A. Following the issuance and acceptance of a license, the grantee shall pay to the grantor a license fee in the amount set forth in the license agreement.

B. The grantor, on an annual basis, shall be furnished a statement within sixty (60) days of the close of the calendar year, certified by an officer of the grantee or audited by a certified public accountant, reflecting the total amounts of gross annual revenues and all payments, and computations for the previous calendar year. Upon ten (10) days’ prior written notice, grantor shall have the right to conduct an independent audit of grantee’s records in accordance with generally accepted accounting principles and if such audit indicates a license fee underpayment of five percent (5%) or more, the grantee shall assume all reasonable costs of such an audit.

C. Except as otherwise provided by law, no acceptance of any payment by the grantor shall be construed as a release or as an accord and satisfaction of any claim the grantor may have for further or additional sums payable as a license fee under this article or any license agreement or for the performance of any other obligation of the grantee.

D. In the event that any license fee payment or recomputed amount is not made on or before the dates specified in the license agreement, grantee shall pay as additional compensation an interest charge, computed from such due date, at an annual rate equal to the prime lending rate plus one and one-half percent (1-1/2%) during the period for which payment was due.

E. License fee payments shall be made in accordance with the schedule indicated in the license agreement. ((O)07-35, 09/05/2007)