[Sender.Name] is requesting the exclusive right and license to utilize this name in connection with the advertisement, promotion, and sale of their product. This contract is an agreement for those rights and services with the following terms being in place.
This agreement shall become effective as of signature dates below and will remain effective for a term of 12 months unless prematurely terminated for failure to comply with any of the terms or conditions listed in this agreement.
[Sender.Company] agrees to pay all royalties due from sales of such products as agreed between parties.Any and all royalties owed will be due on a yearly basis and shall be payable no later than thirty (30) days after the termination of the preceding full calendar quarter.
For each royalty period due [Sender.Comany] will provide endorser with written notice of all royalties as well as any and all descriptions of Products that were sold during the Royalty Period or whether any actual Royalty was owed.
“Net Sales” shall mean [Sender.Company] gross sales of Product, excluding all customary discounts and allowances as well as returns.
The receipt or acceptance by [Endorser.LegalName] for above mentioned statement or payment shall not prevent Endorser from challenging or requesting proof of such document findings.
Any and all obligations for the payment of Royalties shall survive expiration or termination of this Agreement and will continue for as long as Endorsed Constructor continues to sell the Product or payment is owed.
In the event of underpayment to endorser for any and all royalties, endorser will bill for all royalties as well as interest fees in relation for said royalties.