By
Lisa A. Lori
and Esq.
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If you are a licensee, try to include additional deductions in the "net sales" definition, such as commissions and/or marketing expenses. Licensors should include a cap on deductible expenses to 5 percent of gross sales.
• Audit rights for the licensor. The licensor should have the ability to audit licensee's books and records to verify royalty payments and any deductions from "net sales."
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- People:
- Lisa A. Lori
- Places:
- Cleveland
Lisa A. Lori
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Esq.
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