Common use of Sales Reports Clause in Contracts

Sales Reports. VeriChip shall provide the Company with reports of its sales and marketing activities regarding the Developed Products in the Territory in such detail and with such frequency as is reasonably agreed between the Parties. In addition, VeriChip shall keep and maintain records of its sales of Developed Products. Such records shall be open to inspection from time to time, at reasonable times, as requested by the Company, as soon as practicable after such request and in any event within fifteen (15) business days after such request, by the Company and its officers, agents and other representatives. In addition, the Company will have the right to make or cause to be made an independent examination and/or audit of the books and records of VeriChip relating to its sales of Developed Products. Any such inspection shall be made at the Company’s expense. The records required by this paragraph shall be maintained and available for inspection during the Term. All of the foregoing information shall be deemed to be Confidential Information as described hereinafter.