If you’ve encountered any of the scenarios below, you MUST attend this webinar…
- Licensee pays minimum royalty year after year, but does not pay earned royalty
- Licensee uses invention in multiple product lines or processes
- Poor communication exists between licensee’s accounting, legal, and product development functions
The “red flags” above are clear indicators that an audit is in order, and experts say there are a host of other such warning signs that should set your TTO’s audit process into motion. However, many of these signals are either unknown or get swept under the rug by too-busy staff, allowing a non-compliant licensee to fly under the radar. This is where your university is at its highest risk for losing thousands — potentially millions — in royalty payments.
By readily identifying licensee red flags, you can avoid that risk and recoup lost royalties, as well as optimize the efficiency of your audit process by focusing your attention on those licensees with the greatest chance of finding errors, omissions, and underpayments.
That’s why Technology Transfer Tactics’ Distance Learning Division has teamed up with a nationally respected expert to host this 60-minute program filled with proven tactics and strategies:
Licensee Red Flags:
12 Critical Signs that Should Trigger an Audit
Royalty audit expert Daniel Burns, President of DBA, shares his top 12 signs that should trigger the audit process – as well as the rationale behind them and the critical audit procedures needed to ferret out mistakes and missing dollars. Here are a few more of the red flags – we’ll reveal all of them along with the key tactics for detection and corrective actions:
- Royalty reporting is late, incomplete, or sloppy
- Royalty base cannot be clearly determined, or invention is one part of assembly containing multiple components
- Significant selling and/or manufacturing occurs overseas
- Turnover amongst persons who may reinterpret the license agreement
Daniel Burns is President of DBA. He has over 24 years of experience assisting clients in complex matters involving intellectual property rights as well as commercial and general litigation. He has testified many times in assorted forums in the U.S. DBA has established relationships with leading litigation consulting and accounting services firms to supply staff resources when needed for large-scale audits and other IP-related matters.