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  1. LLC Licensor and LLC Licensee has a Intellectual Property Agreement. The Agreement has a provision to pay royalties in month after the calendar quarter but does not have a provision for late interest if licensee is late in paying royalties due to Licensor. Is there a California law which permits Licensor to charge interest for late payment? If yes can you cite the law and reference #? If no, what happens if Licensor performs audit of Licensee and finds under reported royalties were not paid to Licensor. Can Licensor charge interest for late payment in this case? Thank you
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