Common use of Commercialization Phase Clause in Contracts

Commercialization Phase. To the extent that during the Commercialization Phase, A▇▇▇▇ requires consulting work from Quick-Med for other work due to requests made by A▇▇▇▇ (and accepted by Quick-Med), then the rate for such work shall be at $2,000 per day per person or fraction thereof at $250 per hour. In addition, the reasonable out-of-pocket expenses for food, lodging, travel, and consumables incurred and for third party expenses (including, without limitation, independent third party consultants and laboratory expenses) incurred by Quick-Med will be separately billed as incurred and paid by A▇▇▇▇, subject to A▇▇▇▇’▇ approval of the expenses before they are incurred and the submission to A▇▇▇▇ of evidence of such out-of-pocket expenses in form and substance reasonably satisfactory to A▇▇▇▇. All invoices shall be paid within thirty (30) days of the date thereof.