Common use of Additional Research Programs Clause in Contracts

Additional Research Programs. In the event that either Party, during the term of this Agreement, has what it believes is a valid concept for discovering potential Second Generation Compounds that are reasonably likely to have successful commercial application, such Party shall promptly report such concept to the Joint Steering Committee together with a recommended specific research program pursuant to which any such concept could be added to the Program. Such recommendation shall include a proposed research plan and budget. The Joint Steering Committee shall make a determination with respect to each such recommendation as soon as practicable after such recommendation is made but in no event later than ninety (90) days. In the event that the Joint Steering Party fails or declines to approve any recommended research program as an addition to the Program within the aforementioned ninety (90)-day period (or such longer period as the Parties may mutually agree), then the Party which recommended such research program shall be free to develop, market and sell any compounds developed in such research program itself or with a Third Party, free of any restrictions under this Agreement, including but not limited to those set forth in Article 2 hereof.