Example Definitions of "ADJUSTED GROSS SALES"
ADJUSTED GROSS SALES. LICENSEE's gross receipts or the fair market monetary equivalent value of consideration received for or dependent upon LICENSED TECHNOLOGY, including PRODUCTS which are used, sold, leased, licensed or otherwise transferred by or for LICENSEE, its AFFILIATES, a SUBLICENSEE, or as otherwise authorized by the express written consent of LICENSOR to a property owner, lessor, lessee or manager, producer, distributor or END USER. ADJUSTED GROSS SALES will include receipts or consideration for... consulting, project planning and development, and other project costs that complete the objective of commercializing, marketing and selling the PRODUCTS as performed by LICENSEE, less all costs directly attributable to such use, sale, lease, license or transfer, including costs of goods sold, actually allowed and borne by LICENSEE or a SUBLICENSEE. Such qualifying costs shall include but not be limited to the costs of the following: A. Trade or quantity discounts actually allowed and taken in such amounts as are customary in the trade; B. Sales and/or use and excise taxes directly imposed with reference to particular sales; and, C. Costs of goods sold, No deductions shall be made for payments to third parties as commissions paid to individuals, whether they are regularly employed by LICENSEE or by independent sales agents, or for the cost of collections. For purposes of calculating "ADJUSTED GROSS SALES", the Products shall be considered sold, licensed or transferred when payment has been received. View More
All Definitions