Collected Net Sales Value

Collected Net Sales Value. Shall mean the total gross sales of all Licensed Products sold under this Agreement to independent purchasers, less applicable sales and value added taxes, trade discounts, and return credits actually expended as supported by credit memoranda actually issued to the customers or invoices received from the customers. Credit memoranda issued and invoices received will be accounted for within thirty (30) days, unless advised as in the case with special promotion... items and special promotion periods that will be advised from time to time. For uncollectable accounts due to retail account insolvency, royalties will not be paid. Penalty deductions will not be applied to the statement of collected net sales value. View More