Sales Returns and Allowances means the sum of (a) and (b), where: (a) is a provision, determined by a Party under U.S. GAAP for sales of Products in the Territory for (i) trade, cash and quantity discounts on Products (other than price discounts granted at the time of invoicing and which are already included in the determination of Gross Sales), (ii) credits or allowances given or made for rejection or return of, and for uncollectible amounts on, previously sold Products or for rebates or retroactive price reductions (including Medicare, Medicaid and similar types of rebates and charge backs), (iii) taxes, duties or other governmental charges levied on or measured by the billing amount for Products, as adjusted for rebates and refunds, (iv) charges for freight and insurance directly related to the distribution of Products, to the extent included in Gross Sales, and (v) credits for allowances given or made for wastage replacement, indigent patient and any other sales programs agreed to by the Parties for Products; and (b) is a periodic adjustment of the provision determined in (a) to reflect amounts actually incurred by a Party in the Territory for items (i), (ii), (iii), (iv) and (v) in clause (a). For Collaboration Products, the provision allowed in clause (a) and adjustments made in clause (b) (if any) will be reviewed by the Joint Commercialization Team and approved by the JSC.
Sales Returns and Allowances means, with respect to a specific Product, the sum of (a) and (b), where: (a) is a provision, determined by a Party under U.S. GAAP for sales of such Product for (i) trade, cash and quantity discounts on such Product (other than price discounts granted at the time of invoicing and which are already included in the determination of Gross Sales), (ii) credits or allowances given or made for rejection or return of, and for uncollectable amounts on, previously sold product or for rebates or retroactive price reductions (including Medicare, Medicaid and similar types of rebates and chargebacks), (iii) taxes, duties or other governmental charges levied on or measured by the billing amount for such Product, as adjusted for rebates and refunds (excluding income and franchise taxes), (iv) charges for freight and insurance directly related to the distribution of such Product, to the extent included in Gross Sales, and (v) credits for allowances given or made for wastage replacement, indigent patient and any other sales programs agreed to by the Parties for such Product; and (b) is a periodic adjustment of the provision determined in (a) to reflect amounts actually incurred by a Party for items (i), (ii), (iii), (iv) and (v) in clause (a).
Sales Returns and Allowances with respect to a Product, means: (a) ordinary and customary trade discounts actually allowed; (b) credits, rebates and returns (including, but not limited to, wholesaler and retailer returns); (c) payments and rebates directly related to the sale of Product accrued, paid or deducted pursuant to agreements with managed care organizations or governmental regulations; (d) freight, postage, insurance and duties paid; (e) excise taxes, other consumption taxes, customs duties and compulsory payments to governmental authorities whether or not specifically identified as such in the invoice to the Third Party and (f) bad debt expense.
Examples of Sales Returns and Allowances in a sentence
Within forty-five (45) days after the end of each calendar quarter, Alexion shall submit a written report to XOMA setting forth in reasonable detail Gross Sales (including Sales Returns and Allowances), Marketing/Development Partner Revenues and Allowable Expenses (including Cost of Goods Sold, Distribution Expenses, Sales and Marketing Expenses and Commercialization Expenses) incurred by or on behalf of Alexion in the Territory during such calendar quarter.
All entries are in millions.1) Sales Returns and Allowances 425Provision for Sales Returns 425- Sales returns and allowances is an income statement account.- Provision for sales returns is a balance sheet account.
Sales Returns and Allowances Sales returns and allowances represent credits we grant to our customers (both affiliated and non-affiliated) for the return of unsatisfactory product or a negotiated allowance in lieu of return.
Gross Sales Less: Sales Returns and Allowances = Net Sales Less: Cost of Sales = Gross Profits Less: Marketing Costs Less: Sales Costs Less: Ongoing Development Expenses Less: Other Out-of-Pocket Costs = Contribution Less: Distribution Costs = Collaboration Product Profit (Loss) *Certain information on this page has been omitted and filed separately with the commission.
IDEC Genentech Total Gross Sales less Sales Returns and Allowances = Net Sales less Cost of Sales = Gross Profits less Marketing Costs less Sales Costs less Development Costs chargeable to GenIDEC less Other Operating Income/Expense = Contribution less Distribution Costs less Administration Costs = Operating Profit (Loss) It is the intention of the Parties that the interpretation of these definitions will be consistent with generally accepted accounting principles in the United States.
More Definitions of Sales Returns and Allowances
Sales Returns and Allowances means the sum of (a) and (b), where:
Sales Returns and Allowances means, with respect to a Licensed Product, the sum of (a) and (b), where: (a) is a provision, [**] for sales of such Licensed Product under GAAP as provided hereinabove for (i) cash and quantity discounts or rebates on such Licensed Product (other than price discounts granted at the time of invoicing and which are included in the determination of Gross Sales), (ii) credits or allowances given or made for rejection or return of previously sold Licensed Product or for retroactive price reductions (including Medicare and similar types of rebates and chargebacks), (iii) sales taxes, duties or other governmental charges levied on or measured by the billing amount for such Licensed Product, as adjusted for rebates and refunds, (iv) charges for freight and insurance directly related to the distribution of such Licensed Product, to the extent included in the invoice to the customer, and (v) credits for allowances given or made for wastage replacement, indigent patient and any other sales programs agreed to by the Parties for such Licensed Product; and (b) is a periodic adjustment of the provision determined in (a) to reflect amounts actually incurred by Genentech, its Affiliates and Product Licensees, as applicable, for items (i), (ii), (iii), (iv) and (v) in clause (a).
Sales Returns and Allowances has the meaning set forth in Schedule B.
Sales Returns and Allowances shall have the meaning set forth in Exhibit A to the Collaboration Agreement.
Sales Returns and Allowances means, as to each Franchise Product in the Co-Promotion Territory, the sum of (a), (b) and (c) where (a) is a provision, determined under generally accepted accounting principles in the United States, for (i) trade, cash and quantity discounts or rebates (other than price discounts granted at the time of invoicing and which are included in the determination of Gross Sales), (ii) credits or allowances given or made for rejection or return of, and for uncollectible amounts on, previously sold products or for retroactive price reductions (including Medicare and similar types of rebates), (iii) taxes, duties or other governmental charges levied on or measured by the billing amount, as adjusted for rebates and refunds, (iv) charges for freight and insurance directly related to the distribution of such Franchise Product, and (v) credits or allowances given or made for wastage replacement, indigent patient and any other sales programs agreed to by the Parties, (b) is a periodic adjustment of the provision determined in (a) to reflect amounts actually incurred for (i), (ii), (iii), (iv) and (v), and (c) is the Combination Product Adjustment as defined in the Agreement, if any. Provisions allowed in (a) and adjustments made in (b) and (c) will be reviewed by the Joint Finance Committee.
Sales Returns and Allowances means, with respect to a specific Product, Sunesis Product, Reverted Product or Other Biogen Idec Product, the sum of (a) and (b), where: (a) is a provision, determined by a Party under U.S. GAAP for sales of such product for (i) trade, cash and quantity discounts on such product (other than price discounts granted at the time of invoicing and which are already included in the determination of Gross Sales), (ii) credits or allowances given or made for rejection or return of, and for uncollectable amounts on, previously sold product or for rebates or retroactive price reductions (including Medicare, Medicaid and similar types of rebates and chargebacks), (iii) taxes, duties or other governmental charges levied on or measured by the billing amount for such product, as adjusted for rebates and refunds (excluding income and franchise taxes), (iv) charges for freight and insurance directly related to the distribution of such product, to the extent included in Gross Sales, and (v) credits for allowances given or made for wastage replacement, indigent patient and any other sales programs agreed to by the Parties for such product; and (b) is a periodic adjustment of the provision determined in (a) to reflect amounts actually incurred by a Party for items (i), (ii), (iii), (iv) and (v) in clause (a).
Sales Returns and Allowances shall have the meaning set forth in the Financial Appendix.