definiens: means, subject at all times to Sec tions 5.1 and 5.2, gross sales of PFIZER, its Affil iates and sublicensees or distributors of Licensed Produc t to third parties, less bad debts related to the L icensed Product ( with any subsequent adjustments for bad de bts being appropriately credited to or accrued agai nst Net Sales for the period in which the adjustment occurs ), normal and customary trade discounts actually al lowed or accrued, credits or allowances for rejected or retu rned Licensed Product previously sold, taxes the le gal incidence of which falls on the purchaser and is se parately shown on the seller ’s invoices and transpo rtation, insurance and postage charges, if prepaid by PFIZER, any of its Affiliates or any sublicensee of PFIZE R and billed on the seller ’s invoices as a separate item, and compulsory payments and rebates, accrued, paid or deducted pursuant to governmental regulations or ag reements ( other than employment agreements or agree ments with Affiliates ) with third parties ( provided such agreements with third parties are identified and ma de available to IMMUCELL for review and deductions relating to s uch agreements are identified separately in any sta tements pursuant to Section 5.3 ) . Net Sales shall be determ ined from books and records maintained by PFIZER, i ts Affiliates and sublicensees in accordance with gene rally acceptable accounting principles in the Unite d States, consistently applied