Common use of Statements and Payments Clause in Contracts

Statements and Payments. (i) Licensor has the option to request payment of such royalties at the end of each six-month period by sending an invoice to Licensee. Within thirty (30) days after receipt of such invoice, Licensee shall furnish a statement, certified as accurate by an officer of Licensee, showing in reasonable detail Licensee's sales of the Licensed Products, applicable allowances or credits, uncollectible amounts, invoiced free or sample items distributed and a calculation of Revenues for the Licensed Products, as well as the amount of royalties payable with respect to such prior six month period.