✨ Licence Terms Continuation
3 JUNE 2014 NEW ZEALAND GAZETTE, No. 57 1605
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The Applicant will pay a royalty to LIC of 5% of the Gross Income received by the Applicant from the Products and Services ("Royalty" or "Royalties"). The Royalty payable is irrespective of however Products and Services are marketed, sold, licensed or otherwise dealt with or used to create income (directly or indirectly) by the Applicant or an Associate of the Applicant.
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The term "Gross Income" for the purposes of these licence terms means:
(a) the Applicant’s income (at invoice values); and/or (as the context permits)
(b) a fair market value (as determined by LIC in its reasonable opinion) for any non-monetary consideration or use;
received for, or in respect of, Products and Services net of any goods and services tax, value added tax, freight and insurance, applicable to the particular Products and Services (if payable by the Applicant).
- The term "Associate" for the purposes of this licence means any person or entity that, directly or indirectly, through one or more intermediaries controls, is controlled by, or is under common control with, the Applicant. A person or entity controls an entity if a person or entity directly or indirectly possesses the power to:
(a) appoint the majority of the directors or trustees of the entity; or
(b) otherwise direct or cause the direction of the management, policies, or powers of the entity.
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The Applicant will ensure that any (and each) Associate is bound by the terms of this licence as if the Associate were the Applicant.
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Any reference to the Applicant in this licence includes a reference to an Associate.
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The Applicant will keep true and particular records and accounts of all Products and Services developed, sold, licensed or otherwise dealt with, or used to create income (directly or indirectly) by the Applicant. Within thirty (30) days of the last day of January, April, July and October of each year, the Applicant will deliver a written report containing:
(a) full particulars of the number of Products and Services developed, sold, licensed or otherwise dealt with or used to create income (directly or indirectly) during the preceding three (3) month period up to the last day of January, April, July or October as the case may be; and
(b) the calculation of the Royalty due for the relevant period;
to either:
(c) LIC; or
(d) LIC’s Database Applications Administrator (the "DAA") where the Applicant has not waived confidentiality pursuant to Regulation 25.
The correctness and completeness of each such report will be certified to in writing by the Applicant if a natural person, or by a director or officer of the Applicant if the Applicant is an entity other than a natural person.
- With each report contemplated by clause 9, the Applicant will remit to LIC Royalties due and payable to LIC without deduction or set-off.
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NZ Gazette 2014, No 57
✨ LLM interpretation of page content
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Pricing Methodology for Access to Core Data
(continued from previous page)
🌾 Primary Industries & ResourcesDairy Industry, Core Data, Licence Terms, Royalty Charges, Intellectual Property, Research & Development, Commercial Purposes, Industry Good, LIC