Royalty Audit definition
Examples of Royalty Audit in a sentence
In case the additional royalties to be paid amount to [*****] of the royalties stipulated in the respective Quarterly Net Sales and Royalty Reports for the period covered by the Royalty Audit, Pharvaris instead of AnalytiCon shall bear the reasonable and adequate fees and expenses charged by the accounting firm for the Royalty Audit.
The audit covered the following taxes and resulted in proposed adjustments to income taxes, quarterly provisional advances, royalty, VAT, withholding taxes, promotional fund for social housing salaries, training taxes on salaries and taxes to local communities (the “Tax and Royalty Audit Adjustments”).
AnalytiCon shall ensure that the Royalty Audit report is provided both to Pharvaris and AnalytiCon immediately upon the completion of the report by the accounting firm.
Notwithstanding the foregoing, in the event you conduct an audit of the Royalty Account (the “Royalty Audit”), then such Royalty Audit shall be considered an audit conducted pursuant to and in fulfillment of your rights as set forth this subparagraph 4(b) with respect to the particular statement and Accounting Period that is audited.
On not less than 15 days' notice, the Lumenon Royalty Records shall be made available to a duly authorized representative of Lumenon during normal business hours (the "Lumenon Royalty Audit") in order that Lumenon may verify such calculation.
Lumenon may only conduct a Lumenon Royalty Audit once per calendar year.
If, following a Royalty Audit, it is determined that the Surviving Corporation has underpaid the Founding Shareholders by an amount equal to or greater than twenty percent (20%) of the Royalties owed to the Founding Shareholders with respect to any quarter, then the Surviving Corporation shall bear all of the Royalty Audit Expenses.
Any underpayment of Royalties and any late payment of Royalties (and the payment or reimbursement of Royalty Audit Expenses and the payment of a premium, if applicable) which is not paid or reimbursed to the Founding Shareholders by the Surviving Corporation within ten (10) days of receipt from the Founding Shareholders of notice of such underpayment or late payment, as the case may be, shall thereafter bear simple interest at the rate of 7% per annum until paid in full.
Molex may retain a recognized firm of chartered accountants reasonably acceptable to Molex to conduct the Molex Royalty Audit, provided that such accountants shall enter into a confidentiality agreement with Lumenon containing the provisions set forth in Section 8.1 of this Teaming Agreement.
In such case, if the Royalty Audit Statement indicates that additional amounts are owed by the Buyer or its Affiliates to the Royalty Recipient in respect of the relevant period under audit, the Buyer or its Affiliates shall pay the Royalty Recipient such additional amounts within sixty (60) days after delivery by the Royalty Recipient of the Royalty Audit Statement.