Common use of Acknowledgment and Affirmation Clause in Contracts

Acknowledgment and Affirmation. The Swiss Federal Institute of Technology (ETHZ) ("ETHZ") and the University of Zurich ("UNIZH") hereby acknowledge that the Development Agreement incorrectly listed an entity referred to as "Institute of Biomedical Engineering, ETH Zurich and University of Zurich" as a party instead of ETHZ and UNIZH and that the correct parties to the Development Agreement have always been Phairson Medical Limited, ETHZ and UNIZH. ETHZ and UNIZH affirm that the rights and obligations of "Institute of Biomedical Engineering, ETH Zurich and University of Zurich" are, and have always been, therights and obligations of, and have been and will be performed by, ETHZ and UNIZH.