definiens: means, with respect to any Licensed Product, the gross invoiced sales price of such Licensed Product sold by or on behalf of Qilu or its Sublicensees ( the ), in finished product form, packaged and labelled for sale in arm’s - lengt h transactions to Third Parties, less deductions al lowed to the Third Party customer by the Selling Party, to the e xtent actually taken by such Third Party customer, on such sales for : ( a ) sales taxes, excise taxes, use taxes, VAT and dutie s paid by the Selling Party in relation to the Licensed Product and any other equivalent governmen tal charges imposed upon the importation, use or sa le of the Licensed Product ; ( b ) government - mandated and other rebates, credits issu ed or amounts refunded for returns of Licensed Product(s ) or billing errors ; ( c ) transportation, inventory, storage charges and othe r charges directly related to the sale of the Licensed Product, such as insurance charges, in eac h case, to the extent actually incurred ; ( d ) customary trade, quantity and cash discounts allowe d on the Licensed Product ; and ( e ) allowances or credits to customers on account of pr ice reductions affecting the Licensed Product ; and ( f ) a reasonable estimate for bad debts