Common use of Shared Costs Reports Clause in Contracts

Shared Costs Reports. Following the Effective Date, within [***] calendar days after the end of every Calendar Quarter, each Party’s Financial Representative shall deliver to the competent Joint Research Committee or Joint Steering Committee or Commercialization Committee, as applicable a written report showing in reasonable detail the Shared Costs that it has incurred during such Calendar Quarter. The Shared Costs Reports will be in such form as the Joint Steering Committee may reasonably agree from time to time. Within [***] days of the receipt of both Parties’ Shared Costs Reports, the Joint Steering Committee (or the Party appointed by the Joint Steering Committee) shall provide to each Party one consolidated financial report for the Shared Costs consistent with Collaboration Accounting Principles. The Joint Research Committee or Joint Steering Committee or Commercialization Committee, as applicable shall review such reports and shall determine any compensation amount due by one Party to the other for such Calendar Quarter to reflect the equal sharing agreed under Section 7.3a. The Party entitled to any such compensation amount shall invoice the relevant compensation amount (plus any value-added tax, if applicable) to the other Party. Invoices are payable within [***] days after receipt. Notwithstanding the procedure described in this Section 7.6above, the Parties agree that during Phase A, each Party will no later than twenty-eight (28) calendar days after the end of every Calendar Quarter automatically issue and send to the other Party an invoice corresponding to fifty percent (50%) of the costs incurred by the invoicing Party, provided that such incurred costs are in accordance with the activities approved by the Joint Research Committee as set forth in Section 7.4.