F & M Precise Metals

The following facts are not in dispute. Plaintiff, F&M Precise Metals, Inc. ("F&M"), and Defendant, Premier Innovation, LLC ("Premier"), entered into a written Agreement on April 8, 2002, by which F&M Precise Metals gave Premier Innovation "the exclusive right and license to use, reproduce, manufacture, distribute and sell" licensed products using F&Ms proprietary artwork. Pursuant to the Agreement, Premier was required to pay a royalty of fifty cents ($.50) to F&M for each unit sold. The royalty was to be calculated on a monthly basis and paid no later than 45 days after the end of the month. The Agreement also provided that: