Turnover

Turnover. Shall mean aggregate gross sales of each of the Licensed Products sold by the Licensee (or, if the price of any Licensed Product re-sold by an Affiliated Distributor shall be higher than the price at which the Licensed Product was sold to the Affiliated Distributor by the Licensee then the aggregate sales of each such Licensed Product... sold by the Affiliated Distributors shall be substituted for the gross sales of such Licensed Products by the Licensee to the Affiliated Distributors) and/or its sub-licensees to customers in the Licensed Territory (whether by wholesale or retail and including sales to the Grantor and its licensees) less: (a) actual trade discounts and other discounts approved of in writing by the Grantor and allowed to customers (but excluding early settlement discounts); (b) returns and credits actually granted to customers (but excluding bad debts); (c) point of sale items (including gifts, samples and testers given to customers and show cards); (d) any commodity or consumption taxes imposed on the Licensee or (as the case may be) the Affiliated Distributors by any Government within the Licensed Territory in respect of the Licensed Products; and (e) shipping and insurance costs borne by the Licensee or (as the case may be) the Affiliated Distributors in the supply of the Licensed Products to their customers. View More

Turnover. The total amount excluding VAT of invoices relating to sales and other acts of operation and (or) marketing, after deduction, if any, of discounts to customers and freight, packaging and insurance