by Microbot, its Affiliates and Licensees in the applicable calendar quarter;
(b) the gross amounts and other consideration received and invoiced by Microbot, its Affiliates and Licensees for Products (with a breakdown of Type 1 Products and Type 2 Products) sold, leased or otherwise transferred during the applicable calendar quarter and, if applicable, of any License Income;
(c) a calculation of Net Sales for the applicable calendar quarter including an itemized listing of applicable deductions and a calculation of the amount payable to CardioSert thereon;
(d) the total amount payable to CardioSert in U.S. Dollars/NIS on Net Sales and License Fees for the applicable calendar quarter, together with the exchange rates used for conversion. Each such report shall be certified by a senior officer of Microbot on behalf of Microbot as true, correct and complete in all material respects. If no amounts are due to CardioSert for a particular calendar quarter, the report shall so state.
7.2 Within sixty (60) days after the end of each calendar quarter, Microbot shall pay CardioSert all amounts due under Section 4 above, against receipt of a valid VAT invoice/receipt.
Reports Payments Records. 8.1 Regulatory Approval and First Commercial Sale.
Reports Payments Records