Net Sales Turnover definition
Net Sales Turnover means the aggregate value of the realisation of amount made from the sale of manufactured goods by the enterprise during a financial year. Income from other sources (non-operating activities) like interest received, grants or subsidies, trading activity, resale of products / goods will not be counted under turnover.
Net Sales Turnover means in the ordinary course of business to a customer at arm's length, the gross price invoiced by the Licensee, less:-
(i) Products returned; (ii) any relevant tax or duty imposed on the Licensee in respect of the Products involved; (iii) shipping, packaging and insurance costs, to the extent shown as a separate item on customer invoices and recovered as such from customers; (iv) invoices which are unpaid by reason of customers judicially determined insolvency; and, (v) discounts (to the extent permitted under Clause 7(f) below), rebates, credit, allowances and any other non- merchandise items stated on invoices, subject to these not exceeding fifteen per cent (15%) in total of the Net Sales Turnover in any Contractual Year. (e) "Technical Information" shall be designated by Asian to include any and all know-how and retail information in connection with, for example, creative and technical design, image, corporate identity, advertising, promotion and fashion shows;
Examples of Net Sales Turnover in a sentence
Such expenditure during the first Contractual Year of this Agreement will be an amount equal to not less than four per cent (4%) of the projected Net Sales Turnover for that first Contractual Year and thereafter during subsequent Contractual Years will be an amount equal to not less than four per cent (4%) of the Net Sales Turnover for the immediately proceeding Contractual Year.